In today’s frequently asked question I am going to inform you about the application process for our properties. After a prospective tenant has viewed the property they are given an application form to fill in and return to our office. We have the ability to give this in hard copy (paper) or electronically (via email or our website), so we make sure that we cater to everyone. When the form has been filled in by the applicant, they return it to the office, along with 100 points of identification (just so we can prove that they are who they say they are!) and proof of income ( payslips, bank account statement or centrepay forms ). The process to approve a tenant is quite extensive, but it needs to be, because this when we are helping you make a decision about who you will allow to live in your biggest asset. The very first thing that we do is to check some black list data bases, to make sure that the tenants have not been previously listed as defaulting or bad tenants. We use two sites – TICA and Barclay. Our office policy is that if a tenant is found on one of these sites, we will not rent to them. No ifs, buts or maybes. The answer is NO. Next, we contact their current real estate and ask them to fill in an extensive questionnaire, setting out details of their tenancy, like payment history, maintenance issues, pets and any other relevant information. What we are really looking for here is if their current circumstance is good. We ask the current agent if they would consider renting to these tenants again. We really are relying on other industry professionals to be honest with us and tell us the truth! To back up everything, we have the real estate send us a copy of the tenants payment history as well. After this, we check their business references and their personal references, to make sure that we are getting a rounded out picture of what these people are really like. We need to make sure that an applicant can afford to pay the rent, and our office has a strict 60/40 rent split, where the rent cannot take more than 40% of their income. We are very reliant on other people calling us back, or taking our calls in this process, which is why it can take a few days for our office to be able to bring you any applications. Remembering that we would generally see more than one person apply for each property. Finally, after all of this has been completed, we are ready to speak with you and tell you what we know about the applicants and have you make a decision. We will allow you to make the final decision on who moves into your property every time. So there you have it! A detailed synopsis of how we go about assessing applications and ensuring we find out as much information about your prospective tenants as we can. If you have any questions about this process, or would like to chat with our office about moving your management to an office whose motto is ‘Property Management done properly’ then please call me at the office on 63525125
When I am speaking with new investors, it is not uncommon for them to wonder what is the process when we are putting their property on the market and how we go about assessing who is the right applicant for their property.
