Working With a Real Estate Agent in Canada to Find Rental Housing – An Overview
Finding a rental home through a real estate agent is an option for newcomers looking for their first rental lodging. These real estate professionals can help you find the ideal renting place, reducing half of your worry. However, working with a real estate agent to find a rental space differs significantly from finding rental lodging on your own.
Let us look deeper into why it is preferable to begin working with real estate brokers to find a rental home as a newcomer to Canada.
Immigration helps drive rental demand
Demand for all types of rental accommodations has never been stronger in Canada’s thriving rental market.
The country’s aggressive immigration plans are clearly fuelling rental demand, with prices rising month after month. And demand will only increase across the country, particularly in Toronto, the Greater Toronto Area (GTA), and Ontario.
Canada plans to welcome 465,000 new immigrants this year, following a record-breaking 431,000 in 2022 (mainly from India, the Philippines, and China).
That number will increase to 485,000 in 2024, then to 500,000 in 2025.
Finding rental accommodation through a Real Estate Agent: Why Work With Agents?
Finding rental property through a real estate agent is quite beneficial, especially when negotiating rental properties in a competitive market. Some of these advantages are as follows:
Give you a competitive advantage.
In today’s competitive market, finding a rental space can be difficult and time-consuming. Working with an agent can greatly reduce this work. The biggest advantage of working with a real estate agent to find a rental property is having access to their tools and talents. For example, these agents have access to resources such as Multiple Listing Service, which allows them to immediately discover about available listings. These agencies are continually on the lookout for new listings that will inform you about available rentals. They have extensive knowledge in this area and can assist you in negotiating with the landlord and understanding the lease agreements. As a result, the process is flawless.
Moving to a new city to rent
Renting is simple when people are familiar with the surroundings and have ample time for showings. However, renting will be more difficult when they have to relocate to a new city far from their old surroundings. In such cases, it is preferable to collaborate with an agent to get an advantage. Agents will work better with your landlords for lease security because landlords may be reluctant to work with tenants from other towns.
Knowledge of real estate agents is beneficial.
Realtors have extensive knowledge of the local market, and this is the most important tool for finding a rental space. Their information suggests that they may advise you about how particular properties may or may not be appropriate for you. You will also learn about the most recent rental and lease conditions in the neighbourhood, and their professional network may allow you to find new renting opportunities.
Additional considerations when selecting a real estate agent to deal with
Real estate agents in Ontario are licensed, and immigrants must consider a number of things before engaging with a realtor. They are as follows.
- If you want to be in control of every aspect of the renting arrangement, you should avoid working with a realtor.
- These real estate agents have many clients and specialize in selling homes, therefore they may not always be available due to their hectic schedules. So you should have a proper talk with the realtor.
- Make sure the realtor is familiar with the market in which you want to live, and maintain open communication at all levels.
- Have a proper discussion regarding the fee payment to avoid future problems.
- Try to keep your itinerary organized and minimize last-minute cancellations or viewing delays. Make sure you communicate efficiently with your realtor and landlord to avoid wasting their time.
- Before working with a real estate agent, you must supply all essential documentation, such as bank statements, employment evidence, funding proof, and banking proof.
Finding a real estate agent in Canada.
So, how can you find the appropriate real estate agent for you?
Prepare for Canada and Rentals for immigrants have collaborated with Souqh, a real estate fintech solutions provider, to make it simple for immigrants and international students to work with a licensed real estate agent to find suitable rental property.
Souqh is a Canadian real estate and home services marketplace that aims to streamline the house-buying, ownership, and rental process.
Conclusion
In addition to the expertise that is required to buy and sell homes, real estate brokers have comprehensive understanding in the field of real estate sales and transactions. Because of this, these organizations are able to provide assistance to you in overcoming any challenges that you may have when searching for a leasing space, particularly in a market that is highly competitive. When it comes to the complicated process of looking for rental houses, the agent can make it easier and more efficient.
The choice of real estate agents is more than just a decision because the goals of high-end immigration result in an increase in housing expenses, particularly in large urban centres. This agent will be able to assist you in comprehending the chores and responsibilities that are assigned to the renter, in addition to any additional terms and conditions. Simply said, they are able to provide you with information regarding the many types of accommodations that might be appropriate for you as a newcomer. Furthermore, real estate agents are able to supply you with information regarding rental options that are not accessible through rental websites.
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