"Tenants are wise to be well prepared and ready to act quickly and in doing so, they give themselves the best chance possible when it comes to securing a rental property."
- Marc von Grundherr - Benham and Reeves
New insight from London lettings and estate agent, Benham and Reeves, reveals how tenants can beat the competition and get themselves to the front of the queue when it comes to securing their ideal rental property.
Be clear on what you want and act quickly
A lot of time can be wasted umming and ahhing about what you really want from a home. Is a garden a must, or is it a third bedroom that matters most? Perhaps location trumps all? If you decide this ahead of time, you’ll save yourself a lot of problems when searching the rental market.
It’ll also enable you to be more efficient with your online search. Decide on your parameters and set up some portal alerts. As soon as a potential winner comes to the market, book a viewing straight away. Don’t waste time.
Have references and paperwork ready to go
When you view a rental property and decide you want it, you’ll have to act quickly if you’re going to secure it. If you’ve already got your references and paperwork sorted, you’ll be able to move even faster. This means you should collect references and proof of income before you start your search. Also be very clear about when you can move in, how much notice you need to give on your current property, and so on.
If you can impress the agent and landlord with your preparedness and reliability, you’ll become a preferred tenant, jumping right to the front of the queue.
Be ready financially
If you have your deposit and first month’s rent ready and waiting to go as soon as you view a property you like, you’ll be ten steps ahead of most renters. This, combined with the aforementioned proof of income and reliable payments (landlord reference) will tell your new landlord you can be trusted.
Build relationships with local agents
While the portals will play a big part in your search, you’ll still ultimately end up dealing with one of your local agents. If you can start building relationships with them before your ideal property comes up, simply by introducing yourself and demonstrating your character to them by being courteous and polite, it will go a long way towards them giving you a helping hand when you end up competing with five other renters for one of their properties.
Add a personal touch to your application
On the subject of building relationships, it’s also good to add a personal touch to your applications. Nobody wants to read an essay about your life, but if you can offer a small glimpse into yourself, such as your interests and a little about why you’re moving to the area, it can help create a sense of personality which will make you stand out from the other faceless applications.
Don't try to negotiate down
The rental market is in high demand. So you shouldn’t ever try to negotiate down. There will always be a tenant willing to pay the advertised price. Instead, set yourself a realistic budget and don’t stretch yourself.
If an agent is struggling to find a tenant, leave it to them to reduce the price and offer it to you. It never works the other way around.
Ask for a longer tenancy
Many landlords are looking for reliability and certainty in their properties. So if you can commit yourself to two years instead of one, for example, it can be very attractive. This is especially useful if competing tenants are able to offer a higher rent and you can’t. A landlord will often choose two years of certainty for the original asking price over just one year at a slightly higher price.
Agree to a fixed term without a break clause
In agreeing to a fixed term without a break clause, you’re demonstrating a greater commitment to the rental property which will give the landlord an added level of certainty and security and help you stand out from other applicants.
Agree to a summer end date
By agreeing to end the tenancy during the summer months, between June and September, you will also make yourself more attractive as a tenant. This is because the summer months are the best time for a landlord to try and re-let a rental property as demand is often at its highest.
Director of Benham and Reeves, Marc von Grundherr, commented: “The UK rental market is incredibly competitive, especially in London. Each property will often have dozens of people viewing it, sometimes at the same time and it’s not unusual for properties to let before they even reach the market.
"Tenants are wise to be well prepared and ready to act quickly and in doing so, they give themselves the best chance possible when it comes to securing a rental property.
"If it doesn’t work the first time around, don’t worry, something else will come up before long. And if you’ve built a good relationship with your agent, they should even give you advanced warning of great properties that are about to hit the market that suit your criteria.”
