Make Your Tenancy Application Stand Out
The Rental market in Brisbane is very competitive. The REIQ recently noted that areas of Queensland have reached the tightest vacancy period on record and are estimating that over the next 12 to 36 months that rents are going to dramatically increase. It is more important than ever to find the right home for your rental needs. It can be frustrating to find your dream home, and realise fifty other people think it’s their dream home too. You have to stand out from the crowd in order to get chosen.
This is a stressful situation for many people. But don’t worry. There are plenty of ways you can make your tenancy application irresistible.
We want you to have all the tools you need to get your next rental. Here’s six quick tips on making your tenancy application the best it can be.
1. Outline your Rental History, Employment, and Income
These are the basics you should include in every rental application. It’s the first thing every landlord will look for. Put this information in the application itself. While it doesn’t hurt to have a cover letter if you are new to the rental market, cover letters are less important than you realise. It’s not a job interview, most agents want to boil down to the numbers and quickly.
Sometimes people will try to avoid mentioning these. Maybe they’re renting for the first time and don’t have a good history yet. Or maybe they’re between jobs and they’re worried that unemployment will hurt their chances. Even so, you still need to be upfront and clear about your situation. Hiding your details will only make the process more frustrating for the agent or landlord and increase the likelihood that your application will be rejected.
Remember, you don’t need a perfect record. It’s ok if you’re not a high income earner, of it you’ve only been in your new job for a matter of months. Simply put all the information together. Your strengths will still naturally stand out.
2. Include all Supporting Documentation: Payslips, ID and References
This should also be standard. Please don’t put in your application without ID, and force the property manager to come back to you to ask for it. They have another 24-or-so other applications on their desk waiting to be completed. More than likely you application will get left behind or worse, discarded. It is easiest to shoot for 100 points of ID every time. Work out what ID you carry that will pass a 100-point check every time and make copies and you’ll never be caught out again.
You must also include proof of your income. A payslip or annual statement may suffice, but the more information you can provide the better. You’re competing with how many other applicants? If you provide 4 payslips and they only provide one, it is much easier for the leasing manager to prove your ability to rent over the other.
Remember, a landlord’s biggest fear is that you will not make payments, or you will damage the property. But if you can prove you have steady income and can hold down steady work, it will ease both of these fears. So make it clear that you can be trusted.
Have your references ready to go. Inform your previous rental agents, and your employer, to expect reference requests either by email or phone. Most often applications will stall because the references never came back to the agent – who of course moved on to other applications.
3. Attend Every In-Person Event You Can
If the rental property is open for inspection, you should definitely go in person. Some agencies require this. If you have potential housemates, they should all go too. Every chance you get to interact with the leasing agent, property manager or landlord in person will help you stand out in their mind.
When you attend these events, always arrive on time. Being punctual will show them that you can also pay on time. You should also dress well, speak politely, and ask informed questions about the property. Do everything you can to give a good impression of yourself.
4. Get Your Application Done ASAP
Many rental homes are only on the market for a short time. In suburbs like North Lakes or Springfield, they’re available for an average of only 22 days.
This means you need to do your application as quickly as possible, to give yourself the best chance of success. You can increase the speed of submitting applications by having all the relevant information ready to go at a moment’s notice.
If you see your perfect house become available, don’t wait a week or two to get your application in. You’re always better off starting the application process sooner rather than later.
Remember, the landlord will want to make a choice quickly to minimise the downtime for their investment. Make sure you’re ready to go when the right property is advertised.
5. Apply for the Right Property
Find a rental that you have the best chance of getting approved for. For example, a student will almost definitely be overlooked if they apply to rent a mansion!
The trick is to pay attention to what the landlord is looking for. If they have stated that they’re hoping for a tenant who will sign a long term lease, please don’t try to convince them to change their mind. If you only need a six month lease, then find a different rental that’s suits that.
Likewise, if you have a pet, don’t waste time applying for rentals that clearly state they don’t accept pets. Don’t hide your pet until the last minute, hoping to sneak it through the application process.
You will be much more likely to succeed in your application if you pick the right target to aim for.
6. Hope and Patience
When your application is submitted, be patient. Pestering the agent or landlord about the when, where and why of the stage of your application is not going to help your cause. Some agents will use automatic notifications about your application so you can stay informed (Pursuit Real Estate does!). While some agencies may claim to complete applications within 48 hours, it certainly will take longer if your application isn’t complete, your references don’t get back to the agent and the agent finds inconsistencies in your application that need to be investigated. At the end of the day, be thorough and honest, applying for rental property is based on showing the merits of why you are a great tenant.
Most of all be hopeful, but realistic. With the rental market so tight at current, many great applicants are missing out – only one application can be approved even if all applicants are outstanding!
If you still have questions, you can always contact us at Pursuit Real Estate. We cover the Brisbane and wider South East Queensland region with comprehensive property management and real estate advice. Give us a call to discuss your query.
Let us help you find your next home.
Keep getting knocked back?
If you feel like you need more help getting a rental property, consider standing out from the crowd by doing the Skillsets for Successful Tenancies training program. Completely free and can help you get the advantage on other applicants and learn what real estate agents are looking for.
Enrol now at www.tenancyskills.com.au/skillsets