What are Property Managers looking for in a prospective tenant and what can tenants do to get ahead of the competition in a tight rental market?
These Property Managers said the importance of preparation and communication cannot be overstated in securing a rental property.
Viviana Suarez, Head of Property Management at Cohen Farquharson, based in Double Bay, said “It is a real estate agent’s job to secure the best price and the best tenant for their client, the landlord.”
But, there is so much more to securing the best tenant than just price, she said: “You are trusting someone with what is often a landlord’s biggest financial investment, so we take so much more into account than just ability to pay.”
Before the inspection
Before attending a property inspection, it’s crucial to register with the agent, Suarez said.
Do a drive-by of the property if you can, and make sure there are no surprises.
Suarez recommended getting in touch in advance of the inspection so you can have any questions regarding the property answered. “This shows the agent that you are serious about the property and helps to streamline the process,” she said.
If you think this property might be the one, it pays to have all your application documents ready to go, so, download or pick up an application form ahead of time.
At the inspection
The property manager will be looking to rent the property quickly, so it definitely pays to arrive prepared.
“Having a completed application form with all necessary documents, such as written references, bank statements, and tenancy ledgers, can also greatly improve a renter’s chances of being approved” said Suarez.
Nailing your application
Joel Davis, Strategic Director from Image Property Management on the Sunshine Coast said, treat your rental application like you would a job application and create a tenant resume.
Davis said:
Your resume is your application package, such as financial documentation, employment details, and proof of ID.
Joel Davis, Strategic Director, Image Property Management
“Introduce yourself and give a brief outline of who you are, any hobbies and interests that might reflect well on you to a prospective landlord. Any volunteer activity should be in your application, with the contact details of someone who can attest to your commitment.
“Outline your accommodation history, including if you paid rent to your parents (support with documentation if you can), as well as your employment. A reference with phone numbers from your employer or direct manager at work can also weigh the odds in your favour.” Davis says.
Financial Records and Documentation
The landlord is looking for someone who will look after their property as though it were their own, and the property manager wants a low-maintenance tenant with a track record of reliability.
“You should provide detailed records of regular rental payments, records of loan payments, and any other evidence that testifies to financial reliability.
“Collate all recent bank statements, payslips, and bills into one folder that you can give to the property manager at the inspection, or in a virtual folder that you can email easily,” Davis said.
After the inspection
Make yourself available, follow up and be ready to pounce on an offer with a holding fee set aside.
Suarez says, “Simple things like being responsive and easy to contact, as well as being respectful to agents during the process, certainly can’t hurt.
“If a potential tenant is then approved based on good references, a holding fee is often required to secure the property. Renters should be prepared to pay this fee immediately in order to increase their chances of successfully securing the property” she said.
Good luck!
