Rental Applications – what happens while you’re waiting for approval?
Whether your applying with friends, on your own, or on behalf of your family, submitting a rental application can be equal parts daunting and exciting. Gone are the days of compiling your employment history, finance capabilities and confirmation of previous living arrangements for every rental property application.
Now, most property management businesses request potential tenants create an online profile through a commonly used portal, which provides access to your uploaded forms, and detailed history for quick, easy assessment of a lodged application. Your individual profile can then be utilised multiple times, as you apply for numerous rental opportunities.
But what really happens behind the scenes, from a property management perspective, between submitting your application, and the much-anticipated call from the associated property manager? From timelines to tasks, let’s break down the process to provide you with some clarity and reassurance, to help alleviate the inevitable, gut-wrenching anticipation.
Verification and Assessment
Once you’ve submitted your application, it’s the property manager’s role to verify and assess all information provided before it’s then handed across to the owner for the final approval. The property manager will assess aspects, including:
- An initial check of the application will be done, to confirm the application has been completely and correctly filled out.
- Subsequent analysis will include assessment of your ability to afford the property, based on your suggested annual income vs. monthly rent.
- Whilst the property manager is assessing your income, they will also go ahead and verify your employment, to confirm it mirrors your application.
- If everything thus far is positive, your references will be contacted. It can be at this stage that the process of approval is held up, as sometimes it can take the property manager some time to get a hold of a reference.
- The property manager will also run your details through tenancy default databases, to confirm a successful previous rental history, with no defaults.
Once these have been confirmed and assessed, the property manager will then compile the applicants in preparation to present to the owner. It will be during this hand-over period, the property manager will raise any highlighted concerns, along with their professional view on shortlisted applicants.
With handover of applications to the owner for review, the property manager awaits confirmation and decision as to who will be the successful applicant. This phase of the application process can be quick, or, it can also aid in extending the process, dependant on the owner’s ability to decipher the right tenant.
It’s during this time that patience is king!! Although it’s hard but putting the pressure on your potential future property manager in order to speed up the process isn’t going to work in your favour. However, if you haven’t heard back within three days, a call to enquire won’t hurt!
If you are the successful applicant, you will be provided with an update from the property manager, explaining your success. They will also send through contracts with the intent you read, sign and return them, in conjunction with paying the required bond and first months rent. The property manager may invite you to make an appointment to meet in the office, where they can go over the contracts with you, to ensure a smooth and fuss-free engagement.
How we can help
If you are looking for a property to rent or would like some further information regarding the application process, our friendly and experienced Eview Group property managers are more than happy to connect with you. Visit www.eview.com.au to find your local Eview Group Proud Member agency.