Toggle Menu Header



Property Expert,

Basic tips to apply for the rental property to secure the home of your choice

1Mo ago 0 Replies 88 Views
Hunting for a new rental property can be a nightmare and renters often find themselves tearing their hair out due to crowded inspections, unanswered rental applications and competition to secure a lease.
To stand out from the crowd of budding tenants, it’s important to have an impressive rental application that includes all relevant information and presents you as a responsible tenant.
Here are some rental application tips to help you secure your dream rental property.
  1. Introduce yourself to the Property Manager
While you may think it’s unnecessary, make the effort to introduce yourself to the Property Manager on inspection day. This is a polite gesture that will ensure they remember you when going through a mountain of applications.

  1. Include all relevant documents
Ensure your application is complete and includes all required documentation. Lodging an incomplete application reflects badly on your organisational skills and the Property Manager may see you as irresponsible and likely to miss rent payments.
When applying for a rental property, be prepared to supply proof of income documents such as pay slips and bank statements, a letter of employment, a rental ledger, ID documents and reference letters including any pet references. If you’re unsure if the real estate requires any documents, it’s always best to include them anyway as further proof of your suitability for the property.

  1. Include a cover letter
Treat the inspection as an interview and the Property Manager as a potential boss. A cover letter should sell you as the most suitable tenant for the property.

The cover letter is an opportunity to talk about your family, work and rental history. If there’s anything in your application that may be unusual or alarming to the Property Manager, explain this honestly in the cover letter. Your application is much more likely to be successful if you address any issues upfront and not try to conceal them.

Read more:

Share on:

Top Contributors Last 30 days

1 Joshua
2 Simon
3 Ronie

Related Posts

Government approves of rent relief mandatory code

Prime Minister Scott Morrison has revealed that the national cabinet has reached agreement on a mandatory code for the provision of rent relief by commercial landlords to tenants. In a press conference today, Mr Morrison said the mandatory code will be legislated and regulated as appropriate in each state and territory jurisdiction. It follows his comments last Friday which alluded to the development of such a code. He said the code will apply to tenancies where the tenant or landlord is eligible for the JobKeeper program and where they have a turnover of $50 million or less. "The code is designed to support those small and medium sized enterprises, be they a tenant or indeed a landlord," Mr Morrison said. "The code brings together a set of good faith leasing principles. Landlords must not terminate the lease or draw on a tenant's security. Likewise, tenants must honour the lease. Mr Morrison said landlords will be required to reduce rent proportionate to the trading reduction in the tenant's business through a combination of waivers of rent and deferrals of rents over the course of the pandemic. He said waivers of rent must account for at least 50 per cent of the reduction in the rental provided to the tenant during that period, while deferrals must be covered over the balance of the lease term and in a period no less than 12 months. MORE TO COME. Details:x Government approves of rent relief mandatory code Prime Minister Scott Morrison has revealed that the national cabinet has reached agreement on a mandatory code for the provision of rent relief by commercial landlords to tenants.
2Hr ago 1 View

A landlord’s guide to Coronavirus tenancy problems

Are you wondering what to do if your tenant can’t pay the rent due to Coronavirus? I know a lot of property investors are. There is no doubt that the economic fallout and job losses caused by COVID-19 will affect all of us to some degree. Some tenants will be struggling to pay their rent because they have had their hours cut back or have lost their job. At the same time many of Australia’s 2.5 million property investors, who are in general mum and dad landlords trying to secure a little more financial security for themselves, are worried how they will cope financially if their rental income dries up, yet they still have to pay their mortgage and outgoings. Their concerns have been compounded by the federal government indicating it is working on an assistance package for rental distress, yet so far there has been no legislation or guidelines announced. To help steer through the confusing maze, let’s do a quick Q&A: Q: I’ve read that tenants don’t have to pay rent for six months – is that true? A: No that is not the case. State and territory leaders have agreed to a 6 month moratorium on evictions for tenants in financial distress, but this is not a moratorium on their requirement to pay rent. The details will be legislated under each state and territory jurisdiction, but so far, only the Queensland government has released details of their scheme. Of course tenants who are not significantly affected by coronavirus are expected to honour their leases and rental agreements, however at Metropole we have already seen many tenants request rental relief because of job “uncertainty” rather than because they’ve lost their jobs. Q: What is the Queensland relief scheme? A: This package was designed to bridge the gap and help renters waiting for their Centrelink applications to come through. A one-off payment of up to 4 weeks rent (maximum of $2,000) will be available to eligible tenants who do not have access to other financial assistance, with the grant paid directly to their landlord. To be eligible, applicants must live in Queensland, have a bond or shortly have a bond with the Residential Tenancies Authority, have less than $10,000 in cash and savings, and have applied to Centrelink for income support if they’ve lost their jobs. Further, these tenants must have first tried to negotiate a payment plan with their landlord. Q: How should I respond if I’m asked to reduce my tenant’s rent? A: Most property investors will be hit by the Corona Crunch at some time and it won’t just be from tenants not being able to pay their rent.They will be amongst the many people who have been affected by reduced working hours, or job loss, and like many Australians will find it difficult to put food on the table for their families. Clearly this is the time for understanding and compassion – nobody wins by making things difficult for a tenant who is in financial trouble. It’s important to understand the tenants don’t want to be in rental arrears, but if paying their rent leaves them without money for food or medical attention, the decision most tenants will make is obvious. But remember, the moratorium doesn’t allow tenants to simply walk away from their obligations – it’s not a rental holiday. Don’t be tempted to get personally involved in discussions with your tenant, that’s what you employ a property manager for, so take their professional advice. Details inside:x A landlord’s guide to Coronavirus tenancy proble... Are you wondering what to do if your tenant can’t pay the rent due to Coronavirus? I know a lot of property investors are. There is no doubt that the...
2Hr ago 1 View

