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SPECIAL REPORT

FINDING YOUR NICHE LEASES

DEANNA PARRELL Bosley Real Estate Toronto, ON

“I often find that new agents entering the business see real estate as an easy way to make money and don’t realize all of the time and effort it takes to make it into a long-lasting career. I often prioritize my work over other parts of my life, which isn’t always easy, but it has allowed me to steadily grow my business. I think this is especially important in the beginning of your real estate career, when a lot of agents get started in leases. Even the smallest of leases can take a lot of time to come to fruition, so doing away with the idea that it is ‘just a lease’ and not a sale is very important. Lease clients deserve the same respect and attention as buyers and sellers. There have been times where I have worked with clients with very small lease budgets, and it has taken just as long to firm up a deal as when I’m working with higher-end buyers. Some agents might look at that and think it’s crazy, but the gratitude from these clients, as well as the many new clients they refer to me, makes it more than worth it!”

SHAWN FIEDLER

COURTNEY LEVERT

ROCH ST-GEORGES

Toronto, ON

Sarnia, ON

Ottawa, ON

“The real estate market in Toronto is a changing and evolving thing. Due to current market pressures on buying and the high cost of property here, the pressures on the leasing market are increasing at a faster pace than ever. The need for services such as those I provide is increasing along with it. I started an entirely separate division of my business, Lease King, in addition to the buying and selling of real estate. I think what has contributed the most to my success in leasing is always treating the client as if they are they the most important client I have at the time. I treat them with the same respect, care and diligence that I do any client looking to buy or sell a property. While the remuneration is very little comparatively, the need of the client comes first, and I think I help them see that.”

“For the most part, agents don’t see any value in doing leases because the commission is less. But it builds dual relationships: with renters who will one day be getting into the market, and with owners who might eventually sell their home with you one day. Those owners are putting their trust in you to pick the perfect tenants for them. If you do well, these landlords tend to purchase multiple properties. For clients who might be nervous about leasing out their home for the first time, my response is always that the profits outweigh the risk. The rules and regulations are always changing, and owners are fearful of tenants having more rights than owners, but clients always have the choice on who they lease to. If they are not comfortable with an application, we can deny it.”

“There’s a lot you can tell about someone when you meet them. My interview process with potential tenants starts from the moment we meet at a property. Were they on time? Did they remove their shoes? It’s all about finding the best fit for the property and continuously pre-qualifying the candidates. We always say: ‘It’s easier to get a tenant in than to get a tenant out.’ For me, it’s important to do the homework on the front end in order to avoid any potential disputes down the road. And while finding a tenant is a big part of the job, the work doesn’t stop after they move in. We keep an open line of communication with our tenants and do periodic site visits to address any small issues before they turn into big and pricey ones for our landlords.”

Royal LePage Your Community Realty

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Finding Your Niche

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