1. How to find a rental property easily
Many potential tenants ask “how else can we find properties in the area?”.
Most agents will generally respond by saying “have you had a search on the internet yet?”
The reason they give you this most obvious response is because it is unlikely that they will send you to the next closest agency as they do not want to directly promote other agents business’ in the area.
Its a little unnerving for tenants who have obviously already searched the internet, found nothing and seem to be always one step behind everyone else, missing out on rental property after rental property.
When a potential tenant asks me the same question I’ve often told them the same answer BUT added that using a large scale website with hundreds of properties listed was not in their best interest. The reason for this is that 9 times out of 10 those websites actually take listings from other websites and information gets lost in transition or is not updated on a regular basis.
How many times have you looked for properties on large scale websites, got excited about an advertised listing and were sadly disappointed to hear when you called the agent, that the property had already been leased? or you have booked an appointment to view the premises and realize you’ve wasted your time after learning that the advertised 3 bedroom house is actually only a 2 bedroom! How inconvenient and frustrating is that?
What you may not know is that particular property was likely to have been leased 4-6 weeks ago and the listing still appears on that website.
Most tenants believe that using a major real estate website that lists a large scale of rentals properties is the answer. This is not correct. It is in your best interest to search the local area of where you wish to live, find which real estate offices operate in that area and then view their each individual websites.
It may be a little more time consuming to start with but this ensures more accurate information is being supplied and received and thus saving you a lot of time and effort giving you the benefit of getting ahead of every other potential tenant looking for the same properties you are.
2. How quickly an Application can be accepted
Usually a Property Manager can process an application and accept a new tenant in as little as 2 or 3 hours.
However, Property Managers get discouraged when a vast majority of applicants only half fill in the application form or neglect to supply supporting documents. If you do not fill in all parts of the form correctly you run the risk of delay in the processing period.
Time and time again, agents find themselves contacting applicants to request further information or extra supporting documents because the applicant did not read the form correctly and withheld certain information.
If you do not provide all requested information first time round, there is a high chance of another applicant being accepted on the property before you supply the agent with those missing documents.
Most agents minimal requirements will be a copy of your photo identification, proof of income and any rental history you may have. Agents will generally contact your employer to confirm employment and contact your current or pass landlords/agents for a rental reference.
Most agents no longer provide tenants with written rental references as they have been unlawfully altered in the past. Often the Property Manager will contact your current agent and obtain a copy of your rental ledger. This ledger serves as your rental reference and is a document detailing evidence of any transactions the agent has had with you. It can include but is not limited to, a list of rent payments showing if rent was paid on time, if any terminations had been issued or when the last routine inspection was conducted on the premises.
With the way the market is at the moment, rental properties are in high demand and are leased quite quickly so if you want the property its a good idea fill in your application quickly and properly and submit it to the Property Manager as soon as possible.
3. The Deposit
When the property manager calls you to advise that your application has been accepted, he/she will ask you to pay a holding deposit within 24 hours. The holding deposit is usually equivalent to 1 weeks rent and will eventually become your first weeks rent.
The deposit is a form of guarantee that you will commit to sign a lease agreement in the not too distant future (ie within a week or so). After the deposit is paid the property is then withdrawn from advertisement and no longer shown to other prospective tenants.
If you pay a deposit and then withdraw from signing an agreement then the deposit is forfeited and retained by the landlord.
4. Payments required before obtaining the keys
Tenants are required to pay two weeks rent in advance and 4 weeks bond. There is no longer any legal requirements for a higher bond for furnished properties.
Once all monies have been paid an agreement can be entered into and signed by the Landlord or Landlords Agent and Tenant.
5. What is TICA?
Tica is a default tenancy control system used by Estate Agents so that the information contained in a tenants application can be verified.
It is a database of tenants who have failed to adhere to their contractual obligations under their tenancy agreement and who have left a property owing money or even worse creating unbelievable amounts of damage which was sometimes intentional.
It is used to ensure that another Landlord doesn’t become a financial victim of the actions of those listed tenants.
We hope these tips are helpful to you.
Our Business specializes on helping consumers who are buying and selling real estate in and around the Fairy Meadow area. If you have any questions about real estate in the Fairy Meadow area please call our office on 4284 8000.
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