As most Australians know, finding a rental property – especially in major cities and larger towns – has never been more difficult. Across Australia, the ‘housing crisis’ affects prospective tenants more than any other part of the society. The math is simple: there aren’t enough houses and flats available for renters.
At the time of writing, this one of the major hot-button issues facing politicians and policy makers. So, while governments at all levels debate the appropriate answer to the problem, rents continue to climb. Supply and demand, it turns out, work just as the textbooks say.
From renting to owning
Mortgage Broker Group is here to assist people in becoming home owners. Many of our clients are renters, and we understand that moving out of home and renting is the most common path to home ownership. So, while we specialise in finding the best home loan for our customers, we’re also here to help renters understand and take control of their finances in preparation for their main aim: purchasing a property.
Simply finding a decent rental home, though, is the first step.
Unethical behaviour
Agents and owners have utilised questionable (or, in some cases, criminal) practices to exploit desperate candidates and maximise their own profits. If you’ve been looking for a rental in any large Australian community, you’ll recognise at least a few of these.
Agents’ #1 manoeuvre is to try to get clients to pay more. You may be advised that the owner will “look favourably at higher offers,” accept several months’ rent in advance, or even be satisfied with a higher security bond.
Some agents have even offered candidates places sight unseen to avoid the tiresome open-for-inspections. Legally questionable. Morally reprehensible.
Finally, while it is illegal to refuse to rent to someone based on their age, race, disability, sexual orientation, or religion, everyone knows it happens.
What can you do when you’re competing with dozens (or even hundreds) of other applications and real estate agents using unethical tactics?
Top 3 tips for securing a rental
We do not condone engaging in deceptive behaviour. It makes things difficult for everyone else. Indeed, we encourage you to report unscrupulous agents and owners. Each state and territory government has online advice to help people secure a rental ethically, and many encourage reporting agents who act unethically or outside the law.
In addition, local tenants unions are also a great resource, and even real estate institutes (the peak body for agents) is keen to monitor and stamp out bad practices by their members.
There is no silver bullet for submitting a successful application, but there are steps you can take to stand out. The agent’s goal is to find the ideal tenant for the owner. So your role is to make their job simpler.
1. Stay organised.
Renting these days can be more difficult than obtaining a passport. You will need the government-mandated 100 pieces of identification, rental history (if you have previously rented), employment history, proof of income, and personal/professional/rental references.
There has been a recent trend towards using private corporations to centralise apps. Agents enjoy it, but privacy advocates disagree. Renters are occasionally required to sign agreements with these services in order to qualify for a property. Be extremely cautious, and always ask an agent if you can apply directly.
2. Be friendly.
If you want to rent in a specific area, you’re likely to come across the same agents over and over. Say hello. Have a chat. Make certain they know your name. Reintroduce yourself on the way out. Then call them back for another chat. Make sure they know who you are and what you are searching for.
At the inspection, enquire about when they intend to make a decision on an applicant and indicate your desire to apply (if that is your plan). Maybe email the agent after the viewing and say you’ll call in two days to see how your application is doing.
3. Get pushy … in a nice way!
Getting a rental is like getting a job. Treat each agent as if they were a possible employer. Call and call again. Remind them of any prospective perks of renting to you, such as a steady job, good references, a stable family, or even affluent parents. Make a list of the main rental agents and contact them once a week to see if they have anything coming up. Enquire about visiting a property before it goes on the market.
Don’t worry about being a little obnoxious. It’s just another reason why the agent might decide to get you into a property as soon as possible!
Contact us
Once you’re in a rental, we can help you set goals for rising up the property ladder. We can assist you with your financial paperwork and inform you about the current situation in the housing the market. Renting is an excellent first step towards having your own house. But we can help you reach your home-ownership goal sooner.
Mortgage Broker Group’s services are always completely free for you, and come without commitment. Our expert brokers are ready to meet and chat any time you want professional help putting the pieces together to own your own home sooner. Contact Mortgage Broker Group.