November 1, 2024

Why work with a real estate broker for rental properties?

More and more real estate brokers in Quebec are offering rental/leasing services. While this practice is already common in other countries, it is now gaining ground in the province, especially among investor owners looking to maximize the visibility and profitability of their rental properties.

What are the advantages for both owners and tenants of using a broker for lease management? In this article, we will explore the added value of a real estate broker in the rental market while discussing the future of lease management in Quebec.

Advantages for tenants

The average price of rental housing in Montreal surged in 2024, making the search for an apartment that meets both the needs and budget of tenants increasingly complex. Brokers simplify the leasing process by using criteria such as size, location, or amenities to match tenants with available properties.

More secure leases

Tenants receive expert advice by working with a broker, especially in markets where pitfalls are more common, such as the leasing of furnished apartments. Brokers verify the legitimacy of offers and assist tenants to ensure their rights are respected.

As brokers are subject to the Real Estate Brokerage Act as well as to a strict code of ethics, these professionals provide legal protection throughout the leasing process. They ensure that each step complies with current laws and regulations, thus protecting the interests of both tenants and property owners. They use their expertise to help minimize the risk of legal disputes, thus guaranteeing peace of mind for all parties involved.

Access to a larger rental market

Brokers also provide access to exclusive options not always available on popular rental platforms. This significantly increases not only the possibilities open to tenants, but also their chances of finding an apartment that meets their needs, particularly useful when there is a housing shortage.

It is worth noting that the provincial vacancy rate for rental units dropped to 1.7% in 2023 from 2.5% in 2021. Moreover, the average monthly rent for a two-bedroom apartment in 2023 was $973, increasing by 5.4% in just one year, according to the Canada Mortgage and Housing Corporation (CMHC).

The 2024 Rental Market Report from the same organization points out that in Quebec City, the vacancy rate fell to 0.9%, while the average rent for a two-bedroom unit grew by 4.8% to reach $1,040.

	Tips and tricks Lease renewal, repossession, and joint tenancy: leasing involves a number of complexities. A real estate broker can help you understand your rights and responsibilities as a tenant.

Benefits for Investor Owners and Real Estate Developers

Use the leasing services of a broker means collaborating with an expert who acts as an intermediary between the property owner and the tenant. Brokers assist property owners in advertising their properties, selecting tenants, and signing leases.

Optimizing the Leasing Process

Real estate brokers greatly simplify the leasing process by handling complex and time-consuming tasks. They take care of everything including professional photos, drafting ads, organizing viewings, selecting reliable tenants through credit checks, and negotiating lease agreements. By delegating these tasks to a broker, property owners can lease their units faster and avoid the stress associated with administrative procedures.

Brokers also offer complementary services through an extensive network of experts, including building inspectors, property managers, and lawyers, transforming the leasing experience into a seamless process. This undeniable advantage allows property owners a return on their investment while growing a valuable asset.

Better visibility for rental properties

Thanks to their marketing expertise, real estate brokers can ensure an effective promotion of apartments to rent. Whether through social media, virtual showings, or posting your property on Centris.ca, Quebec's most visited real estate site, they maximize the visibility of rental properties and significantly increase the chances of quickly finding tenants, including businesses.

	Tips and tricks With better visibility on online search platforms and the marketing efforts of brokers, properties managed by professionals typically receive more views and lease faster than those handled by individuals. Working with a real estate broker is therefore a strategic choice to accelerate the rental process..

Rental market outlook

The demand for real estate brokerage services has increased in recent years, reflecting the growing need for professional support in a constantly evolving market. Brokers have become key players in lease management, capable of effectively guiding their clients while meeting the demands of this new reality.

Increased need for professional services

Amid an uncertain real estate market, more property owners are turning to brokers when it comes to lease management. By ensuring transaction continuity and security, brokers promote transparent exchanges while guaranteeing secure transactions that comply with current regulations.

Growing role of brokers in leasing

Brokers help property owners minimize the risks and maximize the profitability of their rental properties. This role has grown in scope and help owner investors confidently navigate the challenges of a rapidly changing market.

Working with a real estate broker when leasing: is opting for peace of mind

Collaborating with a real estate broker offers numerous advantages. Their in-depth expertise saves you valuable time, enhances the security of transactions, and increases the visibility of rental properties. Beyond ensuring your peace of mind, they provide personalized support tailored to your needs.

In a constantly evolving market, relying on a skilled professional can make all the difference. Find a real estate broker today to maximize the potential of your rental property in Quebec.

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