It’s not unusual for potential renters to receive rejections, especially when you're applying to rent a luxury property in a highly sought-after area. The landlord usually has the final say on who gets to live in their property, so applying for your dream home should be approached in the same way as applying for a dream job. In order to impress the landlord (and, in some cases, the co-op board) it’s important to make sure that your credentials are all in order.
First things first: your credit score.
Property rental is a business just like any other. It’s important for the landlord to receive their rent on time every month, so a poor credit rating will raise serious alarm bells. If you’ve been receiving an unusual number of rejections, ask for a copy of your credit report. Sometimes errors can be made, and if you find a discrepancy you’re allowed to write a statement that will be sent out alongside the report to potential landlords. Unfortunately there’s no quick fix for genuinely poor credit; the only way to make things better is to get your finances in order and start paying back debtors. In the meantime, working with an experienced broker will help you avoid applying to buildings that have zero-tolerance policies with regards to credit ratings.
The more references the better.
If your credit report isn’t to blame, it might be the content of your application - or the lack of it. The point of the application is to set the landlord’s mind at rest and reassure them that you’re the best tenant for their property. Think of it like a CV: include all of the previous properties you’ve rented, along with contact numbers for your previous landlords. It’s also a good idea to include a few personal references that can vouch for your responsibility and general character. Bosses and previous flatmates are the most appropriate people to ask. Finally, add a line to your application letting the potential landlord know that you’re willing to show your most recent bank statements to confirm that you can afford the lease price, if required.
First impressions count.
Whether you’re viewing the apartment for the first time, or meeting up with the landlord and their representatives to discuss your application, it’s important to present yourself well. Be punctual: nobody likes to be kept waiting, even if the hold-up isn't your fault, so you should allow time for delays when planning your journey. It’s also important to dress smartly. You don’t necessarily have to wear a business suit, but you should dress as if you’re meeting an important client for dinner. Think about the kind of person that you would be prepared to entrust your own valuable property to and behave accordingly - this is an important transaction for both parties.
Now, all that’s left to do is find the perfect property and put our tips into practise. With thousands of luxury rental properties around the globe, Engel & Völkers are always here to help with your search. We have a great selection of homes available in sought-after locations and the knowledge and expertise to give your application the best possible chance of success. Just visit our website for more information.