How Real Estate Agents Assess Prospective Tenants?
Prospective tenants need to make a good impression on the real estate agent who will decide who gets to rent the property.
Here are six factors that can help or hinder your chances of getting approved.
Two-thirds of tenants in Australia rent through a real estate agent. A national shortage of private rental housing forces these tenants to impress the real estate agent to secure a property – their application needs to stand out from other applications.
An analysis of articles on leading online real estate sites identifies six aspects of interactions between the real estate agent and tenant that affect a tenant’s ability to secure a rental property.
It’s useful to know that systemic issues of housing shortages exist in Australia. As owner-occupied housing becomes more unaffordable and public housing becomes less available, a variety of household types are competing in a high-demand private rental market.
Households have differing economic, cultural, and social capital, challanging the applicant for a rental property. But real estate sites present the issue of secure rental housing as an individual problem that can easily be overcome once a tenant understands how to highlight their desirable characteristics when applying for a rental property.
How do agents assess tenants?
When assessing a rental application, the two most important qualities a real estate agent looks for are a tenant’s ability to pay the rent on time and their ability and/or willingness to care for the rental property.
In addition, a tenant’s ability to impress the real estate agent matters. Research identifies six aspects of interactions between agent and tenant that affect the ability to secure a rental property:
- responsibility – positive reference/s from previous agents and/or landlords help demonstrate this
- making an impression – dress appropriately and be on time for inspections, engage with the agent and present an easy-to-read, error-free application form
- established relationships – a previously established relationship with the agent or landlord improves the tenant’s chances
- honesty – tenants are encouraged to be honest with their agent about their lifestyle
- flexibility – be flexible about lease length and the cost of rent
- creative thinking – for example, bringing cupcakes to a rental inspection.
Through these interactions, tenants are assessed and it highlights their ability to fulfill their rental obligations.
The selection process tips
When it comes to making an impression, it helps to present speak, write, and present yourselves well.
A simple as presenting an application form with no spelling and grammatical errors help and is simply a matter of taking a little extra care.
Also, a tenant’s willingness to be as flexible as important. Flexibility is presented in the following ways:
- where demand for properties is high, tenants are advised to offer more rent
- when a tenant has no rental history, they are advised to offer to pay rent in advance
- tenants are also advised to cater to the needs of the real estate agent and landlord by being flexible about the length of the lease.
Tenants’ ability to be flexible in these ways varies greatly. For example, not all have the means to offer more rent or pay rent in advance. The ability to be flexible about lease length also differs depending on individual circumstances.
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