Whether you’re a new landlord or an experienced one, filling a vacancy requires a lot of work and can oftentimes be a stressful process. Between listing your property, arranging showings, application screening and leasing, filling a vacancy takes both time and involvement.
Even after you’ve found the right tenants for your property, there’s always the chance that they may leave unexpectedly before the lease agreement expires. To help you navigate the process of filling a vacancy, we’ve broken down the steps to take and some common scenarios that may arise.
Navigating Vacancies
Re-evaluate Rents
As you will be re-listing your rental, you’ll want to decide how much to charge for rent. Market research will be key during this step to help you compare the prices and features of other rental properties in your area. You can try to do this on your own, but now is an important time to get a professional’s opinion – after all, it could be the difference between thousands of dollars in rental income over the years! A property manager is fully immersed in the rental market and has the knowledge, experience and expertise to suggest ideal rents that provide profit while still attracting tenants.
Listing Your Rental
Next you’ll want to list your rental property online. Gather high-quality imagery, property details, location details and amenities to create the content for your listing.
If you’re wondering where to list your rental property for free, there are plenty of options like Kijiji, Padmapper and Facebook Marketplace.
There are also platforms like MLS® (Multiple Listings Service) which are more exclusive and offer even more reach. While you may not be able to list your property on the MLS® yourself, a property management company like DORE can offer the advantage of MLS® access to help you tap into more highly qualified prospective renters.
Tenants also tend to seek out rental companies when looking for a new apartment, so listing with a property management company also offers the advantage of exposing your listing to their own audience of renters.
Property Showings
After prospective tenants have contacted you, you’ll have to arrange showings for them to view your property. To prepare your property for showings, it’s important to have it deep cleaned and any maintenance or repairs done beforehand, if possible.
Arguably the most important aspect you want to consider during this stage is communication, especially as you schedule and coordinate listings. This period is when you will have your first interactions with your prospective tenants, so it’s important to respond promptly to make a good first impression. Expect to respond to messages quickly and offer a variety of times to meet. If you are self-managing, you will need to make several on-site visits to your property for showings.
Some landlords may choose to have the property staged or painted to make a great first impression. Showings are also a good opportunity for you to meet the prospective tenants and get to know them better.
Application Screening
When potential applicants express interest in renting your property, be ready to provide them with a professional tenant application to fill out. Be sure to request all relevant documentation required to properly screen tenants, and make sure to call all of their references.
The application screening process is the one of the most crucial steps of renting your property because it allows you to identify any potential issues with the tenants that may arise beforehand, managing your overall risk and preventing possible future headaches.
A big mistake owners often make is approving applications that don’t meet tenant screening standards in a rush to fill a vacancy. While this might give you short-term relief of having your property rented, you may be filled with regret down the road if you are in a position where a tenant violates the lease, fails to pay rent or damages the property. Take the time to do this right, and don’t be afraid to ask for help if you need it – you will thank yourself later.
Leasing
Once you’ve found the ideal tenant for your property, it’s time to create the lease agreement. When preparing the lease agreement, it’s important to consult the Residential Tenancies Act (RTA) and ensure you’re in compliance with all applicable regulations and requirements. There are many things that can and cannot be stipulated in a lease agreement so it’s crucial that you make sure your lease agreement is legally compliant.
What If My Tenant Doesn’t Work Out?
Even with careful tenant selection, unforeseen issues may arise. If your tenant doesn't work out, a property management company can be a valuable ally. They can facilitate open communication with the tenant and assess lease terms. These professionals explore mitigation strategies, keeping records for transparency.
Should re-listing become necessary, a property management company assists in optimizing rental prices based on market trends. Leveraging effective listing platforms, like MLS® access, they maximize property visibility. This experience becomes a learning opportunity for future improvements. By partnering with a property management company, you ensure a smooth process, from issue resolution to re-listing, and gain insights to refine your property management practices.
DORE’s Tenant Placement Guarantee
At DORE, we understand the challenges and uncertainties that come with managing rental properties. That's why we offer the DORE Tenant Placement Guarantee* to provide you with peace of mind throughout the rental process. If a tenant placed by DORE in your unit doesn't work out, abandons the property during their initial 1-year lease, or faces eviction for any reason within the first term, we will locate you a new tenant.
Our commitment extends to streamlining the rental process and minimizing the stress associated with unforeseen tenant-related issues. We believe in finding and retaining great tenants to ensure a seamless rental experience, offering you reliable income and making property ownership a hassle-free endeavor. Partner with DORE, and let our Tenant Placement Guarantee be your assurance in navigating the dynamic landscape of property management.
*Some conditions apply to the DORE Tenant Placement Guarantee. These include: DORE having set up the tenancy, the guarantee applying within the first term of the lease (not exceeding 12 months), and a pro-rated credit system. For instance, if a tenant is evicted within 9 months, 3/12 months of the Tenant Placement fee will be credited towards the billable amount for finding a replacement tenant. This ensures a fair and transparent process for our valued clients.
Find Trusted Tenants With DORE
Navigate filling a tenancy vacancy with ease with the help of a dedicated property manager. From listing and marketing your property to arranging showings, screening applications and drafting lease agreements, our property management team is here to help every step of the way. You can rest easy knowing that our tenant placement guarantee is there as a safeguard in the event a tenancy ends prematurely. If you’re ready to enlist the help of a professional, get a free quote for our property management services in Ottawa.