How to Find a Great Rental Property
--
Looking for a great rental property? There are several methods to help you achieve your goal of finding a profitable investment property. Some you probably already know of; others may come as a surprise. For this blog, I interviewed six veteran property investors who shared their methods of finding residential rental properties. The overview includes:
- Realtors & the MLS
- Direct Mail
- Distressed properties
- Distressed landlords
- Real estate meetups, real estate forums, real estate networking groups
- Kijiji, Craigslist, Facebook Marketplace
- Word of mouth/referrals
1. Realtors & the MLS
The Multiple Listing Service (MLS) is available online and displays all homes listed by realtors Canada-wide. Before you get all excited about shopping online, the Canadian Real Estate Boards and Associations own the listing service. You will need to go through a realtor to access the information. You can do that by choosing a realtor, provide your criteria, and they will send you links to comparable properties. Or, you can get your real estate license — some property investors go that route. From there, crunch your numbers and create a shortlist. Then call your realtor and set up showings.
Alvin C, Calgary, owns 8 doors in Calgary, Alberta
“I don’t really trust realtors, so I found the properties on my own by looking through listings.”
If you want to bypass working with realtors and check out properties on your own, several real estate sites allow you to access MLS listings — www.realtor.ca is one such site. If you’re wondering what the difference is between MLS listings and realtor sites that include MLS listings — here is www.realtor.ca's direct explanation;
“MLS® Systems are cooperative selling systems operated by real estate Boards and Associations in Canada. They are accessible to REALTOR® Members of those Boards and Associations who have agreed to represent your interests and share remuneration from the transaction with a cooperating REALTOR® Member. MLS® Systems contain detailed information and numerous search tools, all designed to match people with the…
