What do Landlords and Property Managers look for in deciding a tenant for their investment property? And how do you increase your chance of a successful tenancy application? Based on our 65 years of experience in Perth, our property management team has compiled some useful tips to help give you the best chance possible.
1. Complete the Application
You would be surprised at how often tenancy applications are not fully completed. Given the competitiveness in the current marketplace, incomplete applications will not be as strong as a complete one as Property Managers may not have the time to follow up with applicants who have forgotten details. Some important documentation include:
- Rental History
One of the most important factors is that tenants possess a good rental history of timely payment and property maintenance. The stronger picture you can provide of your rental history, the more likely you are to be chosen.
It is always helpful to provide evidence substantiating the reliability of your income as this will assure Landlords that there will be secure payment expected on time. Recent payslips are important to demonstrate that you are less likely to default on your rent.
- Photo identification
This may seem like stating the obvious but including identification upfront can make it easier and quicker. We will need 100 points of ID – for example, a passport or drivers license.
A strong reference from former landlords or property agents can count heavily in times like these. Relevant character references from credible sources will also help support your application.
2. Comprehensive Financial Detail
Generally, employment stability is a sought-after indicator in evaluating potential tenants. So, make sure to include as much detail as relevant to help place you in a favourable light.
It is advisable to apply for properties within your reach – and in general, the rent should be no more than 30-40% of your income.
4. Digital Footprint
In addition to character references from credible sources, it is advisable to consider your digital footprint. So, update your social media accounts, where necessary as Property Managers may look potential tenants up to verify their details.
5. Property Upkeep
Ensure that you maintain your current place well. If you are currently renting a house, sometimes a Property Manager may drive past a current residence to gauge how the property is maintained. Aside from a history of good property maintenance, if you own a pet, ensure that you can give assurance to the Property Manager that you will do your best to ensure minimal damage that will be incurred on the property. There will usually be a pet bond enforced, but beyond the minimal obligation, take extra steps to show what a responsible pet owner you are.
6. Follow Up
If you haven’t heard from your Property Manager, feel free to follow up 48 hours after submitting your application. Let the Property Manager know that you are serious about your application and will be available to provide more information to support the application as needed.
7. Present Your Best at the Inspection
Be presentable and on time during the property inspections. This shows your commitment and good impressions do matter. Be reasonable in your questions and try not to be too demanding in times like this.
With rental vacancy rates at its lowest in the last 10 years, a tenancy application is very much like a job interview. Bearing that in mind, always put your best foot forward – and good luck!
General Manager/Licensee - Time Conti Sheffield
Cindy Knight, General Manager of Time Conti Sheffield, has over 25 years of experience in property management and holds the Diploma in Property Services. Having been through several economic cycles in Perth, her insights of the Perth real estate market is highly valuable.
Cindy is passionate about delivering the best service to every property investor that walks through the doors of Time Conti Sheffield and her insider knowledge of the local real estate market means she is an expert in her field.
Prior to joining Time Conti Sheffield, she first started her career in banking (Challenge Bank) and worked her way up the corporate ladder. In January 2002, Cindy joined Time Conti Sheffield and she is soon to celebrate her 18 years anniversary with the Agency.
Cindy is meticulous and process-driven, ensuring excellence in customer service delivables. With a strong background in numbers, she understands the economic indicators and provides sounds advice to the best interest of her clients. She is also highly committed to ethical standards, integrity and honesty.
Since moving here from Sydney at 13, Cindy Knight has developed a profound love for Western Australia and is a great supporter of local businesses in Perth. Outside the office, Cindy loves spending time with her husband, her son and her dog. Among her favourite leisure activities are gardening and taking long walks in the beautiful local parks.