1. Relationship Between Owner and Property Rental Company
If a Landlord in London find a property rental company, have a meeting with them at the house, and they agree to move forward with establishing a relationship, then this is the only relationship that should be entertained for a certain period of time. For example, several property rental companies in London, Ontario have Landlords/Owners sign an exclusive rental agreement with the rental business giving the business 3-4 months to rent out the house in question. This agreement benefits the property management company, since they know that the owner cannot rent the house out them or establish another relationship with another business.
However, this agreement may not be great for the owner of the rental property in London, Ontario. If the property rental company is not competent, and not working hard enough on the owners behalf, the house may not rent out and the Landlord is stuck losing a lot of money as his property is vacant. As an owner, make sure that you understand the pros and cons of this relationship.
2. Hire One Property Rental Company -- Not All
There are about a dozen larger property rental businesses that focus on student rental and family rental properties in London, Ontario. You need to establish a trusting relationship with the right one. If an owner is hiring two, three or four property rental companies, they believe that their property will rent out faster since the rental companies are competing with each other for the business. However, this is not true. The Owner of the house, in this scenario, is diluting the willingness of each company to spend their resources renting out their property since they know there may already be a lease on the house. This multi property rental company renting a single house strategy does not work very well for the owner, and the owner is burning bridges with the other property rental companies in London, Ontario because of the decision that they made.
3. Confusion Among All the Property Rental Companies
The owner of the property is the only one relaying information from one property rental company to another. Sometimes, a property rental company will line up a few showings for a house in a few days from now just to find out there are already several applications on the property and that the owner is not open to anymore applications. Another example of confusion is one property rental company is showing a property at the same time a different company is having a showing. Any prospective tenant would be very confused and feel uncomfortable in this type of atmosphere. The famous example is having an agreement with the owner to put a rental sign on the property, while a different rental company brings their own tenants to view the property! There is too much confusion and no transparency when there are several property rental companies renting out a single house.