In a competitive rental market, having a structured process for securing the property you want can be a huge help. We’ve put together this series on renting to share with you some of our favourite tips for making the whole process a little smoother!
Prepare Your Finances and Documentation
Before you even open up the apps with all the new potential places to live, you’ll need to have a look at your budget. Not only is knowing how much you can afford important, it’s something that’ll be reviewed when you’re applying for a property. No matter whether you’re looking to rent alone or as a part of a sharehouse, a rough guide is that your share of essential bills should equal no more than 50% of your income. Start with your ideal area and property and, if you need to compromise, check out slightly less central areas or older properties. These are simple ways to save a little on rent, while still finding somewhere you love living.
Along with a budget, you’ll also want to make sure you’ve got some documentation to showcase your financial situation. Things like pay slips or proof of income are essential, but it’s also a good idea to pre-organise any references from past landlords that can be submitted with your application. When it comes to proof of income, a lot of real estate agents will also want to verify with your employer that you’re still employed and what your pay is. They may also ask for a character reference, especially if you don’t have a lot of rental history to your name. Chatting to your manager and checking if they’re happy to be listed as a reference beforehand can help give you that extra bit of organisation and edge when you do find the perfect place.
First in, Best Dressed
Now you’ve got your budget in mind, hopefully found a few spots you’re interested in, and getting some viewing booked in, make sure you go in prepared. Rental properties often move fast, especially if you’re looking to get into a new lease rather than a sharehouse. Taking all your application paperwork along for the real estate agent can make the process much smoother. You can get all the basic elements of the application filled in, then if you get to the inspection and love the place enough to sign the dotted line, you’ll be ready to hand it over then and there. Many will also offer an online application process, so be prepared with your identification and financial documents – if you’re up against 50 other potential tenants, promptness will be key.
Put Their Best Paw Forward
If you have pets, be sure to have some good quality photos of them and put together a short ‘application’ with their name, age, breed, and characteristics. Real estate agents are particularly interested in whether they’re well-kept, and if they’re going to be noisy for your neighbours. Each state will have slightly different legislation regarding renting and owning pets, but it’s always a good idea to do your due diligence before you get into the application process.
Go to the Inspection
You can also go the extra mile by making sure you’re well-presented and early for the inspection – treat it like a job interview. Don’t hesitate to chat to the real estate agent if you can and send them a follow up email. It will help them differentiate you from other applicants and hopefully remember you! While you’re at the inspection, it’s a good time to get a feel for the place but also have a look for anything you want to ask follow-up questions about. Things like accessibility, if there’s anything that’s being fixed, and other financial aspects like bond deposit fees.
Be Ready to Commit
Rental properties move fast and the market can be very competitive, which is why all the prep leading you up to this point is so important. Once you know everything you need to do to apply, if the place feels right, make sure to get onto your application immediately. Being able to go through references quickly, showing that you can afford rent, and being able to pay the bond deposit and first month’s rent is helpful.
This is something you can mention in your follow up email or phone call to the real estate agent to show you’re committed to the property. However, this step often happens before you get your bond from your current place back and coincides with all of your other moving expenses – we know, it’s frustrating! If you need help getting from one property to the next with things like bond money, or that extra bit of cashflow that makes it easier to get yourself set up, Rapid Loans offers online personal loans from $2,001 to $45,000 with a simple application and fast turnaround if approved. If you’ve got a move on the cards, contact us online, learn how it works, or simply give us a call today on 1300 727 431 to discuss your options or apply online.
This is an opinion piece and is not intended as a sole source of guidance.