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5 Tips To Strengthen Your Rental Application
●July 1, 2021●3 minute read
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The rental market in Australia is highly competitive at the moment, with rentals that appear on the market being snatched up almost instantly. People are being left searching for months to secure a rental, a process that once only took a few weeks.
According to the Reserve Bank of Australia, this is due to a large increase in private renters during the COVID-19 pandemic.
So, how can you make your application stand out, and hopefully find the place of your dreams?
Here are our top five tips for strengthening your rental application, to make finding a new home quicker and easier.
Get in quick
As mentioned, the rental market is highly competitive at the moment. It’s not uncommon for more than 20 people to apply for a single property. This is why it’s absolutely essential to get in your application as soon as possible, so that it’s not too late by the time you submit all of your paperwork.
Typically, it only takes 24 hours to a few days to completely process a rental application. Meaning, if multiple people submit their applications immediately, rentals can be swept up in less than a day.
You can set up notifications on sites like realestate.com.au for rental properties that come onto the market matching a specific criteria. For example, you can set up notifications for apartments, houses with a minimum number of bedrooms, or properties in a particular suburb.
Get to know local agents
Typically, real estate agents know about properties that are going to be coming to the market before they are actually advertised. Getting to know your local agents can be a good way to get ahead of the herd and secure a property before it is even launched online. Let them know what you’re looking for, how long you have to find it, and how much you’re willing to pay.
In some cases, you can also be put on an email list for the properties an agent has listed. This way, you’re always up-to-date on the properties that are available, as soon as they’re available.
Make your application stand out
Any property that you apply for, you can assume that there are multiple other suitable applicants that are also eager to move in. A lot of the time, the person that approved for the property will come down to whoever got in first, if all of the applications are viable and suitable for the owner.
Make yourself stand out to the owner, so that they’re more inclined to pick you over someone else. Some ways you can do this include:
- Writing a letter introducing yourself (and other applicants, if applicable) to let the owner know that you are interested in the property, that you will take good care of it, and that you appreciate their time in considering your application;
- Call the agent and ask if there is anything you can do to help speed up the application process;
- Ask someone to write a personal reference for you and provide this with your application.
Standing out from the crowd could be helpful in securing the property you want. At the end of the day, property managers want to find the most suitable tenant for the property, so you should let them know why that person is you!
Offer above asking price
Another tip to make your application stand out is to offer more than the asking price. Offering more money is an effective strategy in securing the property you want, and it will make you stand out from the other applicants.
It’s not uncommon for people to offer above the asking price to secure a property. According to ABC News, Queenslanders in particular are offering an extra $5 to $10 above the initial asking price to secure a property. Some tenants are going as far as to offer one or two months of rent up-front.
Have your bond sorted
Most agents will continue to advertise a property, even if your application has been approved, until they receive your bond payment to secure the property. Making sure you have this sorted beforehand can reduce the risk that another person jumps in and secures the property before you can.
A final note
If you’re having trouble securing a rental property, know that you’re not alone. There is likely nothing wrong with your rental application. It’s more than likely that there are simply too many applications to choose from. Meaning, a lot of the time, your application won’t even be considered.
By following the simple tips mentioned above, you can strengthen your rental application as well as your chances of finding a rental property sooner rather than later.
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Written by Rachel Horan
Rachel Horan is a Content Writer for Jacaranda Finance. Rachel has previously produced content for Brisbane City Council, Black & White Cabs, and Clubs Queensland. She has a Bachelor of Mass Communication with Distinction from the Queensland University of Technology.