How to turn your property into a short term rental property
Having a rental property is a great way of making passive income to supplement your other income...
Renting your property in Toronto, Canada, has just become a little bit more complicated. If you are planning on turning your home into a rental property or already have rental properties, you now must register your properties to the government stating that you are using your property for short term rentals. Those that are currently renting out their properties must apply and register by December 31st, 2020 in order to not be penalized. Fines are large and annoying to say the least. This, however, can be seen as a plus believe it or not. When renting out your property, you most likely want the revenue to last as long as possible without any interruptions or problems. Abiding by the registration process will ensure your rental property won’t run into these issues, and therefore last indefinitely.
The process of registering your property is rather simple and straightforward, you will complete several questions along with filling in information about yourself such as your driver's license. The registration itself costs only fifty dollars, which is a much smaller price to pay compared to a thousand dollars for not registering, or another thousand for advertising your property without it being registered (i.e on Airbnb/Vrbo). Registering shouldn’t take anymore than fifteen minutes, and then the government will determine if your property is eligible for a registration number. Eligibility is also something to think about when applying, as your property must uphold the criteria outlined by the government.
The criteria outlined by the government in Toronto are rather strict with what is needed to be eligible. However, following their recommendations will ensure that you can continue advertising your property on rental sites, and thus will allow the money to keep flowing. When a guest sees your property‘s registration number on the rental ad, they will know that you are an attentive, law abiding and caring host. You might be wondering how these conclusions have been drawn, but think about it. You don’t have to apply for this registration process, and go on your way with how things are currently, but guests appreciate feeling safe and cared for. That’s why being the great host you are, you will register your property. It’s the stark distinction between thoughtfulness and carelessness that a potential guest sees when determining whether to rent your property. Why should they risk renting a property that to them is already unsafe? “What else could be wrong with their property that they’ve decided to sweep under the carpet”, they ask themselves. It’s about creating an image of safety and precaution.
There are several positive outlooks that can be seen after registering your property with the city of Toronto that deal directly with guests. For starters, the regulation stating you must advertise your property’s registration is actually a plus. Potential guests see this as a seal of approval, as if they were a little bit nervous to either rent for the first time or are new in the country, it eases their mind that your property has been approved by the government. This, to them, is a tick off a box they didn’t even know existed. It’s that one checkbox that they have in their conscience but don’t usually use too much, but since they are able to check it off it gives them the absolute certainty that their upcoming trip will go off without a hitch. And especially with the normal jitters of travelling, even the most experienced traveller likes certainty then and again.
Another positive when registering also has to deal with the peace of mind of your guest: the new addition of an emergency contact as well as how to contact emergency services (911). This is especially viable information for guests from out of the country that are unfamiliar with the healthcare system, and are worried in case of an emergency. Could you imagine that? Being in a new country, with limited speaking ability and one of your family members is injured, and now you are unsure and stressing about how to get your family member to the hospital! This not only helps guests feel more at unease in case of an emergency, but if an actual emergency happens, they are also prepared, which is a thousand times better than not.
Yes, these precautions take extra effort and work, but they ensure a safe and well-maintained rental for potential guests. And again, there is nothing like a seal of approval from the government to ensure guests that your property is on the up and up. If you are unsure how to register, or are wanting to register your property with Enso Connect, feel free to reach out to firstname.lastname@example.org for assistance or check out our form here. We are dedicated to making this process as smooth as possible. Click here to be directed to our form to apply for the government registration.