If you have absolutely no clue how an agency picks and chooses which rental applications are approved or rejected, you are not alone.
After finding your ideal rental and submitting an application to an agent, it is common to feel a bit lost about the next steps.
Luckily, finding an answer to the question ‘how long does a rental application take to be approved’ is not as headache-inducing as you may think. Read on for some of Soho’s best renter hacks.
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The rental application approval process
So, you’ve nailed introducing yourself to your new roommates are now waiting on the application result.
After you have set up your 1form profile, applying can be done with a simple click of a button. Your ID (like your passport document number), bank statements, and references are uploaded easily! And you might think, great, these are all the documents I need to rent an apartment!
Unfortunately, this is not considered the hard part. Waiting for approval can be a stressful time. Continuously asking yourself ‘how long does a rental application take to be approved’ won’t make the rental application process move any faster.
After you have submitted, the property manager must perform background checks on international tenancy databases in order to verify all information provided is accurate. This is both on the personal and professional scale.
The property manager will also use this time to check for proof of income to corroborate the tenant’s financial commitment. After this, they will request written reference checks by contacting previous landlords or agents. Waiting to hear back from rental applications takes time because of all that needs to be cross-referenced.
The property manager wants all this information in order to give the landlord the most accurate information when it comes to the applicant’s history. This is to ensure that you will make a suitable tenant for their property. So the query ‘how long does a rental application take to be approved’ has more to do with your own history rather than just the application itself.
If the property listing is now showing ‘under application‘, this means the landlord and property management team are reviewing applicants.
Ways the rental application process can be delayed
Applying and submitting are not the only things that you need to be concerned about when it comes to the rental application approval process. Although the average turnaround for getting your rental application approved is one to three business days, there are a few things that can influence this estimated period of time.
Reference checks
One of the ways your application can be delayed is if there is a delay in reference checks. You may want to blame the rental agent, but most of the time, it is out of their control. Because they have to make multiple reference checks, waiting on others is an unfortunate part of their jobs.
Pestering them with ‘how long does a rental application take to be approved’ will probably just add to their own anxiety.
But when it comes to references, you might want to know that it’s a good sign if a real estate agent calls your references. It shows that they are investing time into your application.
Incomplete applications
Another reason why the process can be delayed is if you have turned in an incomplete application. If you submitted it digitally or as a hard copy, there is still a possibility that you did not fill it out as you should have.
A blank section, non-legible photos of identification, or even improper documentation are all ways in which your rental application could be delayed. This is because the property manager would then be forced to send requests back for the necessary information. This also means that the property manager will have to refocus their attention on the next application.
What if my rental application is rejected?
In the face of rejection, you can be completely discouraged for one reason or another. It is important that this rejection does not taint your rental application process entirely. Of course, there is a sure reason for why your application was rejected, but that just means you have received fairly important feedback.
If your application was rejected, it most likely has to do with the individual landlord. If this is the case, some unsuccessful applicants have been able to get necessary feedback on ways to improve their application or if the problem actually has to do with background information and income.
The question of ‘how long does a rental application take to be approved’ may not even matter much until you tighten up your application and get things in order. Sometimes, property agents even offer some useful advice to help in your future application endeavours. It is important to try and take all feedback and information to improve your chances of landing your dream rental.
One thing that will not help if you get rejected is allowing it to discourage you altogether. Once you have received the necessary feedback, your next rental application is more likely to hit all the right places. A large portion of the Australian population rents their homes, so it can definitely happen for you if you don’t give up too easily!
Handy dandy tips for the rental application approval process
You didn’t think we would leave you without a few helpful tips, did you? Knowing a few tips and tricks to improve your application and increase your chances of getting your application approved can only help. Then, you can learn what happens after your rental application is approved!
It is important to note that applicants can never give too much information on their applications. As long as you demonstrated all the right things you want to tell the landlord about yourself and demonstrated your reliability.
If you turn in a completed, flawless application, you are more likely to just fly through the process. You can also look up our examples of how to answer the ”please share a few details about your history as a renter’ question.
Another tip is to make sure that the identification and all supporting documents are legible and clear for the property agent. Giving emails and phone numbers for your references as well as detailed employment and past rental agencies are more helpful than not. This way, there is no room for assumption or question on the agent’s part.
If you are planning on renting with pets, it is also essential to include a pet profile on your rental application. Having a photo also helps the landlord get a better picture of what having you as a tenant will entail.
Looking for your dream rental?
We can also help you out in that department. Browse our search page to check out some amazing listings available right now. But don’t just stop there, download our app to get the full Soho experience. Just remember to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
