REALTORS® Association of Edmonton now has Rentals on the system.
On the page here we will answer some of the most frequently asked questions related to Rentals.
General Questions
Why participate in the rental market?
- Renting out homes has become a significant aspect of the real estate market. By listing rentals on the Association's MLS® System, members can establish and nurture connections with clients who are currently renters. This can be beneficial when these tenants decide to transition into homebuyers. Essentially, today's tenants could be tomorrow's buyers.
- Allowing members to advertise rentals on the RAE's MLS® System and REALTOR.ca presents an opportunity to maintain an ongoing relationship in real estate. This is especially useful if a property isn't receiving offers and renting it out becomes a viable option.
Can the renting public upload rental listings to the Association’s MLS® System?
- Only RAE members will have the ability to upload rental listings to the Association's MLS® System.
Do I have to report the status for properties that have been Rented?
- Yes, the same reporting rules apply to Rentals as to all listings that are uploaded to the Association's MLS® System.
Member Practice
Is it a requirement for brokerages to provide rental services?
- Brokerages have the choice to offer rental services to clients, and associates can engage in such services if permitted by their brokerage. Brokerages don't need to provide rental services.
I am the Broker of a Property Management Brokerage, do all my Property Managers need to be a member of RAE if we want to start entering rentals on the Association’s MLS® System?
- Yes, if your Brokerage wants to be a member of the Association, all your Associates are required to be members of RAE.
How can members determine if they are authorized to engage in property management?
- Real estate associates interested in property management should:
- Ensure their brokerage allows property management activities;
- Confirm their licensing covers all real estate activities within the specified authorization category of PM - Property Manager (refer to details below);
- Conduct a search for license/registration status search on RECA’s website: RECA
- Stay aware of Section 17 of the Real Estate Act: RECA's Real Estate Act regarding the scope of service.
How does listing a rental on the RAE’s MLS® System differ from property management?
Rental listing services include:
- Advertising and promoting the rental listing;
- Presenting tenant applications to rent;
- Conducting property showings;
- Providing tenancy agreements and walk-through documentation.
Property Management involves:
- Managing deposit and rental funds;
- Making decisions on behalf of the landlord or tenant;
- Conducting walkthrough on behalf of the tenant or landlord;
- Manages and exercises control over the property under their care.
Are lockboxes permitted on rental properties?
- Yes, lockboxes are permissible if RAE’s rules: RAE's Rules & Regulations are adhered to.
Can I show rental properties to potential clients?
- Yes, but if the property is currently occupied, prior notice must be provided to existing tenants, per the Residential Tenancies Act: Residential Tenancies Act
Who is responsible for the deposit?
- Your authorization to trade in real estate and the licensing of your brokerage determine how deposits are handled:
Rental listing service provider
- Security deposits are managed by the landlord or their designated representative (property manager or lawyer).
Property management
- Security deposits are placed in the brokerage’s property management trust account, following the brokerage policy.
Are there specific forms to be completed for a rental listing?
- You can find all applicable rental forms under ML Documents on Paragon. Including contracts, input forms and forms to report a rental as rented.
Are property managers required to fill out RAE’s forms when listing a property for rent on RAE's MLS® System?
- All members, including those licensed for property management, must use RAE’s approved forms for MLS® System listings.
- Property management firms, legal firms, and landlords have the right to use whatever documents they choose, including inspection acknowledgements, financial information requests, and any other documents they use for property management.
What is expected when representing a landlord?
- Before listing a rental property on RAE’s MLS® System, thoroughly explain all listing agreements and contracts to the landlord. Also, review the agency relationship guide and services to be provided.
What is expected when representing a tenant?
- REALTORS® are expected to outline all the agreed-upon services in the tenant brokerage agreement and search for rental properties using preferred sources, including the Association’s MLS® System for rental/lease properties.
If property management is handled by another party, who resolves issues between the tenant and the landlord after possession?
- The landlord and tenant are responsible for creating and executing the lease that governs their relationship after the tenant takes possession of the property.
If issues arise between the tenant and the landlord after possession?
- Issues between the landlord and the tenant after possession, if not resolved between the parties directly, needs to be handled through an application to the Residential Tenancy Dispute Service (RTDS).
- The application to resolve any issues, can be made by either the landlord or the tenant.
Can members supply/or sign agreements between the tenant and landlord?
- REALTOR® members can only supply the tenant-related documents for client use, they can NOT execute or sign any tenancy-related documents.
- Only those licensed in Property Management or Landlords/owners can sign the tenancy forms between the parties.
Does REIX cover a rental transaction?
- Members are covered to the extent of a trade in real estate for which they are authorized. The same provisions of coverage apply.
How does the program work if a REALTOR® owns a property being listed for rent?
- REIX coverage is not extended to licensees representing themselves. Members are encouraged to refer such business to another licensee, preferably outside their brokerage. This is a recommendation to ensure coverage and reduce liability.
What can members do if they receive multiple offers on a rental listing when property management is the responsibility of another party?
- Follow the procedure set out in RAE’s rule 11. Offers: RAE's Rules & Regulations regarding multiple offers, the landlord will ultimately decide which offer to accept.
Is it mandatory to pull a copy of the land title for rental listings?
- Pulling title confirms the person offering the rental is authorized preventing unknowing participation in rental fraud.
Do FINTRAC reporting requirements apply to rental listings?
- Rental agreements do not fall under the PCMLTF Act and regulations, as they are not real estate purchases or sales.
Does the REALTOR® Cooperation Policy apply to Rentals?
- Rentals are exempt from Article 30 in the REALTOR® code.
Education
Is RAE offering rental listing education?
- RAE will be offering basic rental listing education, it will also be included as part of the Brokerload course.
- Important to note: that inputting a listing whether a rental or a property for sale, the flow inside of Paragon will be the same except for different fields.
- All members wishing to upload any listings must complete the Brokerload course
- You can take or retake the Brokerload course from the RAE Learning Hub.
Click here to go to the Brokerload Course.
- You can take or retake the Brokerload course from the RAE Learning Hub.
- We will also have a Rentals Only eLearning Brokerload course.
Note: this course will be available on Monday.
Click here to go to the Rentals eLearning course.
Technology/MLS® Help Desk
Where are rental listings inputted?
- Rental listings are imputed into Paragon, similar to “for sale” listings, under the modify or add new listings option.
Where are rental listings hosted for the renting public?
- Rental listings are available on REALTOR.ca. Search for the area on the home page. Once results are brought up, change the transaction type to 'For rent' to view available rental properties.
Who can be contacted if there is an issue loading a rental listing?
- Members can contact RAE’s MLS® Help Desk for assistance with loading rental listings.
Why is a LINC# a mandatory field for rental listings?
- The LINC# auto-populates many of the required fields, expediting the listing process and enhancing data accuracy and statistical value.
Do rental listings crossover with IDX and VOW and show on the REALTOR®’s website?
- Yes, rental listings will cross over with IDX and VOW and they will show on the REALTOR®'s website
- NOTE: The IDX/VOW feed is being worked on, and will be released as soon as possible.
Do rental listings become part of the DDF feed?
- Yes, rental listings will flow to the DDF for syndication as selected by the broker/associates.
Can members list a property for sale on the Association’s MLS® System AND also as a rental listing?
- Yes, the member can do so by obtaining a temporary LINC# from RAE’s MLS® Help Desk and entering information into the rental system.