Renting for the first time can be a daunting task! There is so much to learn about renting a property from the application process right through to maintenance and rental ledgers. Stanton & Taylor Real Estate answers some of your frequently asked questions on renting for the first time.
If you are applying for multiple properties and you start to get turned down a few times, it's normal to assume something might be wrong with your application. We get lots of calls from first-time renters wondering if there is some way in which they can improve their application. Whilst there may be some specific feedback for each applicant, generally, it's helpful to know what the process is on your agent's end so you understand why it might be taking a while or why you weren't successful with your application.
You can apply for properties via Ignite which is our digital application portal, or you can fill out a paper application and hand it to the leasing agent or our front desk. Ensure your details are up to date in Ignite before applying - you may require more recent pay slips or documents to support your application. From there, the managing agent will process applications received, which sometimes might take a day or two if they have to ask other applicants to submit missing sections of their application. The applications are passed onto the Landlord, who will then consider the different applications they have received, and ultimately choose the applicant they feel will be most suitable for their property.
The agent will then contact the successful applicant and if they are still keen to move into the property, they will be asked to pay a holding deposit, and a lease agreement. Unsuccessful applicants will not be notified that they were unsuccessful until the successful applicant accepts the property and pays their holding deposit. This is mostly why it can take a few days to process your application.
If you have been unsuccessful a few times, there could be a number of reasons landlords are choosing other applicants over you. For specific feedback, it's best to call the agent and seek advice, however it is also key to understand that the rental market is really hot at the moment, with most vacant properties attracting multiple applications.
Agents require you to pay four weeks' rent as your bond and a further two weeks' rent in advance. The most common misconception about the two weeks in advance is that the money is somehow held in a trust account the same way the bond is, and that the full amount is sitting there at the completion of your tenancy. Some tenants ask for that money to be reimbursed and some ask if it can pay for their last two weeks of rent in the property. If you pay your weekly rent installments on time and you never fall into arrears, that money will cover the last two weeks of your tenancy - however, the moment you fall behind with a rental payment that money will start to cover your arrears and can quickly be depleted. If you ever receive an arrears notice, you have already used that two weeks in advance towards rent that you owed.
When you are successful in leasing a property, you will be handed a condition report to fill out and submit back to us. You have one week from your lease signing date to return the condition report, because after that it becomes null and void. The condition report details every single room in the property you are leasing, and asks you for your observations on the condition of the rooms. If you see an existing stain on the carpet before you move in, detail it on the report. If you see a broken fence panel, detail it on the report. The property manager will also fill out a condition report. These are what will be referred to at the completion of your tenancy when the agent completes an outgoing inspection report. If there is new damage to the property that wasn't detailed in the first report by both the tenant and the agent, this is how the agent can make a claim on your bond to cover the repair of the property, or the cleaning.
We would strongly recommend that you inspect all properties that you wish to apply for yourself. Your application is less likely to be advanced through to the landlord if you haven't yet attended an open home inspection. You will need to look at the home to see if it's suitable for you to reside in. That might mean checking that your appliances will fit such as your fridge and washing machine, or checking that it has enough privacy if it's on street level. Whatever you require, you will need to view the property to ensure that it ticks all of your boxes before applying. If you ever pay a holding deposit without having seen a property, you risk losing your non-refundable deposit.
For your first lease it's fairly common that you will be offered a six-month lease to see if you are a good fit and your place is a good fit for you. It gives both you and the landlord an agreed timeframe to test the waters. When you reach the six-month mark, your lease goes from being a fixed-term lease to a periodic lease. You can give notice to move out when you are on a periodic lease, whereas when you are on a fixed term, you have to wait until the fixed term period is over. This is another reason that six months to start off a tenancy is a good option for both you as the tenant and the landlord.