Why You Might Be Struggling to Find Tenants Right Now

Message from the Rock Star Team

Hi everyone,

Anthony from the team here taking over this week!

Tom, Nick, Keith, Nigel, and Noha from our team are at the Platinum Member mastermind meeting today.

Our ‘Platinum group’ is a tight-knit mastermind group for entrepreneurs who Tom & Nick meet with quarterly.

They’re in a meeting room right now, and Platinum members take turns presenting their entrepreneurial successes, challenges, and goals.

And they plug into the group “mastermind” to help each other overcome these obstacles and share ideas.

It’s a powerful concept.

(The lunch they serve at those things is great too, maybe someone can bring me a doggy bag).

Recently, I recorded two new podcasts with two of the top tenant placement experts in Canada, Hart Togman from RentPanda and MacKenzie Wilson from SingleKey.

And I thought I’d share some thoughts on placing tenants after “masterminding” about tenant placement with those two guys:

The rental market is an ever-changing dynamic marketplace, with many mini trends at play.

There’s one clear trend when you zoom out - rents tend to go up and to the right in price.

But in the micro, some rents stall, some fall, and some explode up.

Covid, Airbnb bans, international students, investor supply, interest rates, so many factors pull the rental market up, down, and sideways at different times.

Regardless of what market you’re in, the simple principles for filling your properties with tenants remain.

So here are the top 10 tips I've learned over the past few years for finding high-quality tenants quickly and efficiently:

1. Good homes in good areas attract good tenants. And vice versa.
2. Your tenant placement results and rents you get will be directly tied to how much effort you put in.
3. Make your units as desirable as your budget and time allow - nice homes tend to fill quickly.
4. Pictures are the most important part of your ad by far.
5. Add a walkthrough video to all your listings.
6. Make your listing description easy to skim, informative, and inviting to everyone.
7. If you’re not posting on Facebook Marketplace in Ontario you must enjoy burning money!!
8. Dial in your home’s presentation, and listing ad so only one clear lever remains to get your unit filled - price.
9. Don’t blindly trust what applicants tell you - verify their information and stories yourself.
10. Get proper training from experts on how to market and screen your home.

If you’re a Rock Star Inner Circle member, you get access to expert training in the Rent Your Home Fast For Top Dollar Class: How to Find a Top-Tier Tenant To Rent or Rent To Own your Home.

There's a class happening tonight at 6:30pm online over zoom.

You can register for it here.

If you’re not a Rock Star member, then you definitely want to give this new podcast with Hart Togman a listen.

You can find it on your preferred podcast platform, or start listening by clicking here.​

You’ll pick up a TON of tips for filling your units, and get an overall Ontario rental market update.

And stay tuned for the podcast with MacKenzie Wilson from SingleKey dropping soon where you can learn everything you’ve ever needed to know about verifying a tenant’s credit history.

Including how you can now easily verify a newcomer’s international credit history.

Sometimes it takes a week to find the right tenant, and sometimes it can take up to two months.

However long it takes, if you stick with the tried and true tips above, it’s just a matter of time before that ideal tenant walks through the door!

That's it for this week.

Until next time…

Your Life. Your Terms!

Anthony Molinaro
Rock Star Team Member