“I put many clients into lease scenarios and stay in touch with them for the future,” Victor Goldman, a 40-year Toronto-based real estate veteran, tells REP.
Goldman says agents shouldn’t balk at any renters, especially since many of those renters eventually become homeowners.
Indeed, as renters develop the confidence to enter the market, those agents who properly advised them will reap the benefits of a sale. Still, the current housing market is supporting rental opportunities, especially for smaller condo units in the downtown cores.
“Most of the units in the core are smaller, so there are more opportunities for investors to rent out their units,” Goldman says. “It’s typical supply and demand, so if you have thousands of units coming to market, absorption rate is definitely going to be slower.”
The current rental market is especially hot for properties that are ideally located and priced right.
“The rental market is definitely quite strong as far as demand goes, depending on the price point,” Goldman says. “There’s definitely strong demand for smaller units in the core of the city, up to about $2,300 to $2,400 range. When you go over $3,000, the market is not as deep.”
In the end, Goldman says agents who are worth their salt will look to helping their clients as opposed to making a quick buck.
“It’s definitely about what the client’s true needs are and their long term goals,” he says.
Agents who once turned up their noses at leasing clients are now taking on the lower-paying work. Is this a sign of the changing times, where Realtors now outnumber buyers in several parts of the country?