How to be rental ready
Whether you’re a rental occupier looking to make their next move or you are selling a property and looking for rental accommodation, in the current property market it pays to be rental ready.
What does that mean? Well basically it’s all about getting your documentation and references lined up prior to applying for a property.
The current rental market
While vacancy rates in some capital cities remain high, in many regional areas it’s proving harder and harder to secure a rental property, and each one that becomes available elicits a fair amount of competition.
That means rental occupiers need to move quickly to secure a property, and also need to ensure they have all the information required in order to submit an application.
So what exactly does that involve?
100 points of ID
The first part of the rental application process involves providing evidence that you are who you say you are. That’s why 100 points of ID is required in order to verify it is indeed you making an application.
If you’re looking to secure a rental in the current market, you should have this information on hand.
In addition to providing identification, you will also need to verify you earn enough to cover the weekly or monthly outlay of the rent.
That’s where pay slips, BAS statements or bank statements come into the equation. They provide evidence that should you be approved, you can manage the ongoing cost of leasing a property.
It’s not just who you are and what you earn that matters in the rental application process, it’s also about your character.
And that’s where references come into play. These references often cover your professional and personal character, in addition to your rental history.
So, line up some referees who a property manager can contact to ensure you are a suitable person to handle the responsibility of renting a home.
As a minimum this should be a:
- Rental history referee – Usually a previous property management company
- A personal referee – Someone who has known you for an extended period and can vouch for your character
- A professional referee – who verifies you work where you say you do and earn what you say you do
If your four-legged, feathered or scaly companions are set to be joining you in your prospective rental property, it’s a great idea to source references for them too.
Ideally, these would be from a previous rental provider and would indicate that the animal was well-behaved and did not cause any damage to the property.
At the ready
Due to the increased competition for rental properties at the moment, it is to your benefit if you have all the above documentation lined up and ready to go should a property that suits you become available.
Like applying for a job, this rental resume helps support your case as a suitable rental occupier and the faster you can provide it as an addendum to your application, the more likely you are to secure that next rental home.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to buy a property for investment purposes, you can view our properties available for sale here.