With the new year on the horizon, you may be reconsidering your home for 2018. Whether you are seeking a change of scenery or looking to upgrade to a more upmarket property, it is essential to understand how best to stand out in Sydney’s competitive rental market.
As experts in premium property management in the Eastern Suburbs for over 25 years, we appreciate the challenges tenants face when compiling tenancy applications. Although it can appear a complex and cumbersome endeavour, the key to securing your next property comes from delivering a professional and personable application.
Prospective tenants must enter the rental market well informed to meet the requirements of the tenancy application process. Rather than simply fulfilling the basic selection criteria, serious applicants should strive to leave a lasting impression on the property manager or letting agent to amplify their chances of success.
Provide Ample Documentation
The first step to securing your next rental property starts with all the necessary paperwork and documentation. It may sound simple but, submitting a fully completed application form along with all supporting documents will ensure your application is easy to process. When presented with 3 perfect applicants, the application that comes with all the documentation necessary at the beginning has a head start. Make yourself easy to approve!
Generally, tenancy applications must be accompanied by referees, pet references (where applicable), proof of income, a letter of employment, valid ID (such as a passport or driver’s licence), a summary of your rental history and a cover letter.
Remember, each field of the tenancy application form is listed for a specific reason. Failing to complete the application in full may raise concerns on the part of the property manager or agent. Furthermore, missing information could establish a negative first impression and may hinder your chances of selection for that property.
Submit a Polished and Professional Cover Letter
A cover letter is your opportunity to add a personal touch to the tenancy application. Use this aspect of the process to your best advantage by writing a thoughtful letter that showcases your best attributes as a potential tenant.
Keep the letter to one page, and briefly introduce yourself to the landlord or property manager. Proofreading your work for errors in grammar and punctuation will set the right tone and ensures your application appears polished and professional.
Speak honestly about your previous rental or employment history and address any gaps or discrepancies in your tenancy application. Be proactive and transparent in your cover letter by addressing these issues and offer viable solutions. Demonstrate your knowledge of the property by listing which features prove most desirable and why the property specifically appeals to you. Your enthusiasm will indicate to the property manager that you care about your home and will be likely to keep the property well maintained.
Select Reliable References
Frequently, tenants fail to contact their references before submitting a tenancy application. This can prove detrimental to their success, with incorrect contact information or an inability to reach one’s references a major stumbling block for prospective applicants in securing tenancy.
Great tenancy applications must provide at least three references. These should include real estate agents, property managers, landlords as well as employers, formers neighbours and co-workers. It should be noted that a reference from a real estate professional will have a special impact on your tenancy application.
Prove your Financial Suitability
When compiling a great tenancy application, include detail regarding your financial situation. Ensure you include paperwork regarding your income, rental history, payslips and bank statements to demonstrate your ability to finance the rent and bond for the property. If you are self-employed you may need to include a letter or financial statements from your accountant.
Keep in mind property managers are not likely to select a tenant whose financial situation appears unstable on paper, as this could represent a significant risk to the landlord. Be clear about your income sources and address gaps in your cover letter. Ensure you are only applying for properties within your means to guarantee you can adequately budget for the rental repayments required.
A thorough and diligently compiled application is sure to get you on your way to securing that dream rental property, remember to communicate openly with the property manager with any questions you might have and discuss any specific criteria for the application.
About Laing & Simmons Double Bay Property Management
Laing + Simmons Double Bay Property Management is part of a high-profile franchise group yet remains independently owned by Principals Suzie Reid and Bart Doff.
The office is acknowledged as the market leader in prestige Eastern suburbs leasing, a reputation which has been forged in over 25 years leasing and managing a large portfolio of the best properties available in the Eastern Suburbs rental market.
Contact us today to see how we can help manage your investment property, or to find a rental property to suit your needs.