How to win a rental application
- Posted By Ndl 1 Realty
No landlord wants a bad tenant, making it crucial for you to appear in a good light to secure a rental home. So what are the specific qualities agents and landlords seek in potential tenants?
What landlords and agents are looking for?
Most agents emphasise the paramount importance of security, ensuring applicants can show proof of employment and the ability to pay the rent.
Trust is equally crucial. Property managers and landlords seek assurance that the property will be well-maintained.
Despite common concerns, certain circumstances need not put renters at a disadvantage. For instance, it's a misconception that landlords disapprove of having kids on their properties; in reality, families often prove to be reliable tenants.
To assist you in preparing for an inspection, here's a checklist of what agents or landlords typically desire:
- Stable, long-term employment with payslips as evidence.
- A positive rental history.
- Tenants who exhibit manners and show respect to the property during inspections.
- Tidiness in appearance.
- An honest and thorough rental application.
First time renters
Gaining entry into the competitive rental market poses a significant challenge for first-time renters.
However, everyone has a starting point, and agents are often open to working with newcomers.
If you're concerned about being at a disadvantage as a first-time renter, considering unconventional approaches might be beneficial.
Typically, individuals with no prior rental history opt to join an established share house to establish a track record. Ensure that you are officially listed on the lease with the landlord or property manager.
For those initiating a share house with fellow inexperienced renters, proposing a short-term lease (e.g., six months) can be a wise strategy. This arrangement may be extended once you've demonstrated your reliability as tenants. It's crucial to provide strong, independent references attesting to your character.
Beforehand, inform your references to expect a call, ensuring they are prepared and available. This proactive approach minimises the risk of catching them off guard or having your application overlooked because your referees could not be reached.
Negotiating your rental
Many renters assume that the terms of a lease are fixed by the agent, but in real estate, everything is negotiable.
The first consideration is the market conditions. In a highly competitive rental market with high demand, attempting to negotiate a lower rent with the agent may not be advantageous.
However, negotiation remains an option, potentially helping you secure the property by offering more attractive terms, such as signing a longer lease agreement.
Initiate a conversation with the property manager over the phone or express your offer in a concise email. In a slower market, it's entirely reasonable to seek a better deal. Approach the agent confidently, proposing a rental value that is below the current offer but aligned with market value.
Before entering negotiations, equip yourself with knowledge by researching other rentals in the area. Compare rental prices and assess how long similar properties have been on the market. There's no harm in expressing your desires, and if successful in negotiating a new deal, ensure the agreement is documented in writing.