You’ve decided you want to move and rent a new place in a condo downtown. So now what? What do you need to be prepared to do, and what documents do you need to have in order? I’d hazard a guess that I’ve been involved in close to 100 rentals as of today’s date as a real estate agent (never mind the number of sales and purchases I’ve done where tenants were involved because they resided in the property), so that kind of experience can offer you a tip or two.
Before considering a search on any serious level, you should determine how much rent you should budget for. Most landlords won’t feel comfortable if your gross (total) income isn’t at or more than three times your monthly rent.
You’ll then need to get your supporting documents ready: A full Equifax credit report (the one with the score number AND the details totalling anywhere from 3 to 10+ pages); signed and dated employment letter; completed and signed rental application (standard issue from the Toronto Real Estate Board). It’s practically futile to start looking at any condos in person without having these documents ready, since due to the market moving so quickly, you wouldn’t be able to act on anything you’d want to put an offer on anyways if you’re tied up waiting for a document.
What I am seeing more and more of these days is a request for photo ID included with an offer, for verification purposes, so have that ready if needed. A quick cell phone photo of a driver’s license or passport will suffice.
As a special touch to an offer, I’ve seen “cover letters” work really well these days. This is like an introductory letter to the landlord from you, that gives a feeling about who you are, rather than just being thought of as a credit score number and income level. The letter lets the landlord know that you are a responsible individual who will care for the unit, which alongside paying rent on time and in full, is all a landlord really wants to be assured of with his/her investment.
There are odd cases where you may not have credit history in Canada, or you may be receiving rent money from family, or you’re self-employed and don’t have an HR department to go to for an employment letter. In those cases, speak with me directly. There are always ways around this, and time and again I’ve found tricks to make this work for a happy landlord and happy tenant in the end.
With all of that in hand, and with a signed Agreement to Lease, Buyer Representation Agreement (yes, I know it says “Buyer” – Tenant and Buyer are used interchangeably in the document) and a Working With A Realtor brochure complete, which I assemble for you and with you, you’re set to get your offer in motion. All the landlord has to do now is accept!
Contact me below to help you get from the thinking stage to the active stage in your moving process into INDX condos!