Last week during my open house, I met a family who was frustrated after submitting numerous applications to lease potential homes and were denied. In a market as competitive as it has been and with the housing shortage in California, more people are afraid they’ve been cursed with bad luck.
Truthfully, there is no golden coin or luck that helps- it has everything to do with credibility.
When a landlord is contemplating on accepting an applicant for their property, several factors come into play. In order to be portrayed as a desirable candidate, there are some things that may increase your chances of being accepted.
Understandably, life happens and causes some shifts in our credit, loss of job, increase in our credit charges, etc. which can greatly affect our good-standing. However, when submitting an application to lease, consider what you would think as a landlord looking at your application, credit, or bank statements.
I spoke with several landlords and property manager, Tim Marshall to better understand how one could improve their chances of leasing. Upon our talk, I found that a considerable candidate is someone who can prove income.
Sometimes, based on one’s low credit score, they have to increase their chances by providing more proof of income. Such as, bank statements, tax returns, etc. This sometimes results in digging deeper than intended to.
A landlord’s greatest nightmare is offering residency to a client who cannot pay their rent. This results in unnecessary conflict for him/her. So, by providing all sources of income- you’re assuring the landlord that you’ll have no issue paying your rent.
A landlord may also value a cover letter. In a cover letter, you are telling the landlord who you are and why they should choose you. Whether you’re writing a cover letter to buy or rent, you’re allowing the person on the other end to have a better understanding of who you are, what you do and why you’re the right candidate for them.
Lastly, references are another staple that can allow a seller or landlord clarify that you’re efficient, reliable, clean, and trustworthy. These characteristics are important for a landlord or owner of a home as they want to rest assured that whoever is in their property is taking care of it and using it solely as a home.
You can gather references from prior landlords, old/current bosses, family and friends.
Finally, Tim Marshall says, “There is no other time that the laws of supply and demand have been more affected to rent. A lot of people want the same things you want and due to scarcity, it’s limiting. But don’t get discouraged and just understand that it has affected real estate as a whole.”
Although leasing can feel disheartening if denied, remember it is a competitive market and in order to better your chances- consider gathering these documents in advance.
Thank you for your trust and remember, your referrals are the pot of gold at the end of the rainbow for me!