What happens after you apply for a rental property?
If you're like most people in the rental market, you’ve probably spent all weekend inspecting rental properties, found one that you love and submitted your application. While you’re waiting patiently to find out if you’ve been approved, the Property Manager is trying to determine if you’re the best applicant for the property. Let’s have a look at how that decision is made and how you can put your best foot forward.
On average, our office will receive 3 - 4 applications per rental property. We aim to have an answer for each of the applicants by lunchtime the following business day at the latest. This means we have to reference check each of the applications, contact employers/HR departments, check tenancy databases, speak to current and previous property managers and do our own research with a little bit of help from Google and social media and then put our recommendation through to the landlord. The tenant selection process is very important and when done properly, can ensure that we don't recommend the wrong type of tenants to our landlords.
Finding the 'right' tenant isn't an easy task. We're looking for someone who will look after and respect the landlords property and pay their rent on time. A good work history and positive recommendation from your current Property Manager will significantly increase your chances of securing a property.
By the end of the next business day, one of three things will happen:
- You’ve had no contact from the Property Manager, in which case you may want to follow up and see how your application is going and if they require any more information.
- The Property Manager contacted you and someone else has been approved for the property, so back to realestate.com.au you go.
- You’ve been approved.
If it’s the third option, things will start to move pretty quickly. You’ll be asked to complete all of the paperwork and pay your bond and first months rent within 24 – 48 hours of being approved. The sooner the leases are signed and rent and bond are paid, the sooner the property is yours and taken off the internet.
If you want to give yourself the best chance to be approved for a rental property, I recommend the following tips:
- Be prepared and have your application completed and ready to submit soon after the inspection.
- Let your references know that someone will be calling them, that way they can be ready.
- Provide any supporting documents that you think will help you stand out from the other applicants. Eg: reference letters, bank statements, employment contracts etc.
- Let the Property Manager know you’re ready to pay the rent and bond as soon as possible.