Out of province rental
8 Replies
Troy Hanc
posted 5 days ago
Im looking at breaking into the market out of province. I understand you can use a realtor to find a tenant for you for a fee. My question is what happens after the first tenant leaves on his own or gets evicted, Can i still use a realtor to find a new tenant and assist with that process or do i need a property manager for that? Im looking at having a newer condo for more of a hands off approach so i have no need for a property manager for the normal duration of my ownership. Thanks for any help
Will Fraser
Real Estate Broker from Oklahoma City, OK
replied 6 days ago
Hi @Troy Hanc , Property Managers span a wide gamut of services, but I'd say guess that you could easily find one that covers leasing and re-leasing in their services for a reasonable fee. Ultimately this will simplify your life and make investing a more hands-off ordeal than fishing for a real estate agent to bring a tenant each time you have a vacancy.
However, if you are PM averse, Zillow Rental Manager is your best single-stop for procuring a ready, willing, and able tenant in my experience.
Chris Baxter
Rental Property Investor from Port Coquitlam, BC
replied 6 days ago
@Troy Hanc get a property manager.... even newer properties have issues. Two seasoned investors provided this feedback to you in the forums last week. Here is what a property manager does: https://www.allpropertymanagem...
Troy Hanc
replied 5 days ago
Originally posted by @Will Fraser :Hi @Troy Hanc, Property Managers span a wide gamut of services, but I'd say guess that you could easily find one that covers leasing and re-leasing in their services for a reasonable fee. Ultimately this will simplify your life and make investing a more hands-off ordeal than fishing for a real estate agent to bring a tenant each time you have a vacancy.
However, if you are PM averse, Zillow Rental Manager is your best single-stop for procuring a ready, willing, and able tenant in my experience.
Thanks Will, how much does Zillow charge? Are there any a la carte property management services out there or do Property Management companies including Zillow require a commitment?
Chris Baxter
Rental Property Investor from Port Coquitlam, BC
replied 6 days ago
@Will Fraser Zillow services don't exist in Canada. Realtor.ca listings are reposted on Zillow, and that's about it.
Roy Cleeves
Residential Real Estate Broker from Kitchener, Ontario
replied 5 days ago
Yes, after that first tenant leaves, you can always use a Realtor again to find you another tenant. Make sure you use a Realtor with tenant rental experience so that you get a good tenant. This is critical.
Will Fraser
Real Estate Broker from Oklahoma City, OK
replied 5 days ago
Originally posted by @Chris Baxter :@Will Fraser Zillow services don't exist in Canada. Realtor.ca listings are reposted on Zillow, and that's about it.
Be thankful for that and know that it won't last forever. That's how most of the US was a year ago and now we get to pay $9.99/week for the eyeballs Zillow has :)
Will Fraser
Real Estate Broker from Oklahoma City, OK
replied 5 days ago
Originally posted by @Troy Hanc :Originally posted by @Will Fraser:Hi @Troy Hanc, Property Managers span a wide gamut of services, but I'd say guess that you could easily find one that covers leasing and re-leasing in their services for a reasonable fee. Ultimately this will simplify your life and make investing a more hands-off ordeal than fishing for a real estate agent to bring a tenant each time you have a vacancy.
However, if you are PM averse, Zillow Rental Manager is your best single-stop for procuring a ready, willing, and able tenant in my experience.
Thanks Will, how much does Zillow charge? Are there any a la carte property management services out there or do Property Management companies including Zillow require a commitment?
All things are possible. Zillow charges $9.99 and this will likely be paid by you either way. The manager will usually handle the leasing and marketing and then ongoing tenant management. If you wanted them to NOT do certain things I'd guess that most medium size or very small management companies would be able to accommodate that.
Theresa Harris
replied 5 days ago
Property managers offer a range of services as someone else mentioned. Talk to one of them about finding you a tenant.