Finding the ideal rental house is a dream come true. But in a competitive market, securing the lease can sometimes seem to be an insurmountable task. When demand outstrips supply, renters have to pull out all of the stops to bag their perfect home.
Standing out from the crowd can be tricky, but with a little preparation and a few tips, it can be done. In this guide, we’ll examine what renters can do to make sure their application stands out to landlords and bags them their dream home.
Let’s find out more.
1. Be Properly Prepared
All real estate rentals will require an application, complete with various documents. Having all of this paperwork in order and ready to go is a great way to take an application to the top of the pile. In general, landlords will require the following documents:
- Copy of ID,
- Proof of income (pay stubs for the last three months or job offer letter),
- Credit report (renters need to be aware of their credit score to ensure they qualify for the homes they’re applying for),
- Previous landlord references,
- Guarantor/co-signer details (if necessary).
By preparing these documents in advance, applicants can expedite the application process, which is always a good thing in a hot market. It also shows landlords that the renter is organized and serious about renting their property.
2. Be Punctual
Being punctual with viewings, getting documents delivered, and filling forms in on time is essential. Tardiness can cost renters their dream house and comes across as unprofessional. It’s always better to be a bit early than late, but if uncontrollable circumstances result in a delay, renters should call the landlord or listing agent to let them know, especially with viewings.
3. Be Presentable
It’s worth treating rental applications like job interviews. Approaching landlords with a level of professionalism goes a long way to proving that applicants are serious about taking on the lease and will take good care of the property.
When it comes to viewings and meeting the landlord, it’s worth dressing smart, in the same way a job applicant would for an interview. After all, in the landlord’s eyes, if a potential tenant doesn’t take care of themselves, they’re less likely to take care of their property.
4. Be Honest
A little honesty goes a long way towards proving that an applicant is likely to be a good tenant. By omitting the truth or starting with lies, a renter’s chance of securing the lease on a house plummets.
Most landlords carry out background checks, so if a renter has lied on their application about any legal issues, for example, and they come up on the background check, it’s a huge red flag. Likewise, skewing the truth about pets, such as claiming a dog is a different breed rather than being honest and seeking a compromise, will also cause a landlord to look elsewhere for tenants.
Landlords will generally choose someone who is honest about their flaws rather than someone who has lied about them. By being upfront and open, applicants can show the landlord that they will be honest and open tenants, rather than ones that hide issues from them.
5. Be Flexible
In an ideal world, renters would be able to pick and choose the home of their dreams, seeking out the house that ticks all of the right boxes. However, in a hot market, it’s important to be flexible and willing to compromise. Don’t get hung up on finding a dream house and don’t try to negotiate a lower price for a home that doesn’t tick all the right boxes.
6. Be Prepared To Pay More
Sometimes, the best way to stand out from the crowd is to offer to pay more. Real estate prices tend to be negotiable, so any tenant who is willing to pay a little more than the list price will always stand out to landlords. This can be a good tactic for renters who don’t have the best credit score or references from previous landlords. Even an extra $50 a month can make a difference.
However, there are better ways to pay more without increasing the list price. Renters could offer to pay an extra month or two upfront or put down a larger security deposit. They’ll need to have the funds available to do this, but it can be a fantastic way to stand out without actually paying extra.
7. Be Proactive
Nowadays, the norm is for renters to send an email expressing their interest in renting a property, either to the landlord directly or their listing agent. However, in a hot market, emails can easily get buried by other applications.
Meanwhile, proactive applicants can buck the trend by doing things the old-fashioned way: giving the landlord or their agent a call. This creates a personal connection from the get-go and proves that the renter is genuinely interested in renting the property. By making this additional effort, while remaining polite and professional, applicants can really set themselves apart from the crowd.
It also gives renters the chance to explain why they’d be a great fit for the property. Plus, by communicating directly, rather than just by email, applicants are more likely to get their message across more effectively.
8. Be Ready to Stay Ahead of the Crowd
Getting the timing right in a hot market is essential. It’s crucial for applicants to sign up for listing service notifications so that they can get their applications in promptly. It can also be worth taking a risk on a property and firing off an application before viewing it in person. Landlords will generally prioritize applicants who have already sent their application when it comes to scheduling viewings, as it shows they’re serious about renting the property.
Sending a full application, complete with all the necessary paperwork, early on will ensure the renter stands out. While it’s good to take a risk on sending an application without viewing it first, it’s also important to carry out proper research on the property. Read the listing details carefully and go over the photos to make sure it is worth applying for, rather than just applying blindly to anything that vaguely fits the bill.
9. Be Persistent
A little persistence at the right time can be a deal breaker when it comes to securing a rental in a competitive market. So, if the landlord hasn’t replied for a while, applicants have nothing to lose by following up with a professional phone call or email. It’s a great time for the renter to let the landlord know that they’re still interested in the property and to get an update on the status of their application.
When following up, balance is key. It’s no good coming across as pushy or aggressive, as this is a sure-fire way to see the application rejected. But by remaining polite and respectful, landlords will know that the applicant is genuinely interested in the property and determined to sign the lease.
Hot markets are tricky to navigate, but with a professional attitude and by being fully prepared and proactive, the chances of being approved increase significantly.
Image credit: ibragimova, Tijana Simic / shutterstock.com
