What happens between rental application and approval?
So, you’ve found the perfect rental, filled in the application, provided all the required references and paperwork, but what next?
Well there’s a lot going on behind the scenes once a prospective tenant applies to rent a property, so here’s a quick insight into what happens between rental application and approval.
The property manager’s job
Once a property manager receives applications for a rental property, their role involves cross-checking all the provided information from all applicants.
The first thing they’re looking to ascertain is that all the information has indeed been handed in. If an application is not complete, it cannot be assessed.
Information that must be provided includes things like:
- proof of identification
- previous rental history
- proof of income and employment
- personal and professional references
Then the verification process begins, because one of the most important roles a property manager has is ensuring tenants are reliable, stable and of good character.
So what does that involve?
Cross-checking information
All the references and employment information you have provided as part of your rental application will be cross-checked by the property manager.
Therefore, it’s probably a good idea to give your employer or personal referee a heads-up that they can expect a call from a real estate agency.
This call is designed to verify that the information you have provided is accurate, and it’s part of a property manager’s duty of care as the person responsible for looking after a landlord’s major financial asset.
Cross-checking databases
In addition to checking the information you have provided, the property manager will also run a search across tenancy databases.
Databases like TICA contain information about any previous rental defaults including damage that may have been caused to a previous rental property or failure to pay rent.
Liaising with the landlord
After undertaking all the necessary checks, the property manager will then liaise with the landlord, offering their suggestion of who the approved tenant should be based on the rental application and verification process.
In the case of multiple qualified applicants, they might offer the landlord the opportunity to choose between suitable tenants.
Approval and lease signing
Once a tenant is selected and approved, the property manager will contact all applicants to advise whether they have been successful.
If you’re the approved applicant, you will then be invited to finalise the process by paying the bond, and signing the lease for the property.
A timeframe
Depending on how many applicants there are and when the property is available for lease, the application to approval process can take as little as a few days.
But it’s important to understand why the process is so important. Only when a tenant is verified as being who they say they are and it’s ascertained they can pay for and look after the property can a property manager approve them.
After all, and there’s no room for complacency when it comes to seeking the right tenant.
How Eview can assist
Our experienced property managers pride themselves on establishing great relationships with both tenants and landlords. We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you’re looking for a rental property, you can view the properties we currently have available here.
If you are considering the ‘switch’, please fill the form in below and we’ll be in touch.
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