What Happens After Submitting Your Tenancy Applications

Have you submitted your tenancy application and are now waiting for approval? Like most people in the rental market who have applied, you have now entered the “waiting game”. While at this stage, the Property Manager is trying to determine whether you are the best applicant for the rental property. You might be wondering how long it takes to process your application and when you will get an answer.

Below we have outlined the process that takes place after submitting your tenancy application:

UNDERSTANDING THE TENANCY APPLICATION PROCESS

While the application process may look simple, it is not as simple as you think. Most property managers undergo a lengthy process before accepting or rejecting the applicants, as this is part of due diligence requirements.

Application processing could take as little as 24 hours, but it could also take between 48 to 72 hours to make a decision. In fact, there are even cases where it has taken longer than 72 hours.

THE CAUSE OF DELAYS IN TENANCY APPLICATION PROCESSING

Some of the most common causes for delays in application processing are the delay in receiving completed reference checks from your nominated referees and from incomplete applications. To ensure a smooth approval process, make sure to have complete and accurate details and provide all required information on your application form. 

THE APPROVAL PROCESS OF TENANCY APPLICATIONS

As multiple checks take place during this process, it means your application may take 48 to 72 hours to process and be approved. But really, what is being checked? These can include, but are not limited to:

• checking relevant tenancy default databases for any past rental history, and making sure that your application is completed accordingly with all the required information and supporting documents
• assessing your affordability based on your annual income and the asking rent
• validating your previous living arrangements (e.g. renting, home owning, or living with family)
• confirming your employment details and proof of regular income
• checking the next of kin or emergency contact details
• checking references (NOTE: if the agent failed to contact your references, your application approval may be delayed, so make sure that you notify them in advance to help in facilitating this process faster)

Once the above assessment and verifications have been completed, the agent will then submit all shortlisted applications to the landlord or the property owner along with their recommendation for the most suitable tenant. However, the final decision will still be made by the landlord.

WHAT HAPPENS WHEN YOU GET REJECTED

Although rejection can sometimes be hard to handle, it is important to note that this may not be personal. Following are a few reasons why your application may have been rejected:

• your income did not pass the affordability assessment
• another more suitable applicant was successful
• the terms (such as move in date and length of lease) you have offered were not suitable for the landlord

Other than these, there is also no guarantee that you can get definite reason(s) for your rejection. But, there’s no harm asking the agent. Who knows? They may be able to offer some insights and guidance for your future applications. Often there are many great candidates, and it just comes down to the landlord making a difficult decision. Often property managers regret having to inform great applicants when they are unsuccessful, and there isn’t a good reason, it’s just that there were more suitable applicants than properties available.

TIPS TO ACHIEVING YOUR DREAM HOME

When submitting an application, remember that providing more information about yourself is better because the property agent and the landlord’s interest is to find a good, responsible tenant and your information allows them to get to know you as thoroughly as possible.

To do this, ensure that your identification and supporting documents are clear and legible. Ensure you provide both phone and email contact information for all of your nominated reference referees being your personal, emergency, employment, and previous rental agencies references.

Do not hesitate to follow up with a call or an email if you have not heard back from the property manager after a few days. And when you do, remind them about the property address as they usually manage multiple properties and deal with multiple applications at the same time.