Leasing a property is a big step, and it's essential to understand the various costs involved. This page is designed to guide you through these expenses, with particular emphasis on our commission structure and the factors influencing additional costs in the leasing process. Here, we'll explore each cost you may encounter as a tenant or landlord, ensuring transparency and eliminating any unexpected surprises.
From initial costs like deposits to ongoing expenses such as utility fees and renter's insurance, we've got every aspect covered. We recognize that everybody's situation is different, and our goal is to provide you with customized information that aligns with your unique needs and preferences. By arming you with this crucial knowledge, we strive to empower you in making well-informed decisions, transforming the complex task of leasing a property into a more streamlined and predictable experience.
OUR COMMISSION STRUCTURE
At Advantage Group, we are committed to transparent and equitable commission practices for both landlords and tenants in the leasing process.
FOR LANDLORDS
We charge a commission of one month's rent plus Harmonized Sales Tax (HST). This fee includes our comprehensive services, from marketing the property to screening potential tenants. Additionally, we cooperate with the tenant's agent at a rate of half a month's rent plus HST. This cooperation reflects our commitment to facilitating a smooth leasing process for both parties.
FOR TENANTS
As a tenant, you'll be pleased to know that, typically, you are not responsible for paying our commission. The landlord covers this expense through a cooperation agreement. This approach ensures that tenants can access our top-notch services without additional financial burden.
NEGOTIABILITY AND INDUSTRY STANDARDS
While our commission is set at one month's rent plus HST, it's important to note that in Ontario, there is no standardized commission rate. Commissions are negotiable, but our firm maintains this rate to ensure consistent, high-quality service.
WHY DO WE CHARGE THIS WAY?
Our commission structure for landlords is designed to ensure they receive full-service support for their leasing needs, while our tenant-friendly approach aligns with industry practices where landlords bear the commission cost. This balance demonstrates our commitment to fairness and value for all parties involved in the leasing process.
UNDERSTANDING COMMISSION RESPONSIBILITIES
For Landlords: As a landlord, your responsibility includes the payment of our commission as part of engaging our services. This fee ensures you receive the full spectrum of our expertise in finding and securing the right tenant for your property.
For Tenants: As a tenant, you generally have no commission responsibilities. The landlord's payment facilitates your access to our professional services, making the leasing process smoother and more efficient for you.
HANDLING COMMISSION IN SPECIAL CIRCUMSTANCES
There may be unique scenarios where commission arrangements differ from what is outlined here. In such cases, we maintain open communication with all parties involved to ensure a fair and transparent resolution that upholds the interests of both landlords and tenants.
OUR COMMITMENT TO TRANSPARENCY
At Advantage Group, transparency is a cornerstone of our business. We ensure that both landlords and tenants are fully informed about our commission structure, reflecting our dedication to a stress-free and straightforward leasing experience. Our approach allows landlords to efficiently lease their properties while enabling tenants to find their ideal homes without the worry of additional fees.
ASSOCIATED COSTS
Explore the costs associated with buying a home, including down payments, deposits, mortgage loan insurance, land transfer taxes, legal fees, and more.
FIRST AND LAST MONTH'S RENT
In most cases, tenants are required to pay the first and last month's rent upfront. This acts as a buffer for landlords and ensures the tenant's commitment to the lease.
TENANT INSURANCE
Tenant insurance is usually a requirement of a landlord during the leasing process. Tenant insurance is highly recommended. It protects your personal belongings against risks like theft, fire, and water damage. Additionally, it often includes liability coverage.
PARKING FEES
If the rental property offers parking facilities, there might be an additional monthly charge for using these facilities.
APPLICATION FEES
Some management companies charge a fee to process your lease. This fee covers administrative costs.
MOVING COSTS
This includes expenses for hiring movers, renting a moving truck, or purchasing moving supplies.
KEY DEPOSIT
A deposit covering the replacement cost of keys is usually a leasing requirement.
UTILITIES
Depending on the lease agreement, tenants may be responsible for paying utilities such as electricity, gas, water, and internet. It's important to clarify which utilities are included in the rent.