What are the pros and cons of using a REALTOR® to find a rental?

If you’re in the market for a rental in Toronto, have you considered working with a REALTOR® to find your next home? Some people hesitate to work with a REALTOR® because they think it costs money—but it actually costs YOU nothing to use a real estate agent to find a rental! The fees for both the landlord’s agent and your agent come from the deposit you put down, not from you or your rent payments.

If you’re on the fence about using a REALTOR® to help with your rental search, here are some pros and cons to consider:

Pros:

Support in a hot market
Rental properties are in high demand right now. Not only are they getting multiple offers, but they’re often going above the asking price to the tenant who bids the highest. It’s helpful to have an agent by your side to help with the bidding process.

Access to more tools
Agents have access to convenient tools like the Multiple Listing Service (MLS) to see listings easily. Plus, agents are always checking new listings, so when a new rental becomes available that matches what you’re looking for, you can be first in line.

Save time and stress
An agent can help save you time when searching for a rental, including eliminating the stress of sifting through listings and scheduling viewings.

Gain protection and insurance
Did you know that a renter who works with a registered REALTOR® gets the same protections as a home buyer or seller, including insurance that protects your rental deposit?

Knowledge and experience
With their time and experience working in real estate, REALTORS® possess knowledge that the average person looking for a rental may not have. In particular, an agent can help you navigate leases and negotiate terms with the property’s landlord.

Cons:

Limitations based on how it’s listed
A REALTOR® typically uses Realtor.ca to find listings. Landlords may not pay a commission if your agent contacts them through a listing on a website like Viewit, Kijiji, or Craigslist, so your options could be more limited.

Lower prices, not a guarantee
A REALTOR® likely can’t help you find or negotiate a lower price for a rental than what’s listed, and you probably won’t find lower-priced rental options on Realtor.ca—so be sure to work with your REALTOR® to narrow down your search to fit your budget.

Finding a REALTOR® for rentals
Note that some agents don’t handle rentals. However, we have team members who will gladly help you with your Toronto rental search. Contact us today!

Interested in getting started? Start by viewing our featured properties for lease.