Frustrations - Applicants for My Rental being snapped up by other agents

[miss green eyes]

My IP is in pretty good nick. I keep it that way to attract a middle-class demographic of tenant.
The problem is, the good tenants (good jobs, references, offer you a decent amount of rent for the property being offered) tend to get snapped up by the agents of other properties they have applied to.
Applicants put in an application for my property this morning. My agent ran the reference checks etc, and called the applicants mid-to-late-afternoon. By then, the applicants had already been snapped up.
I had an open last weekend. Will be holding another open this weekend. You always get the greatest turnout in the first 2 opens, so I know I need to secure a tenant by the end of open 2.
Any tips?
Thanks!

 

[Joe D]

Applicants put in an application for my property this morning. My agent ran the reference checks etc, and called the applicants mid-to-late-afternoon. By then, the applicants had already been snapped up.

I'm guessing your PM doesn't take a nominal $100 deposit with the Application?

I don't start processing any applicant until this has been received and if they back out or change their mind they lose the deposit.

Only small change, but at least it stops people putting multiple offers on different rental properties.

 

[miss green eyes]

I'm guessing your PM doesn't take a nominal $100 deposit with the Application?

I don't start processing any applicant until this has been received and if they back out or change their mind they lose the deposit.

Only small change, but at least it stops people putting multiple offers on different rental properties.

Thanks but, er, is this legal? I have never heard of it being done.

The applications are done online I think - either online via the agent's website or scanned email applications. No chance to make payment there.

If I do this, my applicant pool will drop. Generally speaking, the type of people who are applying for my property (middle class. employed.) will have no shortage of other agents processing their applications without a fee.

 

[The Fence]

Not legal in NSW at least.

Cowboy landlords do this.

 

[miss green eyes]

Not legal in NSW at least.

Cowboy landlords do this.

Cheers, thanks.

 

[Scott No Mates]

It sounds like you're attracting the right tenants - pity is others move quicker or have put in several offers and taken the first to approve.

 

[HD_ACE]

Thanks but, er, is this legal? I have never heard of it being done.

The applications are done online I think - either online via the agent's website or scanned email applications. No chance to make payment there.

If I do this, my applicant pool will drop. Generally speaking, the type of people who are applying for my property (middle class. employed.) will have no shortage of other agents processing their applications without a fee.

Legal in WA. Used to be 1 weeks rent during peak times. Now law has it at i think $50 or $100

 

[miss green eyes]

It sounds like you're attracting the right tenants - pity is others move quicker or have put in several offers and taken the first to approve.

Hi Scott, yes you're right. My agent couldn't have moved any quicker. I guess my good applicants may have applied to other properties the previous week and got accepted this week. Or else the other agents didn't bother with reference and database checks perhaps and so could have accepted the applications on the spot.
I have had other good applicants, they were just offering less. I am open to a 'Paycut', provided it doesn't fall below a 'fair price '. I feel that tenants who offer what is below a 'fair price' are not the kind of people i am looking to have in my property.
I will have another open next week and have to find a tenant by then, even for a bit less money. After i pass the 2-week mark my property will get stale and i don't want to attract bad tenants.

 

[Tyla]

Where is your IP located? i hope LL and agents are not too desperate.

 

[miss green eyes]

Hi tyla,
Western Sydney.
Landlords aren't too desperate, not all over Sydney as far as i know. It's just a matter of scoring the good tenants, whom every other landlord is competing with you for.

 

[Salvatore1]

In NSW when they made it illegal to ask for a deposit until approved the tenants applying for properties habits changed. What they do is submit up to 6 applications over a wekend and see what is approved. They then decide which property they prefer. If the best choice decides early, so do they. WA seems to have the right idea with $100 deposit. Would save us property managers a lot of time doing checks on applicants that dont really want the property but submit because they can.

 

[Worldtraveler1]

Maybe your PM could add to advertising that applications can be pre approved before the open.
I have given prospective tenants this option which means you can process the application beforehand. If they get your tick at the inspection then the PM is able to let them know almost immediately.

 

[jameso]

If I was told too put 100 down to apply I would two choice words for you.

 

[miss green eyes]

Maybe your PM could add to advertising that applications can be pre approved before the open.
I have given prospective tenants this option which means you can process the application beforehand. If they get your tick at the inspection then the PM is able to let them know almost immediately.

Thanks Worldtraveler.
Good idea.
I have put forward that idea to my PM, on your advice.
Response is they 'don't do that'.
My PM has been good in all other regards, so no point switching to another one on this point. I might end up with a PM who cuts corners in other regards. As a renter myself, I have applied to properties where I wasn't even reference or income-checked. Agents also closed one eye to sub-letting and over-crowding.
What can I do, but hope for the best.

 

[Joe D]

If I was told too put 100 down to apply I would two choice words for you.

And that would be great because I would know you weren't really serious about the property so I would no longer deal with your application.

.... but then you obviously aren't looking for a rental property in WA where this is the norm and within the RTA.

 

[Salvatore1]

Well said Joe D, would help me a lot in NSW if the $100 was a rule. Save me time and money.

 

[Simon]

I think you have the wrong end of the stick.

You seem to be saying that the tenants are a commodity that don't decide for themselves. Merely being grabbed by the first landlord.

In fact they are probably choosing the best place in their price range.

Perhaps there is a reason why other places are being chosen before yours?

Maybe you should be a prospective tenant and attend some open houses in your price range and be objective.

Blaming other agents is pointless. If your place is being overlooked then clearly it is priced wrong. So either bring the price down or bring the perceived value up to your price range. Or sit back and blame others and wait for the market to change for you.

 

[miss green eyes]

I think you have the wrong end of the stick.

You seem to be saying that the tenants are a commodity that don't decide for themselves. Merely being grabbed by the first landlord.

They do decide for themselves. Yes, they are a commodity, as am I.
It's up to me to market my property to them, which I have - I have provided a place in good condition for a fair price.
It is also up to them to market themselves to landlords via references, money offered etc.
Business is business.

In fact they are probably choosing the best place in their price range.

Maybe you should be a prospective tenant and attend some open houses in your price range and be objective.

I would say they have applied for several properties. I have allowed prospective tenants to name their price. So far, I have received offers rangeing from spot-on market rate to just above market rate.
I am sure all applicants will have applied to other places as well.
From my experience, generally speaking:
Tenants are rated by landlords on a function of price, references and income stability.
Properties are rated by tenants on a function of price and what is offered for the money.

Landlords will makes offers to the best-rated tenants first.
The good tenants will receive several offers, and they have chosen to take another place.


Blaming other agents is pointless. If your place is being overlooked then clearly it is priced wrong. So either bring the price down or bring the perceived value up to your price range. Or sit back and blame others and wait for the market to change for you.

I blame no one.
I have done the best I can to keep my property in good condition to hopefully attract the better breeds of tenant, which to me is more important than how much they pay. I'd rather be able to sleep at night.

I wouldn't say I am 'being overlooked'. I 'lost out' in the fight for the best tenants last week. This week I have received high offers from not-so-good tenants (lack of references, lack of evidence of income/employment), and market-rate offers from good tenants. By next week I must make a decision before my property goes stale.

 

[Salvatore1]

Miss Green Eyes what part of Sydney is your IP?

 

[miss green eyes]

western sydney.
Not that it matters.
As a renter, I have seen many properties in various states, asking various rents.
I always wondered why the condition of the property was not necessarily correlated with the price. Or, for that matter, why they accepted someone like me in my lowly student days.
Now I know why. Landlords have to take what they can get.