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Bad Rental Applicants? Where Landlords Should Advertise

Bad Rental Applicants? Where Landlords Should Advertise

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Bad Rental Applicants? Where Landlords Should Advertise + Condo Bylaws & Getting Started Where should landlords actually advertise rental properties? What should real estate investors look for inside condominium bylaws? And what do you do when you know you want to invest in real estate, but you just can't seem to take that first step? Today's Canadian Real Estate Investing Morning Show is a listener Q&A covering three very different problems that ultimately come back to the same thing: Good real estate investing requires good systems, good information and the confidence to actually take action. Where Should You Advertise a Rental Property? A listener wrote in after getting poor-quality rental applicants through Facebook Marketplace and wanted to know whether there is a better place to advertise. Wayne's answer: Know your audience. There is no single rental platform that is automatically best in every Canadian city. Facebook Marketplace may dominate one market. RentFaster may work better somewhere else. Another city may have a completely different platform tenants use. The first question should be: Where do tenants in MY market actually look for rentals? One simple exercise is to pretend you are the tenant. Google rental properties in your city. See which websites appear first. Look at where competing rentals are being advertised. That gives you a much better idea of where your potential tenants are actually searching. Bad Applicants May Not Be a Facebook Problem Gabby makes an important distinction. If Facebook Marketplace is where most tenants in your city search for rentals, getting bad applications does not necessarily mean Facebook is the problem. You want exposure. You want inquiries. You want enough applicants that you have choices. The real issue may be what happens after the inquiry comes in. Why Good Tenants Get Taken Quickly Wayne explains the rental process as a funnel. A good tenant may inquire about dozens of listings. They are comparing: PriceProperty conditionLocationPhotosCommunicationAvailabilityLandlord responsiveness If your listing is poorly presented, overpriced or you take six hours to respond, another landlord may already have booked the showing. The best applicants often disappear first. That leaves slower landlords competing over whatever applicants remain. Better Systems Produce Better Tenants Wayne's experience has been that landlords with better systems tend to attract and secure better tenants. That means: Great photos. Correct pricing. Fast responses. A desirable property. Professional communication. Strong screening. Efficient showings. Clear expectations. Wayne recently filled an Edmonton basement suite within days despite expecting the rental to be difficult. The successful applicant ended up being one of the strongest applications Wayne and Gabby had seen recently. The lesson: Where you advertise matters. How you operate matters more. Facebook Marketplace, RentFaster and Other Platforms Wayne does use Facebook. RentFaster is another commonly used option in Alberta. Other platforms may dominate other markets. But Wayne does not believe there is some secret website where only great tenants are waiting. Research where your local tenants actually search and make sure your property appears there. Then outperform competing landlords once the inquiry arrives. What Should Investors Look for in Condo Bylaws? The second listener question comes from Carmen, who asks for a simplified breakdown of what investors should look for inside condominium bylaws. Gabby's approach is straightforward. Ask: What rules could prevent me from operating this rental property the way I intend to? That is the lens investors should use when reviewing the bylaws. Rental Restrictions Some condominium corporations restrict how many units within the complex may be rented. Before purchasing, determine whether: Rentals are allowedThere is a rental capOwner occupancy requirements existYour specific unit can currently be rented Buying a condo and discovering afterward that you cannot legally operate it as a rental creates an obvious problem. Short-Term Rental Restrictions If your plan involves Airbnb or another short-term rental strategy, check this immediately. More condominium corporations are restricting or prohibiting short-term rentals. Do not assume they are allowed simply because municipal rules permit them. The condo corporation can have its own restrictions. Business Restrictions Another issue is operating businesses from condominium units. This can create insurance and liability complications. It can also violate condominium bylaws. If a tenant begins operating a business and the condo corporation prohibits it, the landlord may suddenly be stuck dealing with a lease that conflicts with the condo rules. Understand the restrictions before leasing the property. Pet Restrictions This is one of the biggest issues Wayne and Gabby look for because they operate pet-friendly rentals. Condo bylaws may ...
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