Real Estate Agents Seeing More Renters Seeking Assistance Due to Surge in Rental Scams

Due to a competitive housing market and affordability crisis, more Realtors are now working with renters. Ottawa agents Hussein Zeineddine and Matt Assaf from Engel & Völkers Ottawa recommend building relationships with renters to prepare for the future, as their needs and situations may change over time.

They emphasize the importance of treating all clients equally, whether they are buyers, sellers, renters, or landlords. Despite potentially lower commissions, their goal is to establish strong relationships with clients.

Their brokerage has seen a significant increase in rental transactions, with rentals now accounting for 27% of their business compared to 10% before the pandemic. They attribute this growth to various factors, including a rise in rental scams, highlighting the importance of using MLS for more security.

Rise in renters using Realtors

Sites like Facebook Marketplace, Rentals.ca, and Kijiji are becoming breeding grounds for rental scams, leading renters to seek out licensed agents like those on MLS for added security. The prevalence of scams across the country underscores the need for professional guidance.

Kingsley Ma from Re/Max Canada believes that the competitive rental market necessitates working with licensed agents who can provide an additional layer of security and guidance.

Realtors advocate for prospective renters

Zeineddine and Assaf highlight the benefits of working with agents for renters, including the ability to stand out in a competitive market and build rapport with landlords. By leveraging MLS, both renters and landlords can feel more secure and develop long-lasting relationships.

Ma also emphasizes the importance of building relationships with renters, as they may transition to becoming buyers in the future, leading to more transactions.

More time and energy, smaller paycheque

While rental transactions may require more time and energy compared to sales, understanding the rules and regulations governing landlord-tenant relationships is crucial. Zeineddine stresses the importance of staying informed about new legislations in the rental market.

Renters may eventually turn into buyers

Despite the challenges of working with renters, Assaf believes that the effort is worthwhile, especially considering that renters may eventually transition to becoming homeowners.