How to List a Rental Property
If you’ve purchased a vacant rental property and need to find tenants, here’s a step-by-step guide:
— 1. Choose the Type of Tenancy:
Decide whether you want a fixed-term or month-to-month agreement. Your decision depends on your long-term goals and flexibility needs. Our previous article compares both options.
— 2. List the Property:
Once you’ve chosen the tenancy type, it’s time to list your property. Facebook Marketplace is our preferred platform. Be sure to include essential details like the rental price, availability date, property features, utilities included, and pet policy.
— 3. Screen and Secure a Tenant:
After finding a tenant, request a security deposit before removing the listing from Facebook Marketplace. This secures their commitment.
— 4. Draft the Lease Agreement:
Once you receive the deposit, obtain the tenants’ email addresses and driver's licenses to confirm their names.
Then, send the rental agreement for signatures. We recommend using the Saskatchewan Landlord Association (SKLA) rental agreement. If you’re not a member, consider a membership for the additional resources and support (the cost is around $130).
— 5. Verify Tenant Insurance:
Before the move-in date, ensure the tenant has active renter’s insurance.
— 6. Move-In Day:
On move-in day, after collecting the first month's rent, exchange keys, garage door openers, and mail keys. Walk through the property with the tenant, completing a condition checklist. This checklist will serve as a reference when the tenant eventually moves out, helping you assess the property’s condition and address the security deposit fairly.
Following these steps will make listing and renting your property smooth and stress-free. Are you looking for a rental property? We would love to help!
