“How long should it take to have a rental application approved or processed? When is an acceptable time to follow-up on the property?”
Feature agent: Tamara Weight, Property Management Team Leader at Harcourts Kingsberry Townsville.
We asked Property Management Team Leader at Harcourts Kingsberry Townsville, Tamara Weight for advice on what happens once you submit your rental application.
“Most agencies will aim for a 24-48 hour turnaround. However, the application form should give you an indication of what their general response time is,” Tamara said.
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“Many agencies offer same-day responses, particularly in a slow rental market, but it is largely dependent on their ability to verify the information on the form including past rental history, personal references and employment.”
“To speed up the process, ensure that all parties to the lease have submitted their application and supporting identification, the form is fully completed and signed, and all phone numbers and contact details are correct.”
Renter pro-tip: Waiting to hear back? Don’t rely on the agent being available immediately to respond or get in touch. It’s always worth a follow-up email or phone call to check your enquiry/application has been received.
Tamara said many agencies now use an automated system that will send a series of text messages to update tenants on how their application is progressing.
“I believe these forms should always be treated like a number 1 priority,” she said.
“Tenants are a valuable asset to both the owner and the rental agency, and it is in everybody’s best interest to finalise a rental application as quickly as possible.”
Don’t forget your rental bond
A landlord/agent will ask for a rental bond, ‘bond’ or ‘security deposit’ when you agree to rent a new property. This amount is usually equal to one months’ rent, but it varies from state to state. You will need to have this money ready when you sign the lease.
RentBond is a convenient way to pay your rental bond. When you’re approved for RentBond, we’ll pay your loan either directly to your agent or to your nominated bank account. Find out more about RentBond here.
Rental application FAQs
Q: What can I do to improve my rental application? The best thing you can do to improve your rental application is to be organised. Ensure you have all the necessary documents and identification to accompany your application. Remember to provide plenty of contact numbers/emails for the references you include on your application.
Q: What can I do to improve my chances of success? Most agents/landlords will look for evidence of good rental history. It’s important that your rent has been paid on time in the past and that your previous properties were cared for and well maintained.
Q: Why do I need to provide so much information with my application / Renter Resume? Aside from helping to show you will be a good tenant for an owner, many properties are protected by landlord insurance policies. These policies require documented evidence to confirm your proof of identity, proof of income/ability to meet rental payments or proof that you will make a good tenant.
Q: What if my application isn’t approved? There are often several applicants for a property and not everyone can be approved. If this is the case, the agent should let you know once they receive confirmation from the owner. If you’re interested in applying for another property managed by the same real estate agency, you may be able to request to transfer your application to that property, providing you have seen the property first.