You can see cutthroat competition in the real estate industry. Rental properties and tenants are seeking the best property deal. Is it easy to get the desired and appropriate deal in terms of rental property? The present generation needs a facilitative and comfortable arrangement for living a standard lifestyle. There are multiple sources of getting the deal but finding a genuine rental property is quite challenging. You can look for real estate reviews online. It is easy to get the correct information about the property and landlords.
- Strategy play
The tenants are ready to pay more than the advertised amount to secure the rental property. It is the rent bid amount to get the application approved for the particular property. You will find that the landlords and agents are popularising the rend bidding in the market. They are utilising their opportunity of the less availability of the rental property or rental crisis.
- Market competition phase
The real estate rental market is not as transparent as required in Australia. In auctions, there is an open price opening and closing prices but the rental market offers different methods.
The potential tenants tend to submit a letter to the agent mentioning that they can offer more than the advertised price. They can even staple a note on the application to approve and finalise the deal in their favour. There are various rent bidding applications available where you can also get landlord reviews in Australia online.
You will find that the rent bidding practice starts with the tenants. The tenants are quite eager, desperate and impatient to get the desirable rental property. They are among those who are ready to pay any cost for the rental property. Rent bidding is making the market tough and unaffordable for many tenants.
- The legality of rent bidding
The law cannot stop the practice of offering a higher price for rental property. It cannot interrupt the rent bidding process when the parties mutually agree. There are no certain and strict rules to prevent the occurrence of rent bidding. The practice of rent bidding is quite unethical and did not comply with the legal rules of conducting a property business. You will find that it is a problem for the agents.
It is certainly not legal to offer rental property other than the stated price taking advantage of the person’s needs. The rent bidding activity comes in Australian Consumer Law Section 18, in which it is prohibited to mislead or deceive a person in trade, commerce or business.
- Options available with tenants
As a tenant, it is best to avoid participating in the rent bidding. You can search for the properties that are providing suitable accommodation at reasonable prices. It is best to use the 30% formula as the property manager. Reasonable and fair prices help in gaining the trust of the customers.
- Improve online profile
You will automatically receive good reviews on social media online platforms. It helps you to improve your online reputation and profile. It helps in getting the perfect image for buying property direct reviews. There are options to get the property shared with friends and family.
- Provide full details and complete the formalities
The best way to ensure the rental property is filling the full application form and providing the complete documents. You will find that the property managers or owners tend to prefer income proof in the form of bank statements and payslips. There are rental ledgers that are used to justify the background of the tenants. It is best to hire an accountant for completing all the documents. They can provide you with the exact number of your annual income detailing the financial position.
- Check all the available property deals
It is best to explore all the options before reaching the final decision. There are multiple rental properties available with your agent. You can ask your real estate agent to present all the available options. It is excellent to know about every property to avoid regretting later. These ways are alternatives to the rent bidding.
The real estate agents and landlords should follow the standard regulations for rental property offerings and agreements. It is best to refer to the rent reviews before preferring any rental property.
- Things that need change
There are various laws activated to conduct fair practices in Australia. Certain regulations and punishment prohibit the activities of rent bidding.
Some rental properties have proper access to disable property seekers. These properties are less and landlords compel the applicants to pay more to secure the property. The property owners offer higher rent to provide more accommodation and access. As long as the rental crisis exists the rent bidding is hard and difficult to stop. It introduces tough competition in the market and continues regulating the market accordingly.