Real Estate

Listing questions for rental, First time landlord.

  • Last Updated:
  • Aug 2nd, 2022 5:06 pm
[OP]
Deal Addict
Dec 17, 2013
1500 posts
985 upvotes
CALGARY

Listing questions for rental, First time landlord.

Hello, we will be closing our first investment property soon. We never rented out a place before so confused if we should hire property management company or do it ourselves. We are not sure where to start with and need suggestions.

Here are things we narrowed down, but need advice.
1. Post the property on rentfaster and market place.
2. Perform showings and validate tenants.
- What details do we need to collect and ask for?
- How can we do credit check?
3. Handover day walk through, what all do we need to check and list?
4. How much advance is required?
5. Are there any templates for Rental/Lease agreements that we can use? Also any important terms that we should not miss in them?

Thanks in advance.
13 replies
Jr. Member
Mar 29, 2020
103 posts
108 upvotes
cec4111 wrote: Hello, we will be closing our first investment property soon. We never rented out a place before so confused if we should hire property management company or do it ourselves. We are not sure where to start with and need suggestions.

Here are things we narrowed down, but need advice.
1. Post the property on rentfaster and market place.
2. Perform showings and validate tenants.
- What details do we need to collect and ask for?
- How can we do credit check?
3. Handover day walk through, what all do we need to check and list?
4. How much advance is required?
5. Are there any templates for Rental/Lease agreements that we can use? Also any important terms that we should not miss in them?

Thanks in advance.

1. RentFaster will have market data on what the going rate is. You can also compare on Kijiji and Facebook. Doesn't hurt to cross post on all platforms...but the $40 fee on RentFaster is worth it IMO.
2. It's up to you. I've always gambled and judged the tenants based on where they worked, how they dressed/presented themselves/Facebook/Linkedin. At a minimum get their employer info and if their salary can cover rent.
3. Forms / check lists are on RentFaster but show them how the place works...where the garbage goes, how to change the air filter...etc I usually leave a guidebook which also outlines the rules (no smoking...etc)
4. I try and get people in as soon as possible. So assuming you closed today (March 30) I would post it available as of April 1 and see where the chips fall. Some people look for a place 3+ months in advance...others need a place today
5. Yes

Also make sure you have rental insurance and tell your tenants to get tenants insurance
[OP]
Deal Addict
Dec 17, 2013
1500 posts
985 upvotes
CALGARY
AppleDogwood wrote: 1. RentFaster will have market data on what the going rate is. You can also compare on Kijiji and Facebook. Doesn't hurt to cross post on all platforms...but the $40 fee on RentFaster is worth it IMO.
2. It's up to you. I've always gambled and judged the tenants based on where they worked, how they dressed/presented themselves/Facebook/Linkedin. At a minimum get their employer info and if their salary can cover rent.
3. Forms / check lists are on RentFaster but show them how the place works...where the garbage goes, how to change the air filter...etc I usually leave a guidebook which also outlines the rules (no smoking...etc)
4. I try and get people in as soon as possible. So assuming you closed today (March 30) I would post it available as of April 1 and see where the chips fall. Some people look for a place 3+ months in advance...others need a place today
5. Yes

Also make sure you have rental insurance and tell your tenants to get tenants insurance
Thank you. We are getting possession only on May 6 and our realtor mentioned that's when only we can list the property for rental. Also, if we have to run a credit check, which provider services should we use? Where can I get the rental/lease agreements?
Sr. Member
Sep 23, 2011
511 posts
821 upvotes
Vaughan
I wish you luck but am curious why you didn't look into these things before investing?
Jr. Member
May 15, 2012
153 posts
70 upvotes
Alberta
cec4111 wrote: Hello, we will be closing our first investment property soon. We never rented out a place before so confused if we should hire property management company or do it ourselves. We are not sure where to start with and need suggestions.

Here are things we narrowed down, but need advice.
1. Post the property on rentfaster and market place.
2. Perform showings and validate tenants.
- What details do we need to collect and ask for?
- How can we do credit check?
3. Handover day walk through, what all do we need to check and list?
4. How much advance is required?
5. Are there any templates for Rental/Lease agreements that we can use? Also any important terms that we should not miss in them?