Real Estate market weighs in on Banking Sector

The banking sector has been warned not to pay a dividend to shareholders, with the property sector agreeing, believing they have already had their slice of the pie. According to the Property Club, mum and dad investors have been gouged by the banks who charged a premium on interest-only loans, especially compared with the rates paid by owner-occupier mortgages. Kevin Young, president of Property Club, said that it was outrageous that the banks would continue to pay dividends and bonuses when the Productivity Commission has stated that they are costing taxpayers $500 million each year through excessive rates on interest-only loans. “The banks greedily decided to keep interest-only rates elevated compared to owner-occupier rates after APRA removed its restrictions on interest-only loans back in 2018-2019. “Before APRA’s intervention in 2017, all of these interest rates were effectively the same. “But back in 2018, the Productivity Commission reported that the restrictive interest-only policies imposed by APRA was costing taxpayers up to $500 million each year. The group said the banks are doing nothing to help mum and dad investors but instead will use these billions of dollars in low-interest funds from the government as a slush fund to pay dividends, outrageous bonuses to staff and take customers from smaller lenders. “The reality is that mum and dad investors in Australia are now paying some of the highest interest-only home loans rates in the advanced economies due to the greed of the banks that has been unchecked by the government.” “In the United Kingdom, which is now cracking down on the banks, investors can now get interest-only loans for 1.6 per cent, while they are three times that rate in Australia,” he said. Despite paying additional mortgage rates on loans, Property Club founders Kathy and Kevin Young often feature on Queensland’s top 100 rich list, have over 200 properties, and the club boasts on its site to have 4,400 members with portfolios of over $1 million. Source: x Industry weighs in on banking sector The banking sector has been warned not to pay a dividend to shareholders, with the property sector agreeing, believing they have already had their slice of the pie.
2Hr ago 2 Views

COVID-19: House prices will likely fall in some areas – but this won’t be uniform across the country

