Strangest letting process....

[GoAnna!]

I have recently advertised a 1 bedroom apartment to let for $200pw, an increase of $15 per week.

Advertised Friday afternoon, inspections on Moday, application in and approved by Monday afternoon. All good I thought.

Two days later I notice the advert is still on the web. Speak to PM. Approved applicant is not responding to their calls so have continued advertising it.

Second applicatrion in. Applies over net. Did not view property. PM encourages them to come and have a look but no they are too busy this week - maybe next week....

Third application actually views properties, is approved and signs lease. Phew

In this area there seems to be a frustratig trend where tenants apply for multiple propertis and once approived take their pick. So PMs are worked off their feet and feeling exstremely frustrated. In one extreme situation 6 applications, each approved in turn and NONE of them take the property.

Imagine the roll coaster ride of that landlord.

Ah....just noticed another property I thought was let a couple of days ago is still up on the net...umm must check that out too.

PS Very happy that agent continues to promote property until lease actually signed.

 

[Pushka]

Is that really strange though? If I was looking to rent, I would like to be able to choose which place suited me best. Maybe the price was not market sensitive? And there are now more options for renting out there now.

I dont actually see this putting the PM to more work either - it is their job. It is just that it is the opposite to recent years - where landlords could choose the tenant, now the opposite has happened.

I think it might also be the way the youngies do things too - they dont seem to have the same sense of time urgency.

 

[DavidMc]

Works both ways I guess. I do the same with job interviews at the disgust of some recruiters...

 

[DavidMc]

I guess the difference is I only actually go for things I'm really interested in, not just anything.

How do you respond to this? After you approve an application tell them that they have to make contact within 24 hours to come in a sign the lease. Just like a winning bidder on eBay.

 

[Collector]

Happens all the time...

They submit the application, your process it get approval from the landlord then notify the applicant that it has been approved (whole process takes 1 day max) then the applicant says either:

1) We want another look at the property to ensure it is what we want
2) Ok, great, can I call you back this afternoon and arrange a time to see you (they never call back)
3) They say they have got approval for another property which they applied for and they are no longer interested


We are able to take a 1 week holding deposit -of which we are able to keep a prorata amount which is most cases will result in 1 days rent. Not worth the effort as the deposit has to banked same day or next business day in the trust account, when they pull out you are required to refund the deposit less the 1 day via cheque, and while the property is being held you are unable to lease it to another party or take a holding deposit for it.



All time consuming

 

[GoAnna!]

Would be nice if they actually picked up the phone and said they had taken another property.

I gather the ones reluctant to go to the effort of inspections are the most difficult group. By the time they come in the property is let and then they get abusive. They are warned of this possability but this seems ot have no effect.

I understand that they apply for so many because they are letting so fast. Half a week and they are gone usually, often far less time.

None of this is skin off my nose as the property is not vacant yet but usually my lettings are more straight forward and I only need to approve one not three applicants.

 

[Superstitionist]

Would be nice if they actually picked up the phone and said they had taken another property.

Well, in my opinion, they don't do it because:
(1) still awaiting for approval in another property (keep this property in the loop just in case)
(2) save a phone call and explain things (why bother, no benefit to them)
(3) too busy and forgot

Super.

 

[Xenia]

In this area there seems to be a frustratig trend where tenants apply for multiple propertis and once approived take their pick. So PMs are worked off their feet and feeling exstremely frustrated. In one extreme situation 6 applications, each approved in turn and NONE of them take the property.

Imagine the roll coaster ride of that landlord.

Ah....just noticed another property I thought was let a couple of days ago is still up on the net...umm must check that out too.

PS Very happy that agent continues to promote property until lease actually signed.

Anna

This is very common for tenants. They view multiple properties and sign application forms for all of them. That's why pm agencies need to have in place that all checks should be done and the applicant offerd the place within 24 hours! Any longer than that and they are gone!!!

It is extremley frustrating when references hold up the process by not being on the other side of the phone when the pm rings! We usually offer it to the first applicant who's credentials and references are readily available in the shortest time.

 

[letiha]

I have submitted multiple applications over the past few weeks.

WHY?

because there 4-5 applicaions on each place and i'm 5 applications and still no place, this is despite having an income more than enough to pay for the property, good references and a enough money in the bank to pay for several years of rent. i think its because of the kids, although i've only had 1 agent come straight out and say it ( yes i know they aren't meant to)