Gone are the days when tenants had the power to negotiate a rent price deal in their favour. With property in high demand in Wellington and a battle amongst prospective tenants, how do you gain that desirable, affordable rental. Is it just the luck of the dice?
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Wise landlords (and Property Managers) are selective when they let their properties out. They want someone reliable. You have a massive advantage if you can stand out from the rest. The property owner is better off having a rental vacant a fraction longer while waiting for the "right" tenant, than renting to the wrong person - which can cost the landlord significantly in the long run (including the stress quotient)!
To be favoured as a prospective tenant you want to have:
1) Good references – make sure your previous landlord has nothing bad to say about you. You want to be noted for:
Paying your rent on time
Good basic cleanliness
Respect for the property
Being a considerate neighbour
2) A good credit record – pay your bills and debts when they're due because a good landlord or Property Manager will do a credit check on you.
3) No bad habits – smoking, evidence of crime, drugs, or pets (if pets are specified by landlord as unwanted).
4) An honest application – the truth does come out. Your credibility is one of your greatest assets as a new tenant and once you lose the trust of your landlord it will affect your future tenancies. A reputation can take years to build but be destroyed in one day.
5) Ability to act quickly – be flexible when you can visit the property, confirm you want to rent it and sign the contract promptly. The landlord won’t want to be kept waiting for rent, so the sooner you can move in the better.
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6) Finances available – be prepared to pay the bond deposit, the first advance rental payment, and any letting fee that is required, as quickly as possible.
Every landlord wants a reliable tenant, so you have a massive advantage if you stand out from the rest.
It can be tough starting out on the tenanting ladder as a young adult. Some landlords are very hesitant to risk tenants who don’t have any proven track record of paying rent each month, or evidence of being responsible enough to look after a property. It’s a good idea to get a guarantor in this situation – tackle your parents for this role!
My son and his friends; 18-22 year olds very keen to flat together, frustratingly found this out for themselves in the Hutt Valley early this year. Whilst they have more maturity and respect for authority than many 30 years olds, were financially able and organised, they were constantly up against people with rental history. After much effort and repeated disappointments they eventually pitched a convincing proposal to a property manager, each using their parents as guarantors, successfully securing a beautiful, affordable rental with the assets and the location they wanted. Not only that, but over time they have gained the trust of their property manager and have been able to get a heat pump installed and other assistance.
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Lastly, be reliable. Make sure you do what you say. Promptly return any paperwork that is required and don’t try and sneak any unwanted pets into your rental. If it arises during your tenancy that you are not going to be able to make a rental payment in time then let the landlord or property manager know immediately, tell them when payment will be made, and make sure you do exactly that.
Being room-by-room rental specialists, Dominion Property Management are frequently tenanting properties and assisting with resolution of issues amongst tenants. We know from experience how important these qualities are, not only to the landlord, but also to other renters.
If you’re looking for a rental, or looking for a property manager you can trust, then contact us!