The rental market is becoming increasingly competitive and, if you want to secure the rental property you really want, then you need to become known as “a good tenant”. Landlords want to hold on to good tenants, and real estate agents have all sorts of ways of vetting whether you are one – or not. Just Property shares five tips that will help you rate as a top tenant.
Lift That Credit Score
Landlords are not only concerned about your income. They want to see how you’ve managed financial commitments in the past, as this is a leading indicator of your ability to pay your rent on time and in full. A good credit score will put them at ease but if your credit score is not good, you may need at least six months to improve it. A credit score is calculated by the credit bureaus and looks at five parts.
- payment history (if you consistently pay on time and in full, the better your score),
- debt use (how much of the total credit available to you that you use),
- credit history length (the longer your credit history, the better your score),
- recent activity (you will score points here if you refrain from applying for more credit on a regular basis) and
- your credit mix (you’ll score more points here if you own more types of credit e.g., you have a credit card, a cell phone account, and a store account)
Some tenants worry that a bad experience or an oversight can leave a long-lasting negative impact on their credit (e.g., a Telkom account that is running up an outstanding balance even though you closed the account). Others worry that running credit checks can leave a “digital footprint” that itself has an impact on their credit score. “Talk to your rental agent about your concerns and they can help you navigate them”, says Just Property CEO, Paul Stevens.
Be A Good Match
How to win over an agent? Have a clear idea of what you’re looking for. “Arriving with a list of your requirements saves everyone’s time and will impress the agent managing the property,” says Joe Alves, award-winning Just Property agent for Blouberg. Include the number of bedrooms and bathrooms you need; whether require a garage or are happy with a parking space/s (specify how many); a description of your well-behaved pet if you have one; your must-have level of security; and whether you need to be near shops, specific schools, public transport, and hospitals, etc.
Read The Fine Print
Many tenants feel awkward about questioning clauses included in a lease but remember, you are going to have to abide by what you agree to, so it’s in your interests to ask for explanations around anything you don’t understand or are unhappy about. Pieter van den Berg, one of three brothers who own Just Property Prosper, a leading real estate agency in Cape Town’s Northern Suburbs, says that this actually makes for better relations between tenant and landlord as everyone knows exactly where they stand. “It’s also important to establish upfront whether there are any additional costs over and above the monthly rental etc,” he adds.
Save The Date!
If you were a landlord or a managing agent, what would be your number one priority once a lease is in place? That the rental and all other costs are paid timeously. This is probably the first thing that’s noted when another landlord asks for a tenant reference. If you want to be known as a “good tenant”, establish a record of timeous payments. “It creates trust and can even have an impact on the rent you pay – landlords don’t want to lose a good tenant and when the annual increase is due, may be prepared to negotiate,” says Melissa Bee, the Just Property agent for City Bowl. “Tenants sometimes forget that many landlords rely on the rental of a property to put food on the table, pay their bond, and keep on top of maintenance. Don’t be late!”
Of course, life can throw curveballs. If you're unable, temporarily, to pay on time, let your agent know. “We understand and so do landlords that things like retrenchment can be devastating,” says Liesl Alves of Just Property Blouberg. “The important thing is to let your agent or landlord know as soon as possible. If you’re one of our 'good tenants' we can often work together to find a solution."
As If It Were Your Own
The portfolio managers at just Property Prosper are responsible for over 1000 rental properties, so they know what landlords appreciate. “Our best tenants treat the homes they’re leasing as if they were their own. They are scrupulous about cleanliness, inside and out. Most will happily see to general day-to-day maintenance and small repairs themselves”, says Pieter van den Berg.
Veronique Eachus, a leading Just Property agent in Gqeberga (Port Elizabeth), adds that they also communicate quickly when there are problems such as water leaks, trees/plants that are damaging or may damage structures, etc. “We tend to hear from these tenants before a small issue becomes a huge problem. They’re happy to arrange access as required for the contractor or the landlord/agent if the damage needs to be expected,” says Veronique. “All around, they’re a pleasure to deal with.”
“Great tenants also always ask permission before making changes such as knocking nails into walls, adding a satellite dish, or painting walls,” Veronique adds. “And they understand that in terms of their lease, they need to restore what has been changed to its original condition when vacating the property.”
"Follow these tips and you're sure to become a top tenant and enjoy your pick of rental properties, as well as a happy relationship with your landlord and letting agent," says Stevens.
READ: Landlord/Tenant: Tips on how to avoid conflict over rental maintenance and repairs
Adrian Goslett, Regional Director and CEO of RE/MAX of Southern Africa, says when deciding what rent to charge, a landlord can either conduct some research themselves or allow a rental agent to tap into their resources for a more accurate view of the following:
Competitive market analysis:
Review the rental rates for properties that compare with yours in terms of size, location, and amenities. This will help you to establish a baseline on which to determine a competitive rate for your property.
Take vacancy rates into consideration:
If there is a large number of properties to let in the area, you may need to carefully consider adjusting your rental price to attract consistent and reliable tenants.
Consider local economic factors:
Take into consideration what is happening in the local economy before setting the rental price. When things like interest rates, inflation, and unemployment levels are high, then rental prices will need to reflect that reality.
Internal and external drawcards:
The unique features that set your home apart from other similar rental homes in the area can help you charge a higher rate. Nearby employment opportunities, infrastructure, and access to amenities (such as schools and hospitals), and crime levels can all influence the property’s appeal to prospective tenants and can push up rental prices in the area.
READ: Maximising opportunities in a thriving rental market
After pricing the home correctly, landlords will then need to select the best applicant. A professional rental agent will screen prospective tenants on a landlord’s behalf to ensure that they have the best chances of securing a reliable tenant.
“A good rental agent will talk to the tenant’s previous landlords and employers to get a better understanding of the tenant's overall character and reliability. They will also verify their income and run a credit check on the prospective tenant to make sure they do not have a history of missing payments or making late or partial payments,” says Goslett.
To give your rental property the best chance of success, Goslett recommends enlisting the help of a managing rental agent. “Your local RE/MAX office will help you find and retain good tenants so that you can achieve long-term stability and profitability from your rental properties,” he says.
Want all the latest property news and curated hot property listings sent directly to your inbox? Register for Property24’s Hot Properties, Lifestyle and Weekly Property Trends newsletters or follow us on Twitter, Instagram or Facebook..
Print
