Being accepted for a rental property can be time-consuming, frustrating and complex and many people have told us it’s an anxious wait to hear if their application has been approved. In our latest article we’re discussing the methods used to select a tenant and offer suggestions to enhance your chances of success.
It’s often believed that enquiring first when a rental property becomes available will mean you’re more likely to be accepted. Sometimes this is correct, however there’s a process that follows to find a landlord the right tenant. Every landlord will have unique requirements and objectives when they let their property to a tenant, so being informed you haven’t been successful can be for a variety of reasons.
Particularly during the last 16 months, there’s been a surge in demand for rental homes; often with over 30 people enquiring to view a property. Unfortunately, with only one property available to let, the vast majority of people are going to be left disappointed. In many of these instances, over 70% of applicants would have been suitable tenants, so it’s a very difficult and thorough decision. We gather all the necessary information and share this with the landlord, then assist them with our recommendations. Once a tenant has been selected, we inform all interested parties of the outcome.
Maximising Your Chances
If you’re trying to secure a rental home and have missed out on a number of different properties then our advice would be to keep trying. It’s likely that there’s nothing wrong with your application, instead there’s been significant demand for the properties you’ve applied for.
To improve your chances, ensure your My Rental CV is accurate and ready to be sent. If you’ve been told about any underlying issues historically it’s best to correct these too. There are options to improve your credit file by proving you have paid historic rent on time. A variety of companies offer this and it can be useful for future rental properties.
How quickly you’re able to move is usually an important part of it too. Landlords are generally looking for someone to take the property within the next few weeks. This may sound stressful or daunting to a perspective tenant, but new properties are always becoming available and most are available immediately.
Many first time renters struggle at first because landlords sometimes prefer tenants with a previous rental history and can meet their criteria. However that’s not always the case, so continue to apply for properties that meet your needs.
If you are accepted for a rental property, it’s essential you have your first month’s rent and deposit ready, to avoid missing out. To ensure a speedy process it’s also beneficial if you have guarantors and references ready too.
At Bensons Estate Agents we know that it’s often difficult for prospective tenants to be accepted for rental properties, but we hope our tips and advice can help you when you apply for your next property.