How to make up for bad rental history

How to make up for bad rental history

Christies Beach Blog 18th March, 2019 No Comments

Finding a rental property is no easy task, even for the best of tenants, but if you’re haunted by a bad record, it is going to make things much more difficult. So, the question is, how do you secure a property?

Well, the first thing you need to do is put yourself in the agents/landlord’s shoes. Understand that for most people a property is their most valuable asset. 90% of landlords are not rich people, in fact, many are doing it tough themselves in order to make the repayments for their investment property, which is actually part of their retirement plan. So, with that in mind, you need to appreciate that most won’t want to risk taking on a tenant with a bad record.

The best thing you can do it be upfront and honest. You may be tempted to lie and try to hide your history but at the end of the day, it looks so much worse if we find out you were being dishonest.

We have had tenants in the past who have been very open with us about the mistakes they made, and we have given them the chance to redeem themselves.

Whether you are upfront or not, if you have a bad record, you will not be our first pick, but if we find out that you tried to hide your bad record then we won’t put you in anything. So, it is much better if we find out, that it comes from you, then it is no surprise when we ring your agent and they tell us everything that went wrong.

From time to time, we have a property that is difficult to rent out. This can be for a number of reason but in most cases, it is either because it is run-down or because the landlords are asking too much. The longer that property remains vacant, the more desperate we and the Landlords are to securing a tenant. These are the properties where we will be more likely to give someone a chance at redemption.

However, we are not easily fooled. Remember, Property Managers have heard all the stories before so, if you are not truly genuine about wanting to change, then there is a good chance they will see right through you.

Explain to us what you did wrong and how you intend to do things differently in your next property. Don’t just say “I’ll pay my rent on-time” or “I’ll make sure I look after the property”, explain what steps you will take to ensure these things will happen.

Perhaps in the past you always paid your rent in cash and it was too easy to forget or accidentally spend the money. You may suggest that you will set up a direct debit for your next property so that it comes out as soon as you get paid.

It also helps if you do the right thing by current agent/landlord. If we speak to them and say that you are trying to change, only to be told that you’re still doing the wrong thing by them, then it is unlikely we will peruse your application. However, if we hear that you did the wrong thing in the past but you have started to amend things, then we might be willing to give you a go.

It can be a hard pill to swallow, but you need to understand that you are a risk, and if given the opportunity to turn things around, you need to appreciate that and actually do the things you promised. You will be much happier in the long run.

Feel free to give us a call on 08 8382 3773 for advice.

 

Follow the Professionals Christies Beach real estate blog for more interesting articles.

<<<Previous article

Next article>>>

 

How to make up for bad rental history

18/03/2019

Article posted by Melissa Chaplin