You’ve found the dream rental, done your application through 1form and submitted it to the agent… now what?
To those on the outside, what happens inside an agency as part of the rental application process is a mystery.
What actually happens? Who has a say? And how long does it take? We take a peek.
When searching for your dream rental, it’s worth setting up your 1form profile. With all your information in one place, you can apply with just a click of a button to as many properties as you like.
He says the average turnaround is between one to three business days. The timing can be influenced by how long it takes to check references and if the application is complete.
One thing out of the agent’s control is how long it takes for people to get back to them.
So checking references, such as history with a previous landlord, can hold up the process, according to Farquhar.
Whether it’s digital or hard copy, if an application isn’t complete, it can also delay processing.
“If applicants leave sections blank or provide non-legible photos of identification or documentation, this will delay the process, as the property manager will have to send requests for the information,” Farquhar says.
And it’ll also means they move swiftly onto the next application.
Farquhar steps through the process the agent takes to find a new tenant.
Once a completed application is received, the property manager does background checks on both national and international tenancy databases and verifies the information provided, both personal and professional.
“We then check for proof of income, to ensure the affordability of the tenancy,” Farquhar says.
Finally, the property manager requests written reference checks from previous rental agents or landlords.
This is so the property manager can provide the landlord with the most accurate information possible on the applicant’s history and likely suitability as a tenant, he says.
Kollosche uses an online system which tracks the progress of applications and updates prospective tenants every step of the rental application process, right through to approval or decline stage.
While it depends on the individual landlord, it’s often possible for unsuccessful applicants to get feedback. Farquhar says the property agent may also offer some advice to help in future applications.
Applicants can never provide too much information, Farquhar says. He says applications that are 100 per cent complete “just fly through” the process.
“Ensure the identification and supporting documents are clear and legible, provide email and phone numbers for your references, employment and previous rental agencies. If you advise ‘unknown’, then we can’t magically find it either,” he says.
And for those with pets, include a pet profile, complete with a photo, as this helps when providing the landlord.
Make sure when you’re searching for your next rental that you sign into your MYREA account. By having an account, you can save the rentals you want to apply for later, keep up-to-date on new rentals in the market within your preferred neighbourhoods, and contact listing agents to find out more about the property.