Yes, you should absolutely use a real estate agent to find a rental in Toronto. In this article, I’m going to be going over 8 benefits and reasons why you should use a real estate agent for rentals in Toronto’s competitive market.
For starters, I want to acknowledge that this is a common question I get asked quite frequently. You are not the only person to ask this question. Alternatively, I also get asked:
Are there real estate agents that deal with tenants in Toronto?
Can I use a real estate agent to find a rental in Toronto?
Is it worth using a real estate agent to find a rental in Toronto?
The answer to all these questions is – YES!
When looking for a rental property in Toronto, you should definitely use an experienced REALTOR® such as Marco Pedri, Broker with Shoreline Realty Corp., Brokerage. Using a Toronto rental agent to find a rental property in today’s hot rental market will help you by saving money and time while giving you access to more rental properties. Let real estate agents work for you and maintain your peace of mind.
Benefit 1 - It's Free
Depending on the representation agreement you sign with a REALTOR® and the agreed-upon compensation structure, working with a real estate agent to find a rental is free.
In a rental real estate transaction there are two sides. The listing side comprising of the landlord and their real estate representative and then the cooperating side comprising of the tenant and their representative. When a landlord lists their property for rent on the multiple listing service® or MLS® for short, they have signed a listing agreement with a real estate agent which outlines the total commission to be paid to the listing agent and the cooperating agent. When a deal is made, the real estate agent representing the tenant will be paid the cooperating commission portion which is to be paid by the landlord/listing brokerage. You as the tenant do not pay anything, the landlord pays.
Benefit 2 - Saves You Time
Finding suitable rental accommodations in Toronto is a full-time job and requires full-time hours dedicated to searching for prospective places and booking appointments. A good rental real estate agent such as Marco Pedri will work with you every step of the way to find an appropriate rental.
Rather than you taking time out of your day to search through countless rental listing sites such as Facebook Marketplace, Zumper, Craigslist, Rentals.ca and others, ask the same 20 rental questions over and over again to each landlord and book appointments, a rental real estate agent will do the work for you. They will do all the preliminary research, asking the appropriate questions and narrowing down the search based on the criteria you provide. Your time should only be dedicated to viewing the properties in person, not searching for them.
Benefit 3 - Knows The Local Market
Real estate agents tend to work in their own backyards and no one will know the nuances of the neighbourhood better than they will. If you’re relocating to a new city like Toronto you might not know which neighbourhoods are safe, which buildings are well-managed buildings and where you can have fun if you’re feeling social. When working with a rental real estate agent, you can give them your list of needs and wants and they will help narrow your search.
Benefit 4 - Expert Negotiator
Working with a full-time real estate agent will give you access to the skills of an expert negotiator. Real estate professionals negotiate contracts on a daily basis which often becomes second nature. When it comes down to the wire, negotiating on fine details such as the monthly rent, additional expenses, and what is and isn’t included in the month’s rent, you want to have the skills of an expert negotiator on your side.
This is extremely beneficial if you know you’re an emotional person.
If you view the rental property and meet with the landlord, you might get along well at a first impression. When it comes to negotiating, those emotions are difficult to mitigate if you’re not used to it. You might cave into the requests of the landlord even if those requests aren’t in your best interest. By having a real estate agent work as the middleman to negotiate the terms and conditions of a rental agreement, you won’t be at the mercy of your own emotions.
Benefit 5 - Knows What Is and Isn't Allowed
From province to province and country to country, every real estate market is different. What is allowed in some markets could be completely illegal in others. This is why you should work with a local experienced real estate agent.
Did you know in Ontario, it is illegal to have a pet deposit or security deposit for damages? In other markets, this might be totally ok and allowed, but in Ontario, this form of deposit is not allowed. Many prospective renters do not know their own rights as a tenant and fall victim to exploitative tactics used by landlords. An experienced broker or sales representative will help you know what is and isn’t allowed when renting and negotiating a lease.
Benefit 6 - Access To More Rental Properties
Do you find that the apartments you see online don’t suit you and there has got to be more inventory than what you have access to? Are you looking for more unique properties with character such as hard lofts? Working with a leasing agent in Toronto will give you access to more rental properties and listings.
Most landlords do not want to have to go through the entire listing process of getting a property ready for showings for the MLS®. They might not feel comfortable with other real estate agents other than the one they’re working with have access to the apartment. In situations like this, the landlord may sign an exclusive listing agreement vs a MLS® listing agreement which gives the listing brokerage exclusive rights to advertise the unit for lease. This means you won’t find this apartment or house for rent easily online. By working with a REALTOR® who also has access to a large list of landlord clients will give you access to new listings.
Benefit 7 - Works For Your Best Interest
When signing a representation agreement with a REALTOR®, you have officially formed a client relationship in writing. REALTORS® are licensed professionals and are legally bound to ethics and rules by different governing bodies such as the Canadian Real Estate Association (CREA) and the Real Estate Council of Ontario (RECO). When you sign a representation agreement and form a client relationship, that REALTOR® is now legally working in your best interest to find you a rental.
Benefit 8 - Knows What To Look For In A Rental Property
How often are you looking at units for lease? Maybe once a year, at most?
Real estate agents are viewing units nearly every day and have seen the best and the worst. Prospective tenants might not always know the red flags to look out for. Not because it isn’t obvious, but when trying to find a rental in a high-demand market like Toronto with lots of competition from other prospective tenants, you might begin to overlook the small details.
A rental real estate agent will know what to look out for in apartments to make sure your living arrangements are suitable for you.
Final Thoughts On Why You Should Use A Real Estate Agent To Find A Rental In Toronto
If you’re considering renting in one of Ontario’s big cities such as Toronto, Mississauga, Oakville, Burlington and Hamilton, you should take full advantage of working with a real estate broker such as Marco Pedri.
Working with a real estate agent will make your life much easier since they provide services at no additional cost to you. Whether you’re a seasoned renter or looking for your first rental, you will not only save time, but you will make the entire process easier by working with a real estate agent.
Contact Marco Pedri, Broker with Shoreline Realty Corp., Brokerage if you’re ready to begin looking for rentals in Toronto or the Greater Toronto Area.
