When it comes to finding your first rental property, it can be challenging. Property managers and landlords will use rental references as a way of finding a good tenant to lease out their property. Rental references can tell if someone looked after the property, payed rent on time, or if there were any other issues; they’re a great way of coming to a decision on whether someone would be the right tenant for their property. With this being said, first-time renters may be at a disadvantage, however, there are some ways to show you would be a fantastic tenant, without the reference.
Guarantors
At the end of the day, landlords are concerned about receiving rent, and on time. One way of showing a landlord that rent will be payed on time every month is getting a parent or family member to be a guarantor. This basically means that if you can’t pay rent that month, whoever has signed to be guarantor will pay for you. A rental guarantor is also someone is legally responsible for the condition of the leased property.
Evidence of Income
By providing as many payslips as you can, you are proving your income amount. This demonstrates to the landlord or property manager that you are earning enough income to comfortably pay rent every month. For example, if rent is $300 a week, and you and your partner (who is moving with you) earn $600 a week each, payslips from both of you would be able to prove to a landlord that you would be able to comfortably pay rent each month. However, if you were moving in alone, rent was $300 a week and you were only earning $600 a week, a landlord may not feel confident accepting your application as 50% of your income would be going towards rent each week.
Direct Debit
By setting up a direct debit for your rental payments, it demonstrates to the property manager and landlord that your intention is to pay rent at the same time every month. Demonstrating that commitment is one of the most important aspects of being a tenant.
Proof of Regular Payments
Once again, showing proof of regular payments (e.g. loan repayments) demonstrates commitment to paying something on time every month/whenever the payment is due.
Ultimately, rental experience is great, but not necessary when it comes to finding the right rental property. If you can prove you are a capable tenant on your application through these methods, finding the right property won’t be as challenging as first imagined.
About Aurora Estate Agents
Aurora Estate Agents are a new breed of real estate professionals which are highly focused on their core values: integrity, accountability, transparency, client focussed and process driven. Aurora Estate Agents’ dynamic team is a collaboration of effective marketers, residential sales agents and residential leasing consultants.
South East Melbourne, which includes Berwick, Narre Warren, Beaconsfield, Clyde North, and Cranbourne is the country’s property boom hotspot. Aurora Estate Agents is perfectly positioned with a broad spectrum of property expertise to provide the best advice and skills for homeowners, investors and developers to ensure they continue to maximise growth and take advantage of existing market conditions.
Article by Andrew Nguyen
