With the insanely high demand on the Brisbane rental market, acclaimed TV producer Richard Richards announced this Wednesday a new show in development for one of the big streaming names in Australia.
Landlord Wants a Tenant (or The Tenantlorette – name still being decided) is designed to work as a game show, and will be a life changer on the leasing process in a ruthless market.
As part of a mass title announcement for the second semester of 2022, mr. Richards informed the fans that his new show seeks to transform a stressful phase for tenants into a fun process, leading to the official lease of properties.
“The Amazing Race”
Fondly known amid home-seekers as the new Hunger Games, the Brisbane rental market has shown impressive demand over the past six months, with vacancy rates dropping by almost half since the start of the year, according to SQM Research webpage.
Dream of many landlords, rental prices have gone up 6.9% in the last quarter – beating the growth in big cities such as Sydney (6.4%) and Melbourne (2.1%) also according to SQM Research. Against insane competition, applicants feel forced to go above and beyond in order to secure a home.
“It is a tough market!” declared streaming CEO James Jameson, “Let’s make it entertaining. This could be the next Australia Ninja Warrior.”
“The Chase”
The leasing process includes a series of background checks in order to guarantee that information provided in the application is true and current. This includes a:
- Tenancy check with a series of questions about the applicants payment history, condition of living and other relevant information;
- Employment check to confirm that the declared income is real;
- Affordability check, meaning the rent price cannot be over 33% the combined household net income;
- National Tenancy Database check, to confirm there has been no records against the applicants over previous tenancies;
And on occasion, the agents might require:
- Letter from the applicant’s accountant;
- Letter from employer confirming a job offer;
- Other documentation as needed;
“Jeopardy!”
Pushed close to insanity by this “Survivor Mode” of the leasing process, tenants often skip a few basics when applying for properties. A market research conducted by Mr. Richard’s team revealed some of the most common stumbles from applicants:
Sending incomplete applications:
The leasing process is a thorough process with several cogs in motion; property managers rely on applicants to provide correct information or the whole machine stops.
For example: if a managerial contact is missing, the background check for employment can’t be conducted. Without recent payslips there’s no proof of income to support affordability. Poorly photographed or scanned documents can make the whole piece unreadable and therefore, unusable.
Applicants must pay close attention to the process so they don’t miss out on opportunities.
Ignoring the potential of an Open Home:
Although the main purpose of an Open Home is to inspect a property, applicants should keep in mind the agent responsible for conducting it is the representative for the landlord and is in search of people who will be a great fit for the home.
Making a good impression will keep you fresh in their minds, which can be a real asset when leasing agents are going through a list of applicants.
Unresponsive or incorrect background checks:
One of the things that slows down the leasing process the most is the waiting game played during background checks.
By providing their work and property managers with a warning that an email might arrive soon, applicants avoid having their applications sitting unprocessed for too long – which can be a serious problem if the property has received several other applications.
Composed of a series of extreme challenges – from lodging maintenance requests straight in the portal to a single reference check phone call attempt to previous Property Managers – the show has sparked the curiosity of home-owners and home-seekers across the city. Auditions are scheduled for the 31st of September.
Tenant or landlord – regardless if a TV show is produced or not, it is important to have a dedicated team taking great care of you and your property. At Odyssey Property Concierge, our highly experienced team works with smaller portfolios per agent, allowing our Property Managers to dedicate more time resolving such problems.
