If you are struggling to get a rental you may be considering using a tenant’s agent.
Struggling to get a rental? You may be considering a tenant’s agent. But just how do they operate – and how can you choose a good one?
WHAT DO TENANT’S AGENTS DO?
As the name suggests, tenant’s agents are like the buyer’s agents of renting. Not only can they help you find a property that fits your budget and personal criteria, they can also attend inspections on your behalf and potentially even negotiate the price and the length of the lease. Most also offer a service where they will write and submit applications on your behalf.
Rent Fairy director Sarah Elkordi says this takes a lot of stress and time out of the process for renters who may have been declined multiple times in the past.
A lot of tenant’s agents also have access to offmarket properties through their connections with real estate agents, opening them up to a wider pool of rentals.
The rental crisis has meant finding a home is like digging for treasure. Picture: NCA NewsWire / Gaye Gerard
BENEFITS
Education is another important factor, says Sydney renter’s agent Marcelle Wever. The director of Sydney Rental Search says her first step is to qualify a new client, keeping in mind that property managers want applicants who will pay no more than one third of their income on their rent. In fact, they may even give you a reality check if you have unrealistic expectations.
“If someone is saying they want to spend 50 per cent of their combined income on rent, I know that’s going to be very hard to do and out of integrity I would not take on that client,” she says.
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Buyers agent Marcelle Wever. Picture: supplied
HOW DO THEY CHARGE?
While Elkordi and Wever both charge a flat fee depending on the level of service you choose, there is variation across the industry, with some charging the first two weeks of rent as their fee.
When researching tenant’s agents, it’s worth looking deeply at what they offer within each price tier and considering the level of service you require, whether it’s an offmarket search, a certain number of inspections, help with applications or even help with connecting utilities.
SIGNS OF A GOOD TENANT’S AGENT
When looking for a tenant’s agent, it’s a good idea to choose someone with plenty of industry knowledge, says Elkordi. If the person has had a background in property management it gives them that insider knowledge when it comes to liaising with real estate agents.
Tenant’s agents can help with the application process.
“I understand quite thoroughly what property managers are looking for, what makes their life easier,” she says. “So when we are applying, these real estate agents have everything they need straight away, in their face.”
Wever agrees that experience is crucial – as is a strong personal connection.
“What you’re looking for is someone who has knowledge about the area, has the experience, has the relationships – and someone you feel like you have an affinity with,” Wever says. “It’s a very personal thing to be looking for a rental property.”
Director and founder of The Rent Fairy Sarah Elkordi. Picture: supplied
THINGS TO CONSIDER:
When deciding whether to use a tenant’s agent, here are some things to think about:
1. Time – do you have the time to devote to attending inspections, especially ones during the week, and filling out applications for properties?
2. Affordability – can you afford to pay for the service of a tenant’s agent and how does it compare to the time lost if you have to take time off work to attend inspections?
3. Experience – what level of experience do the tenant’s agents in your area have in the industry and what is their success rate at getting renters into homes?
4. Connections – is there a benefit in going with a tenant’s agent because of their connections with local real estate agents and their access to offmarket properties?
5. Your application – how strong is your application? Are you a shoe in? Or do you need help presenting yourself when applying for properties?
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