What does a property manager look for in a tenant? Many people have at some stage leased a property. You may have had an application miss out to another tenant or perhaps been declined. Successful investors leasing property know that a Property Manager does there due diligence to source the best tenant available.
Melbourne vacancy rates remain low as the population growth increases. It’s not uncommon to turn up to an open inspection to find a very large group of people taking a look and even lodging an application on the spot! Certain locations in Melbourne have in excess of 25 groups arrive. This indicates that the property or area is in high demand.
What does a property manager look for in a tenant?
The most important question asked is identifying if the tenant is employed. It doesn’t matter if it’s self employment, sub-contracting or a traditional paid employee. The Property Managers need to ascertain the tenants job security and confirm if they demonstrate a stable tenancy background. If unemployed, how can they pay the asking rent?
Property Managers are also looking for tenants who express an easy to deal with personality. A tenancy agreement will often start with a minimum of twelve months, so they want a cooperative tenant. If you show the Property Manager you are a nice person, your application has a better chance of being approved. If you show qualities of being unorganised and stressed, these type of people often miss out.
A very common issue seen by Property Managers are incomplete applications. The more information provided in your application, the higher your chance of winning a tenancy agreement. If incomplete, a Property Manager may assume you are unorganised, not interested, possibly hiding something or trying to mislead them. When completing an application, it is beneficial to provide evidence. If you have a good salary, add a copy of a payslip. If you have excess cash saved, show a bank statement extract. This will add lots of value to your application, demonstrating that you are financial dependent and capable of paying the monthly rent.
Arriving to the property inspection on time is also important. If you arrive late or phone the Property Manager the next day, its likely that your application submission is too late. Many tenant applications are completed in the property inspection. Even being late for an inspection can disadvantage you.
As a tenant, what else can I do?
Tenants who are wanting to impress should turn up on time, look presentable and have all the required documentation ready to go to. This will always improve your chances of impressing a Property Manager and in turn the landlord.
We hops some of these tips relating to what property managers look for in a tenant help you in your next application. All the best!
While we have taken care to ensure the information above is true and correct at the time of publication, changes in circumstances and legislation after the displayed date may impact the accuracy of this article. If you want to learn more, please contact us. We welcome the opportunity to assist you.
June 2018
