How to Get the Rental Home You Want
The state of Australia’s rental market is impacted by a number of economic factors that have seen lower-than-average properties available for rent. Significantly less construction of new homes & apartments. Investors are holding off buying rental homes & fewer long-term investors are holding on to their investments. We have started to see some easing of the supply issues listed above, while the pipeline of properties due to hit the market is nowhere near the net migration numbers impacting population growth. As numerous people experience the difficulty of succeeding in the rental market, this month’s blog will explore how to increase your chances and stand out above the rest.
Before you get started with your applications and going to inspections, establishing a solid network can make all the difference. Developing relationships with property managers is a great start. Having your name down for market updates enables you to be notified or contacted when a new property that suits your needs is soon to go to market. This allows you to inspect the property early and have your application ready to go. At PRD, we understand the value behind property management networking and ensuring the right person finds the right place. Get in touch with our property management team to discuss further how we can help you in your rental journey.
The application process is as difficult as you choose to make it. A significant first step most overlook is asking previous property managers for a rental ledger that you’ll include in your application to bolster your character. The power of having previous experience is an excellent tool in securing your next property. With this in mind, if you’re a first-time renter, the lack of experience doesn’t run you out of the race; it simply positions you with differing potential.
Next is familiarising yourself with the online application process and preparing your application. Each real estate agency uses a slightly different variation of the online application processes. Therefore, it’s a good idea to familiarise yourself with the numerous software, preparing your applications to streamline the entire process.
When it comes to the application itself, there are numerous bits and pieces that you can bring to help improve the profile the property manager will receive. Character references are a great tidbit that can greatly enhance the way you’re perceived. Similarly, if you are bringing pets to the property, having previous landlords or property managers providing a character reference for your pets doesn’t go astray; include photos of your pets also. The more information you can provide, the more likely the landlord is to approve your application.
Finally, a useful tip for those looking to get ahead in the application process. Being familiar with bonds and the process of paying rent in advance, it can be an effective decision to offer to pay more than the traditional one week in advance to sweeten the deal with your landlord. This gives you a couple of weeks to settle in and be prepared to continue your rental journey whilst keeping your landlord happy.
The perception is good practice but not necessarily the deal breaker. The inspection is a great chance to engage with the property manager and create an impression for yourself to assist in the application process. Dressing well and being punctual can help in your memorability with the agent, and though this may not sway the decision in any way, it can assist in the networking side of things.
Alongside this, the readiness and capacity for flexibility also lend themselves well to the immediacy of moving in. When you convey that you’re ready to move in ASAP, the agent can then take that into consideration and communicate that with the owner as the decision-making process is underway.
There’s no definitive answer for what each individual property owner is looking for in a tenant, but there are certainly a number of ways you can go about improving your chances. The property managers can hold considerable say in the tenancy choice, and as such, networking and establishing yourself as a respectable and worthwhile tenant can assist in the competitive areas of the rental market. Not all hope is lost for the renters; there’s just a new approach to finding the perfect place for you. To establish a network and get a feel for the market, get in contact with PRD’s property management team for expert analysis on the state of the rental market and what properties would suit your needs.