Thanks in advance.
Rentfaster as mentioned. It has everything you need including credit checks. If I live in the same city as my rental, it's not worth passing it to a property management company unless I want to be totally hands off but that comes at a price IMO. If you are managing it yourself, get a recommendations for trades folk from people you know. It never hurts to have a handyperson or plumber on hand.
Newbie
Feb 25, 2014
18 posts
5 upvotes
Mississauga
AppleDogwood wrote: 1. RentFaster will have market data on what the going rate is. You can also compare on Kijiji and Facebook. Doesn't hurt to cross post on all platforms...but the $40 fee on RentFaster is worth it IMO.
2. It's up to you. I've always gambled and judged the tenants based on where they worked, how they dressed/presented themselves/Facebook/Linkedin. At a minimum get their employer info and if their salary can cover rent.
3. Forms / check lists are on RentFaster but show them how the place works...where the garbage goes, how to change the air filter...etc I usually leave a guidebook which also outlines the rules (no smoking...etc)
4. I try and get people in as soon as possible. So assuming you closed today (March 30) I would post it available as of April 1 and see where the chips fall. Some people look for a place 3+ months in advance...others need a place today
5. Yes

Also make sure you have rental insurance and tell your tenants to get tenants insurance
Thanks for the tips. Do you mind dm’g the tenant handbook? It’s worthwhile learning from your experiences. Much appreciated
Deal Fanatic
Nov 9, 2013
5259 posts
6287 upvotes
Edmonton, AB
cec4111 wrote: Hello, we will be closing our first investment property soon. We never rented out a place before so confused if we should hire property management company or do it ourselves. We are not sure where to start with and need suggestions.

Here are things we narrowed down, but need advice.
1. Post the property on rentfaster and market place.
2. Perform showings and validate tenants.
- What details do we need to collect and ask for?
- How can we do credit check?
3. Handover day walk through, what all do we need to check and list?
4. How much advance is required?
5. Are there any templates for Rental/Lease agreements that we can use? Also any important terms that we should not miss in them?

Thanks in advance.
Hire a property manager - yes, you pay for it but it'll also save you headaches down the line.
Buy quality. Keep calm and go long
Deal Addict
Jun 18, 2020
3131 posts
3833 upvotes
..

OP, farm that work out so it gets done properly, learn from the process this time, then next tenant, have at it.
Last edited by MrDisco on Aug 2nd, 2022 3:30 pm, edited 1 time in total.
Reason: thread cleanup
Deal Addict
Jan 13, 2014
2626 posts
1798 upvotes
Calgary
GTA12345 wrote: ..

OP, farm that work out so it gets done properly, learn from the process this time, then next tenant, have at it.
OP said they bought a property, not signed a lease. Its perfectly fine to ask questions, we all do.
Last edited by MrDisco on Aug 2nd, 2022 3:30 pm, edited 1 time in total.
Reason: thread cleanup
Deal Addict
Jun 18, 2020
3131 posts
3833 upvotes
masarwar wrote: OP said they bought a property, not signed a lease. Its perfectly fine to ask questions, we all do.
Maybe. I read the OP as buying this specifically to rent out, it's an investment property.

When I invest, I ask before my money is committed. But I'm OCD that way.
Deal Addict
Jan 13, 2014
2626 posts
1798 upvotes
Calgary
GTA12345 wrote: Maybe. I read the OP as buying this specifically to rent out, it's an investment property.

When I invest, I ask before my money is committed. But I'm OCD that way.
They bought an investment property with a possession date few months into the year, they asked question to better prepare themselves. I dont see anything wrong in this. Alot of investors were in that spot once.
Sr. Member
Sep 23, 2011
511 posts
821 upvotes
Vaughan
masarwar wrote: They bought an investment property with a possession date few months into the year, they asked question to better prepare themselves. I dont see anything wrong in this. Alot of investors were in that spot once.
All these questions should be asked before you commit your money, not after. That’s the point.

It’s not a few shares of Amazon or Gazprom you bought based on advice from your friend’s sister’s third cousin. That stuff can ruin you lol.
Deal Addict
Nov 13, 2013
4370 posts
2968 upvotes
Ottawa
Saniokca wrote: All these questions should be asked before you commit your money, not after. That’s the point.

It’s not a few shares of Amazon or Gazprom you bought based on advice from your friend’s sister’s third cousin. That stuff can ruin you lol.
Yeah curious how it's going. Guessing they have a variable mortgage and are surprised how much their payment went up. Already itching to raise the rent out of fairness. Hope they don't have a lifer tenant or worse one that doesn't want to pay at all.
Deal Addict
Jan 13, 2014
2626 posts
1798 upvotes
Calgary
fogetmylogin wrote: Yeah curious how it's going. Guessing they have a variable mortgage and are surprised how much their payment went up. Already itching to raise the rent out of fairness. Hope they don't have a lifer tenant or worse one that doesn't want to pay at all.
non paying tenant in Alberta can be removed in as little as 45-55 days (from eviction notice on 2nd day of non payment of rent) to getting a bailiff to knockdown the door, so atleast the OP is good there.

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