TIPS FOR VETTING APPLICATIONS

The current rental market is brutal, and this can mean that owners are presented with more than one application when the time comes for choosing a tenant for their rental property.

 It's the property manager's job to go through all the checks when processing the application but the final decision is in the owner’s hands.

 Below are some things to think about when vetting applications.

HAS THE TENANT PROVIDED A GOOD DETAILED APPLICATION? 

The application is required to be fully completed with all documents supplied. This means all correct references, phone numbers, IDs submitted along with evidence that they can afford the property.

 We often find applications which are missing information or choose to leave parts off their application. For example, previous rental references or previous employment are trying to hide something which could mean they are not a desirable candidate.

DOES THE TENANT HAVE A GOOD RECORD? 

It is crucial that the application has a good record to avoid a nightmare tenant. This would mean that they are not listed on TICA. TICA is Australia's largest national database and if the tenants had done bad with another agent within Australia they would show up as blacklisted. The site would also produce a report of the reasons as to why they are listed.

Great references will show they are a reliable and trustworthy person for your property.

IS THE TENANT EASY TO DEAL WITH? 

It is important to establish at the start if the tenant is going to be easy to deal with. If your property manager has spoken to the applicant they will be able to tell you if they respond within reasonable time to calls and messages; are understanding, empathetic and friendly to deal with.

 If the application is hard to contact from the start or appears abrupt or rude it would be a good indicator of what the application is like as a person which is only going to cause more headaches for you in the future.

DOES THE TENANT PAY RENT ON TIME? 

When owning an investment property, it's about the income coming in on a regular basis. It goes without saying that a dream tenant is someone who always pays on time. The last thing you want when having an investment is having to be following up payments or having to go through eviction for non-payments of rent. Timely payments prevent follow ups and also disruptions to your budget.

The application must have good references who can confirm rent was paid on time, steady employment, or income.

DOES THE TENANT LOOK AFTER THE PROPERTY? 

It's important to ensure the application is going to take care of your investment property. The tenant is responsible for the upkeep of the property, things like gardens, cleanliness etc. This can prevent long term issues like mould, mildew, and rodent infestations. Ideally you want a tenant that is going to treat your investment as their own.

It's also good to establish how the application looked after the last property and if they reported maintenance well and within reason to the previous landlord/ agent. Maintenance being reported promptly means that the issues are not going to get worse which saves you on repairs in the future.

DOES THE TENANT ADHERE TO LEGISLATION?

The application must be able to adhere to the legislation of the lease. This would mean things like seeking approval for pets, hanging picture hooks or extra people to reside at the property. The previous property manager/ landlord will be able to advise if the tenant abided by the lease without any issues.

 If the application did not respect the lease at another property, it's a big indicator that they could possibly do the same thing in your rental.

IS THE TENANT ACCOMMODATING? 

Ideally you want a tenant who is going to be as open and accommodating as possible. You never know if your circumstances may change, and you need to list the property for sale. You need a tenant who is going to work with the sales agent for you to get the best possible outcome. Similar to when the time comes and the tenant is moving out, you need the tenant to be able to work with the property manager so you can find a new tenant as soon as possible for little overlap.

It's simple really. Good tenants care. They will treat your home as their own, pay rent on time and be easy to deal with.

It's important that any faults are picked up at the application process to ensure you are approving the best possible application for your property.