“Feedback on our company has always been the same, where has this been in Ontario?”
Toronto real estate is one terrifying beast. It’s scary, whether you’re a tenant or a landlord. Landlords fear approving a tenant who then damages their place or stops paying rent, and tenants struggle to find rental housing, especially since Toronto has less than a 1% availability rate.
That’s where Locnest comes in. They’re the company that looks out for both residential tenants and landlords, and they operate Canada-wide.
And who better to take us through the company than Account Executives Sunny Dhillon and Dave Sampson.
“Locnest makes it easier for tenants to sign a lease safely and securely,” said Sunny Dhaliwal. “Our lease guarantees also free landlords from potential problems that can arise while guaranteeing them compensation.”
Wondering how? Locnest ensures the tenant’s solvency before they sign with the landlord. This gives the Landlord assurance that the tenant can pay the rent. Plus, the lease guarantee also assures landlords they’ll get compensated for property damage up to $5000. Meanwhile, tenants benefit because they can lock down a rental agreement without having to pay a large amount of money up front.
“Think of lease guarantees like electric cars,” said Dave Sampson. “They’re changing the whole rental housing landscape, they’re better for everyone, and soon, they will be everywhere.”
“The opportunity is insane. We need it. Canada needs it.”
However, Locnest isn’t just fighting for landlords. Tenants need help too, and Locnest is there to give people who otherwise might get left out of the rental market and competitive edge. The deck is stacked against younger workers, Millennials, newcomers, single women, students, and anyone who has had a credit mis-step or two. Locnest levels the playing field.
What makes Locnest so special? This is the first and only company of its kind to come to Canada. It’s based on a 25-year old business model from Switzerland. After the massive spike in Canada’s rental market, which mirrored the circumstances that gave rise to the lease guarantee in Switzerland, a group of investors decided to bring the idea to Canada.
That’s where Sunny’s story began. Sunny is a licensed real estate agent who grew up hearing stories of how hard it was for her parents to find a place when they first came to Toronto. They settled in a friend’s basement until they could build enough credit to convince a landlord to take a chance on them. So when she heard about Locnest, she recognized just what a game changer it could be.
Until recently, Dave worked with a med tech startup in the US, nurturing it from its infancy until the point it could stand on its own two feet. When a headhunter explained the Locest business model to Dave, he knew he wanted in. He packed up, moved to Toronto and hasn’t looked back since.
“We’re the legal solution to security problems”
Sunny and Dave have access to the inside scoop from both the landlord and tenant perspective. We highly recommend reaching out to find out how they can help you.
Visit Locnest.com to find out more