The housing market is becoming a heated arena, and there are generally more renters out on the hunt than there are rental properties to snag. Especially in the more high-cost cities, tenants need to give it their all to stand out and get approved for their desired unit. Here are six essential tactics to help you do exactly that.
Prepare all of your paperwork
Having all your paperwork organized and ready sends a message to your potential new landlord that you are responsible, organized, proactive, and trustworthy. In other words, they will see that you take the renting process seriously, so they’ll be more inclined to consider you as a tenant.
And in the case that you reach an agreement, the approval process is much quicker when all your administrative ducks are already in a row. When you meet the landlord or their property manager, you should have the following with you:
- Your credit report
- Your previous few addresses
- The contact information of your previous few landlords
- Proof of your income
Add a personalized touch
When demand for rental properties surges, it helps to have a way to stand out from the other bidders. One easy strategy is to personalize your offer letters. It’s especially helpful if you know that the broker forwards all correspondence to the property owner.
Landlords want to see their units in good, caring hands. You can give them that sort of assurance with an offer letter that shows how much you care about that particular property.
Tell them about why you like the apartment and/or the apartment complex and why you want to make that neighborhood your home. Tell them a bit about yourself, too. When you’re in a close bid, that moment of human connection can tip the scales in your favor.
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Modernize your approach
Like many other sectors, the housing market is increasingly migrating to online spaces. Adapt your mindset to that context. Utilize online search tools and dedicated real estate finders to find your ideal rental.
Smart search is your best ally whether you’re looking for luxury apartments or bare-bones student accommodations. You can filter for pet-friendly spaces, amenities like pools, constrain your search to a specific price range, and even search for specific floor plans.
Act fast
One of the first things to know about rent bidding is that the quicker bidder usually wins. When properties are empty, landlords lose out on profit. It is in their best business interest to get tenants quickly.
You might be the absolutely ideal new occupant for an apartment, but if you take too long on your application, you’ll get outbid. Good rentals and good deals get snagged fast. You have to try to eb the first bidder on every rental you’re interested in.
The moment you find an appealing unit, call the broker or property manager. Don’t bother waiting until the weekend. You might have to navigate some red tape or jump through a few hoops to seal the deal, but the more proactive you are, the better your chances.
Sort out your finances
Before you start contacting property managers, landlords, or even real estate agents, ensure that your budget management is on point. Landlords and property owners won’t hold a property for you while you get your finances in order.
There are far too many prospective tenants who try to get a property on standby while they gather money for a deposit. Leasing decision makers aren’t interested. Remember, their goal is to get a new renter fast.
Another qualified candidate will get the property just because they have the deposit check on hand. So, instead of investing your time and effort just to get passed over in the end, have a deposit-specific budget set aside and ready before you start calling or emailing applications.
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Add some extra bait
On a final note, when the market gets especially competitive, you might have to offer some added value. If you can, bid for more than the required amount. This can be especially helpful if your credit score isn’t all that great.
The three most recommended strategies are to:
- Offer to pay a larger deposit
- Offer to prepay several months’ rent upfront
- Offer automated online payments
Not very many people are willing to take that step, so you will definitely stand out from the other bidders.
Your prospective landlord might not accept the extra payment, but they will at least see you as a serious candidate. Likewise, an online payment guarantees that rent will be deposited directly and on time every month, which landlords especially appreciate.
So, let’s sum up. If you want to secure a high-quality rental unit for yourself in the increasingly tough housing market, you need to understand what the landlords want and give it to them before your competitors do.
Get your credit score up to par. Have all your paperwork on hand when you meet the property manager – and the deposit check, too. Stand out from other bidders by personalizing your offers and offering some extra value, like clockwork online payments or a larger deposit.
By Mike Johnston
