Ongoing pandemic has impacted many industries and business across the world as well as Canada since early February of 2020. Real estate and Rental market in Calgary is no exception. Both the rental market in Calgary as well as buying and selling of real estate in Calgary has got hit hard. Finding great tenants in slow economy could be hard so you need to have a plan!
1. Rental Market Assessment!
When you are in the market to rent your property, the first piece of advise you should heed to is to price your rental right! It goes without saying that if you just wing it, then you are making the common mistake that many landlords make.
Landlords who have invested their hard earned money in probably the biggest asset of their life can be very sentimental with regards to market value of their property's rent. It could be a million dollar property and may have a set amount of monthly expenses to cover but if local rental market doesn't support it, you could be sitting on the vacant property for months incurring thousands in fixed costs such as mortgage, property taxes, insurance and utilities bills.
Instead, take professional help and have rental market professional or property manager conduct rental market appraisal of your rental market to arrive at the accurate market rate. Rental market appraisal considers similar properties in your local area that are on rent and have similar property features like yours. These features include, number of beds, bath, living space, parking, amenities and utilities to gauze the current going rent to ensure your rental pricing is competitive.
2. Marketing Your Rental Property Right!
If you just bought a rental property or a second home, you may soon be looking to find great tenants for your rental property. This can be a daunting task in challenging times like we have in Alberta oil patch cities such as Calgary and Edmonton. At times like these, even the best property management companies may struggle to keep the properties occupied.
The basic strategy you should consider is to be at places where renters can easily find your rental property. If you are looking for tenants and have still not hired a rental management company, don’t sweat, we have 5 great tried and tested ways to help you start your search for prospective tenants!
A. Rental Websites
Research what are the most popular rental sites in your area where generally renters and rental management companies in your city or town go to? In US the most popular ones and likely the biggest names would be Zillow, Trulia and Apartment List. You may also want to check out Hot Pad, Zumper. and realtor.com as well all of which are fast growing currently. Many of these rental websites are free to use for landlords.
If you are in Canada, you definitely want to check out Trovit.ca, RentWell.Ca, Rentcafe.com and Rentfaster.ca is also popular for listing your rental property in Calgary and Edmonton area however it does have a listing fee. For some cities and communities classified websites such as craigslist and Kijiji remains the first place to go so you may want to check them out as well. This way you are able to cast a wider net to reach maximum potential renters in short period of time.
B. Social Media:
If you are active on social media, Facebook, Twitter and Google+ are great mediums to advertise your rental property showcasing its best features. Also if you have decent number of social connections let them know that you are looking for a good tenants and would appreciate a potential referral and would be happy to return the favor in future. The great thing about this is that now you are not alone looking but have many others who may be able to send someone they know and trust to send your way!
C. Property Management Companies in Calgary
This may sound like an old fashion way but when it comes to knowing the tricks of the trade, Calgary property management companies can be really a great help. The local Real Estate and Property Management companies not only know the community very well, they are also well connected and know the pulse of the market to advise you on the fair rental value of your property for listing.
They will also ensure your property pictures and videos are professional taken are posted on all relevant rental websites and best features of the property are well presented during tenant showings. This can especially be a godsend if your rental property is far off in a different city or if you happen to be a busy professional yourself with no time or energy to do the heavy lifting yourself.
If your rental property has a mortgage line against, you really want your vacancy to be filled quickly so you don’t end up paying mortgage on an empty rental property and drain your savings. Makes sure you talk to at least couple of realtors and property management companies to find the one you feel most comfortable to work with.
D. Local Bulletin Boards:
Put up flyers for your rental in the community where your property is located. This can include bulletin boards at grocery stores, churches, colleges, Laundromats, and local cafes. Because these places can be busy, use a creative headline and big, colorful pictures to draw interest to the flyer and it should include the property address, the number of bedrooms and your contact information. On the bottom of the flyer, include tear-offs for people to take.
E. "For Rent’ Signs:
Put ‘For Rent’ sign on windows and or front lawn of your rental property. This is probably another old world way to get attention of potential tenants. The passersby may be interested themselves or may know someone else who is looking to rent in the area. Make sure property features and a phone number can be clearly read from street level.
F. Use your network:
Spread the word as much as possible by letting as many people in and around you that you have a tenant vacancy. Tell your brother, sister, hairdresser, boss, and mechanic that you have a property for rent. Always have flyers with you so you can hand them out when needed. You can even offer a referral fee to give a greater incentive.
Bonus Tip: Be Flexible For Right Tenant
Good tenants can be hard to find. Therefore when you are advertising your rental property in Calgary, there are few allowances to consider if the ideal tenant lands on your doorstep. They may request a slight decrease in rent, ask permission for a small pet or minor changes to be made to the property or rental terms. In such cases, if the tenant fits well from your screen criteria, and looking for a long term commitment, it may be worth relaxing some restrictions to bring them over the line as your future tenant!
Get in touch with one of the best Calgary rental property professional! While you may want to save a few hundred dollars and do it yourself, in challenging times like these, the search may be even more stressful. Good property management companies or if you are just looking for advise or guidance a local rental property professional can be the easiest way to find a tenant for your rental property.
LEASEWELL is a premier property services company in Calgary. We help landlords with all aspects of their rental property so you can focus on things that matter most for you. while we do the heavy lifting for you. Let us help you find great tenants and keep your rental in top shape to maximize return on your property investment.
For more please visit our website www.leasewell.ca or contact us at firstname.lastname@example.org