It is impossible to categorically declare how far property prices will fall due to COVID-19, but it’s important to remember the kind of situation we’re in, which is a health crisis resulting in productivity challenges.  It’s understandable that many Australians expect to see the market behave as it did during previous economic downturns such as the Global Financial Crisis in 2007, which was a financial and demand shock. Unlike now, previous downturns in Australia have primarily been financially-led, which is the significant differentiating factor. In light of that, there are a number of reasons why Australians shouldn’t expect to see house prices in freefall. The banks are a pillar of support Compared to a financial crisis, the coronavirus pandemic will be short-lived, and Australia’s finance system has been equipped to handle non-performing loans and offer mortgage payment deferrals – at least in the short-term. The Reserve Bank of Australia is providing $90 billion to the banks at a rate of 0.25 per cent – in line with the record low cash rate – to ensure a cheap line of credit is available throughout the crisis. The RBA will fund the banks at that low rate over three years, and provide additional funding if the banks increase lending to small and medium-sized businesses. The Australians Banking Association has mandated six month loan deferrals for virus-hit small to medium-sized businesses to ensure they can stay on track. The Big Four banks and some other financial institutions are offering up to six month loan holidays for their home loan customers. These measures will help to hold off distressed sales that would otherwise mount far more quickly. House prices will fall in the short-term because of decreasing demand, but don’t expect to see them nose-dive, which is what would happen if banks were also distressed. Unemployment will only hit some sectors Job loss is the biggest driver of how a community fares when we look at a local level. In the early 1990s, Melbourne’s house prices were decimated following sharp rises in unemployment. At the same time, the Gold Coast experienced house price increases as a result of migration from southern states. During the Global Financial Crisis, house prices in Perth surged off the back of the mining boom while white collar finance job losses hit premium parts of Sydney. This time last year, the Financial Services Royal Commission and federal election uncertainty significantly impacted Sydney and Melbourne prices, while Hobart prices soared. In fact, there has been an increase in search activity across the board on the Buy section of compared to the same period last year, despite the virus chaos. However, it is still down from its peak in February. We are already seeing evidence of how the COVID-19 crisis is pushing up the rate of unemployment, but this is polarised in specific sectors. Tourism, entertainment and hospitality sectors have already shutdown and we are seeing the fallout on with rising rental listings. Some sectors will experience growth Many sectors are facing really tough times but there will be others that experience growth. Quite obviously, employment in health services will grow in the short-term, but longer-term, there is likely to be increased investment in medical research, hospitals and medical centres. Government employment will also grow; employment in Centrelink, the Australian Taxation Office and Department of Health will increase immediately. The ultimate government market that can expect to benefit? Canberra. Already we are seeing quite different search behaviour in Canberra compared to the rest of Australia; search activity increased in March from buyers, renters and even for new developments. The one market that may again have a post-Global-Financial-Crisis-style silver lining is Perth. Australia’s Department of Industry, Science, Energy, and Resources has assumed that almost all Chinese workplaces will be fully operational by mid-year. Read more:x Coronavirus Crisis: Why Australia Won't See House ... It is impossible to categorically declare how far property prices will fall due to COVID-19, but it’s important to remember the kind of situation we're in, which is a health crisis resulting in prod...
2Hr ago 9 Views

What will the impact of the coronavirus be on Australia’s property markets?

What will the coronavirus pandemic do to Australia’s economy? If you’re like most Australian property investors you’re probably thinking about these things And those who were about to look for a new home or property investment are wondering if this is a time of great opportunity Is this the time to buy when everyone else is fearful or is it a time to sit on the sidelines and wait to see how things pan out It’s safe to say that none of us will forget 2020 – this year will go down in the history books as a year when a silent enemy attacked us, but it will also go down of the year when we won the battle and life got back to normal. Watch the video in the link below: x Coronavirus and our property markets - what should... What will the impact of the coronavirus be on Australia's property markets? What will happen to property prices? Will coronavirus cause a housing market...
2Hr ago 0 View

Government’s recent JobKeeper wage subsidy is set to significantly help relieve rental and mortgage stress,

Wage subsidy is to ‘relieve financial pressure’ for tenants and landlords, according to the Property Investment Professionals of Australia. This week the government confirmed a $130 billion JobKeeper wage subsidy whereby $1,500 would be granted to eligible employees and businesses per fortnight. Commenting on the move, PIPA chairman Peter Koulizos said the wage subsidy would “go a long way towards solving tenant and landlord issues during the coronavirus crisis”. “This policy has prompted a collective sigh of relief of sorts from tenants and landlords as well as everyone employed in the real estate sector nationwide,” Mr Koulizos said. “The payment will hopefully mean that there doesn’t have to be a philosophical debate over whether tenants or landlords are more worthy of financial support during these difficult times.” Mr Koulizos noted that prior to the announcement, many property investors had been worried about covering mortgage repayments if their tenants could no longer afford to pay the rent. “Landlords want to maintain a healthy relationship with tenants but are generally not in the financial position to cover mortgage repayments for months on end,” Mr Koulizos said. Looking ahead Mr Koulizos said that while it was impossible to forecast the impact of the COVID-19 pandemic on the real estate market, some of the changes the market has seen are not as “severe as they at first seemed”. “The banning of traditional open homes and auctions was not unexpected and, thankfully, technological advances may mean this is less disruptive to the real estate industry than it at first appeared,” Mr Koulizos said. “Buyer’s agents and property investment professionals actually have much to offer buyers in these turbulent times with the additional security they provide via their agent networks, negotiation skills as well as vast experience.” In conclusion, Mr Koulizos said: “At the end of the day, we are in the business of providing shelter for our population and that will never change.” Source:x Wage subsidy to ‘relieve financial pressure’ f... The federal government’s recent JobKeeper wage subsidy is set to significantly help relive rental and mortgage stress, according to the Property Investment Professionals of Australia.
6D ago 30 Views
9 online
Mihir shah
Amit Jadaun
Anoop Singh
and more ...