What happens after you’ve been approved for a rental?
Congratulations – you’ve secured the rental property you applied for. But what happens after you get the call telling you you’re the successful applicant?
Well, it’s all about ironing out the details, while ticking a whole lot of official boxes, so here’s a quick guide to what’s involved.
Start date
Once you’re approved, the first thing the property manager will discuss with you is the date that you hope to commence the rental agreement.
This is the day that you’ll be paying rent from and also the day when you can get the keys and officially move into the property.
In some cases, this date will be governed by the move-out date of the previous renters, and any work that needs to happen at the premises in the interim, while also factoring in a date that suits you.
Obviously the property manager won’t want the property to sit vacant too long, but if you’re already renting elsewhere, you’ll want to minimise the crossover time where you’re paying rent at two properties.
Rental agreement
Once you’ve locked in the date, the property manager will draw up the rental agreement and provide it to you for signing.
This critical document sets out terms and conditions, including who is permitted to reside at the property, the weekly amount of rent that will be paid and the start date and end date of the rental agreement.
There may also be special conditions relating to the property. It’s imperative that you read this document carefully and are fully abreast of exactly what you’re signing.
The rental agreement is a legally binding document that all parties are required to abide by.
Bond
When you sign the rental agreement, you will also be required to pay the bond for the property. Usually equivalent to either two or four weeks rent, this ‘security deposit’ is held in trust for the duration of your stay at the property.
Providing you meet all the terms and conditions of the agreement and return the property to the same state as when you entered it, this bond will be transferred back to you when you leave the property.
Rent in advance
Prior to moving into the property, there’s also one further financial matter to take care of and that’s providing two week’s rent in advance.
The property manager will issue you with account details of where this rent is to be paid.
Utilities
With the paperwork and financial matters taken care of, your attention can turn to organising your move.
This includes contacting relevant utility providers to connect services such as telephone, internet, electricity and gas to the property.
Removal
Meanwhile, you will need to organise your removal, which you might undertake yourself or have completed by a professional removalist.
The keys
Finally, the day the agreement commences is the date when you can officially pick up the keys to the property and move in.
This handover is usually done in person by your property manager and often involves signing extra documentation to indicate you’ve received the keys.
The property manager might also provide additional information about the property if it’s relevant, and they should issue you with a copy of the Entry Condition Report at this stage.
It’s vital you read through this report carefully, auditing the property and noting any discrepancies, before signing the document within the required timeframe.
This will be the document you and the property manager refer to when the rental agreement ends and it will help determine whether your bond is to be refunded in full.
How we can help
Our experienced property managers pride themselves on establishing great relationships with both rental occupiers and owners.
We manage every property as if it were our own and you can learn more about our property management services here.
Alternatively, if you are looking to rent a property, you can view the properties we currently have available here.
