In the hot Canadian real estate market, more and more home owners are interested in the idea of acquiring an
investment property to rent out. Some may want the benefit of extra monthly income while others prefer saving
the money to help pay off their mortgages. Either way – knowing how to successfully rent out your home can help
steer you in the right direction and prepare you for the process. Here are four steps that can help you get set up
1. Understand the Work Involved
First, you have to ask yourself whether or not you are ready to take on the responsibility of being a full-
time Landlord. Is this an obligation you can handle with your current schedule and lifestyle? Things don’t
always run smoothly and you will need to stay on top of all repairs, maintenance and monthly rental
collection. If being a Landlord isn’t for you, outsource this work to Performance Property Management –
they specialize in rental property management. You can learn more at www.performancepm.com
2. Prepare Your Home
Remember that tenants are particularly choosy and ensuring that your home is clean, safe, desirable and
that all appliances are functioning well is key. If you have decided to rent out a portion of your home, for
example your basement, make sure that you secure that area from the rest of your house. Once your
house is clean, organized and ready to be rented out, create a list of all the great features that your rental
has to offer. These desirable features such as “granite counter tops”, “stainless steal appliances”, “vaulted
ceilings” and “hardwood floors” can enhance your rental’s listing.
3. Know When to List Your Home
Always pay attention to the time of year that you are looking to rent out your home. Renters generally
stick to moving in the months of March, April, May, June, July and August. Taking these hot real estate
months into consideration can help increase your chances of locking in a tenant sooner than later. The
shorter your listing is up for rent, the better.
4. List with A Competitive Price
There’s nothing more unappealing than coming across a rental listing that is so incredibly over or under
priced. Before you attach a number to your property make sure to do your market research and learn
what similar units to yours are being listed for in your neighborhood. If you list too low potential renters
will be scared away and wonder what is wrong with your unit. List too high and renters will expect too
much. Also, keep in mind that if your property is lacking any additional features such as a parking spot or
storage locker that you see other units in your area are including, make sure to come down in price. Be
realistic and ask yourself if you would pay the number you come up and most importantly, RESEARCH!
Remember, knowing how to go about renting out your property is important and a huge undertaking so if you
are up to the challenge, make sure to follow these 4 steps in order to successfully rent out your home!
Otherwise get in touch with Performance Property Management at www.performancepm.com and leave the real estate work to us!