Finally acquiring a rental property for you and your family to settle in is an exhausting, frustrating, and emotional process that can take months, and months, and more months of your time.
Truth is, we meet families that inspect several homes over the weekend, fall head over heels on one home, only to find that their rental application was not successful.
It’s deflating, and it’s crushing – we get it.
Fortunately, as the recipient of many rental applications, there are a number of elements that make one rental application stick out like a sore thumb over others (in a good way!).
The qualities of what separates a great rental application from an average rental application are mere bite-sized improvements that will make chunks of significance to your success rate, and is discussed in our four tips below:
Dress to impress
Just to set the record straight, we’re not asking you to arrive in a tuxedo or a cocktail dress to your next rental property inspection.
However, in taking the same logic, there are ways to ‘dress to impress’ your rental applications in order to get the extra mile.
Take cover letters on a resumé for instance – it’s an opportunity to ‘sell’ yourself, create a first but lasting impression, and you certainly wouldn’t submit a resumé without one.
Truth is, rental applications should be no different. And frankly, we don’t see them enough.
Just like a job application, rental application cover letters are an opportunity to share your qualities as a tenant, share highlights of your rental experience, as well as any other attributes that may benefit the landlord by having you as a tenant.
By the same token, we also see rental applicants that have made the effort to include a cover letter; but sadly, merely speaks of anything that would benefit the landlord by having you as the tenant.
Always, always dress to impress.
Punctuality may seem like common sense by any means, however in your next rental application, it can speak volumes.
Being punctual is more than simply being ‘on time’ – it also shows a level of decency and respect, and creates the impression that you value the time of others more than your own.
Whilst arriving to your property inspection on time and within the inspection slots is a great start, it doesn’t stop there.
That’s just where it starts.
Think about all the opportunities you have to make an impression during and after your inspection; such as being first at the door, submitting your application first, or having all your documentation and references ready.
One of the common themes we see amongst rental applications, is whilst they are submitted on time, documentation is often missed or left behind, or that all the required information is not submitted.
Let’s be crystal clear, here: Property managers chasing you for information they require will not look favourably on your rental application.
Here’s some useful information regarding the documentation that you will need by HousingVic.
Be punctual in every opportunity.
Show financial capacity
No, arriving at your next property inspection in a Rolls Royce will not guarantee your rental application success.
However proving financial capacity by other means can be the make or break of your property drought.
If we had to narrow down what landlords want out of their investment properties, it’s two things: that it will be looked after, and that it’s paid for on time.
If you’re fortunate enough to carry some spare cash, paying a couple of months rent up front along with your bond is a great way to make a landlord’s eyes light up.
It’s borderline bribery, but it’s enticing.
Another great way to show financial capacity without stretching yourself, is to ask your previous property manager for a rental ledger.
A rental ledger details every payment that you have made, the dates that they cover. It also shows how far in advance you have paid, or if you have fallen behind and into arrears.
Get your armour in check
In any job application, reference checks can be the make or break of an applicant’s success; and rental applications are no different.
It’s always important to develop a great relationship with your property manager, as when the need to move on comes along, they will become your greatest asset in your next property endeavour.
It will be the armour that you need, to succeed.
You can be assured that your former property manager’s reference will be truthful; from how prompt your rent was paid, to what condition the property was looked after, and to what you were like as a tenant.
If you have left enough of a lasting impression, their reference will only be more genuine and from the heart; therefore it is important to be confident that you will have their tick of approval.
At Nguyen Real Estate, we are passionate about making sure that families not only find a property they can call home, but can stress less and finally succeed in their rental applications.
Contact us on (03) 9687 6070 today to speak to one of our property managers about any available listings, or simply for further advice.