When can I move in? - Behind-the-scenes of leasing a property
The question on any new tenants' lips, you've found a property that is simply perfect...so, when can I move in?
Time is money, especially when it comes to renting. Whether you're a landlord wanting to secure a tenant for your property, or a tenant looking to secure a new home for you and your family, time is always of the essence and we, as real estate agents and property managers, feel this too.
So, we thought we'd give you a glimpse into the behind-the-scenes of what happens inside a real estate agency once a tenant has submitted their application to go into one of our rental properties.
1. Application Processing
When a tenant applies for one of our properties we always try to collect as much information as possible. While this may be a little bit time consuming collating pay slips, identification, letters from employers, government benefit statements, references, etc. the better you application is presented, with as much information as possible, the better our ability to demonstrate to the owner your ability to pay rent and look after the property.
When we, as an agency, receive a tenant's application, we begin working on it straight away. Starting with cross-referencing identification documents, then completing tenancy database checks and then proceeding to contact referees, employers, and previous rental agencies.
We normally allow 24-48 hours for this process once all the relevant parties provide what we have requested from then.
2. Owner Submission
Once we have all of a tenant's information collated and checked, we present the tenant's offer to tenant the property to the owner(s). We disclose basic details summarising your personal situation and financial capacity to pay rent plus any other relevant details we believe are important for your application.
The owner(s) may wish to take some time to review this information, however 9 times out of 10 the owner will assess the information and make their decision within 24-hours.
Finally, after the property owner(s) has approved a tenant's application, we then proceed to draft the lease for the tenant and collect 2-weeks rent in advance plus the bond (equivalent to 4-weeks rent). Once monies are received and a start date agreed upon for the tenancy to begin we work closely with the owner(s) to ensure that the property is ready for occupancy and prepare an Entry Condition Report.
An Entry Condition Report is a detailed document including text and photos describing and showing the condition the property will be handed over in. These reports can sometimes be 200+ pages long depending on the size of the property.
If there are no additional works required, the tenant is right to move into their new home.
All in all, the rental application process and securing a tenant for a property is relatively painless. We find that most of our properties are filled in less than a week once we receive applications. At Qld Hot Property we pride ourselves on how quickly we can turn around results for tenants and owners alike. We have even implemented systems to automatically update tenants on the status of their application and when to move to the next stage of securing a property. Furthermore, our owners are kept well up to date with the progress of any applications and we will always treat any investment property we manage as if it were our own to ensure the highest of standards are maintained.
Article written by Jacob Carlile, Director at Qld Hot Property