Preparing Your Toronto Rental Property for Sale

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How do you get a rental property ready for the market? It's actually very simple. If you have tenants in the property who are being difficult about home showings, work with a paralegal. We have a few on our team who can help you at a lower cost than a lawyer.

As a landlord, it is your legal right to show the property. There are two forms you have to present to the tenants. One should explain your intent to sell, and the other a 24-hour notice before each showing. Real estate agents can also assist you by communicating with the tenants for you.

Now, we're standing in front of a rental property that's about to go on the market, and these tenants decided to move on their own. Since the property is vacant, we are painting the interior and exterior of the home. We are also replacing the carpets. These repairs will end up costing under $5,000, but the home will look brand new! It will only take about 4 or 5 weeks to list this property since we first notified the tenants. These repairs are important because buyers are looking for move-in ready properties, especially the more serious buyers who are out in the fall.

Now, if the tenant in the property wants to stay, you can include that information in your marketing. Instead of selling to a homeowner, you would be selling to another investor. A property with a positive cash flow will get picked up quickly!


Lastly, ask if the tenant is interested in a long term lease. This will make the property more enticing to prospective investors because they won't have to look for a new tenant a couple months after they buy the property. If the tenant is willing to sign, make sure prospective buyers know!