Leasing is more challenging than buying because the Landlord screens applicants to find the perfect Tenant while the primary concern for a Seller is typically how much they can sell the home for. When deciding to lease a home there are many factors to consider and we have two great tips on how to ensure you are prepared to beat out the competition!
1. Don't Be Discouraged By "NO PETS"
Hire a good agent with a genuine interest in helping you find the perfect home. Many people (including REALTORS®) will skip over a property if they (or their client) have a pet and the listing specifically says "NO PETS". However, we have successfully helped clients lease properties in this situation despite this condition being made very clear.
Many Realtors include this statement in a listing out of habit without confirming their client's opinion on the matter and often the Landlord isn't as concerned as they may have been made out to be. Including an additional "Pet Deposit" will often relieve a concerned Landlord's mind; also, consider sending pictures of your current residence and pet, along with a story to sell the Landlord on the idea.
2. Be Prepared
Put your agent to work on SELLING (their number one most valuable tool and the reason you hired them!) you to the Landlord and the Landlord's agent. One way to do this is to be organized and prepared well in advance. The Landlord will want to review information about you and your finances. Here is a list of documents you should prepare prior to looking for a property, to ensure you have everything ready when you find the right property.
- Notice of Assessment (self employed)
- Recent Pay Stubs
- Current Credit Report
- Rental Application
- Job Letter
In addition to the above, consider providing the following:
- Bank statements to show regular deposits
- A letter telling your story; why are you moving? how long do you plan on staying? SELL YOURSELF!
The more information you're comfortable with and able to provide, the higher your chances of being accepted. When self employed, new to the country or working a job where a large portion of the income is not easily supported with documents, such as tips for a server at a restaurant, these extra documents can go a long way.
The Kormendy Trott Team
Ariel: (647) 464-0957
Adrian: (416) 707-8401
Century 21 Miller Real Estate Ltd., Brokerage