When leasing is your goal.
Toronto’s rental market has become highly competitive. Gone are the days when being first to fill out an application and having first and last month rent in hand guaranteed you your pick of locations. Today rental properties are not only being sought by the young just leaving the family home but by many Baby Boomers as well. The addition of a large number of Baby Boomers looking to downsize has increased substantially along with and market’s response to a booming city like Toronto is creating a very large and active pool of rent seekers looking to live and work closer to the city. There are a few things that can help you secure a shot at that coveted rental property and we are going to share them with you.
Actively pursuing rental opportunities gives you a chance to apply online if the opportunity presents itself. If there is an online application it is a good way to initiate and introduce yourself as an interested tenant for the property. This allows the landlord or property manager a chance to see that you are a serious applicant and answer a few questions up front before you view the property in person.
Renting is a financial endeavor and when money is involved having all pertinent documents readily on hand makes for a very good impression. Having adequate copies of references (from previous landlords and current employer), a current income statement, and cheques for placing a deposit are essential.
This will greatly increase the expediency of filling out applications and allow potential landlords or property managers to start the process quickly. Renting is comparable to an employment interview so making sure all your documents are compiled in a neat and organized manner is a good indication of your serious intent. Along with the financial information and references, a letter of introduction is not a bad idea. This letter gives you a chance to explain why you would be an excellent tenant.
It goes without saying that if you are trying to rent a property that a landlord or property manager expects you want to be there but it does not hurt to be enthusiastic. This show of interest lets the renter know that you will be a good tenant and that you respect the property. This is an important quality that landlords do look for. Have a list of pertinent questions that you would like answered, this shows forethought on your part.
Many applications for a specific rental listing create a lot of tough choices for landlords. Being flexible about signing for an extended period of time or being able to take possession quickly can be advantageous. Many landlords would like to see their property making money quickly and securing that for as long a period as they can to mitigate risk, thus will be most appreciative of having these expectations met.
They will definitely check with references and don’t be surprised that a potential landlord might view your social media profiles. Potential renters are looking for not only a good monetary history but a good stable tenant. Not having your profile available does not exclude you from the prospect of renting but if another applicant can be easily found online and their profiles portray positive impressions, might sway the decision.
Always follow up
Once you have left the meeting, a well-placed email thanking the renter for their time and consideration is a very good way to leave a lasting impression. This shows the renter your interest as well gives you a chance to follow up on any points or questions that need clarification by either party.
Renting is a major endeavor but with a little organization and thought it does not have to be daunting. A great step that will help you is the proper real estate agent. We here at Stomp Realty Inc. (416) 366-3033 can help you find your dream home.