# Representing out-ot-own owner and showing rental property to prospective tenants



## canabiz (Apr 4, 2009)

An acquaintance currently living in B.C. has asked me to help her find tenants for a home she owns in Ottawa. I have never done anything like this before but consider this to be a good learning experience as we will have our own rental property next year and will probably go through the same process.

What happens is she advertises the property on Kijiji, Craigslist and other online sites and lists my phone number for contact. She also asks me to put a For Rent sign on the lawn with my phone number for contact. I will show the property to interested tenants, gather relevant information and answer pertinent questions and relay all of that to my acquaintance. I guess I am acting as some sort of Property Management (PM) for her. 

Here are a couple of questions that I hope you guys can provide some feedback

1. She plans to run the credit and reference checks from her place in B.C. What sort of information should I collect from prospective tenants for her to do these checks or maybe I should simply tell the tenants to contact the owner directly and work that out?

2. What sort of compensation do you guys think is fair for my time? She previously asked me to show the house to prospective buyers and paid me $30 for each showing. Obviously I am doing this to help her out but my time is important as well.

Thanks.


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## Woz (Sep 5, 2013)

1. You need their name, previous address, and SIN number. Some tenants don't like giving their SIN number. You can still run a credit check without it, but it does make it harder to get the right credit report. For references you'd just need name, phone number, relationship to tenant, and best time to contact.

2. A fair price would depend on if she's expecting you to continue managing the property after finding a tenant. Tenant placement usually costs ~$300-$800 so $30 a showing doesn't seem too bad considering she's doing a lot of the work. Property management fees can be in the 5%-10% of rent collected so if she's expecting you to collect rent, respond to any issues that arise, and/or do the property inspections and only pay you $30 that'd be low.


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## Just a Guy (Mar 27, 2012)

I tend to ask for as much information as I can think of...it's a good screening technique in itself. If they don't want to answer the questions, I don't want to rent to them. There's an application form example in the back of The simple solution to Canadian real estate investing...www.easysafemoney.com

He also has links to screening companies on his site. Good place for beginner in real estate.

Property managers usually charge the 1st month's rent plus a 5-10% fee! but they do more. Check out berubeland's site landlord rescue...she's a property manger.


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## Cal (Jun 17, 2009)

Alot of LL will simply have the tenant applying get their own credit report form equifax...helps to sift out the less serious renters.


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## Rusty O'Toole (Feb 1, 2012)

I have a method of renting that works well for me and causes me the minimum of work and headaches. First off, I put as much relevant information in the ads as necessary, such as the address of the property and the rent. Don't be coy. I want to MINIMIZE the number of calls I get, and limit them to people who are genuinely interested.

If someone calls, and wants to see the place, I say "would six o'clock on Wednesday or 10 o'clock Saturday morning be more convenient?". This is a trick question, those are the only times I show the place.

I used to drive out and wait, and get stood up most of the time. Now I make all appointments for those two times. If I make 5 or 10 appointments, maybe half show up, but I didn't waste my trip. Also, having multiple people show up makes them think the place is in demand.

I go prepared with rental applications, copies of past utility bills and all relevant information to take a tenant application to rent. I do not make a decision, or promise anything till I have time to assess all applications.

You have to be choosy who you rent to these days. If you do not get enough quality applicants, lower the rent. It doesn't have to be much. Everyone is a hanging judge of rent, they will drive across town for $50 a month. If your place is a little on the low side, you will have plenty of applicants to chose from, so you can pick a good one.


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