Ep 59 - Winning in the Rental Battle
Renters are having it tougher than homebuyers to get a home, with more than 20 people asking to view properties as soon as they are advertised, and rents increasing by inflation-busting amounts.
Finding the right property, or one that is good enough, is just the start.
It probably takes more work than buying a home because you do not have a solicitor or broker to help you.
It means to get ahead of the other potential tenants you need to make yourself attractive. You need a reference from your current landlord and your employer and from anyone else who will speak up for you.
If you have not rented before landlords will want certainty that the rent will be paid. Offering six months' or a year's rent in advance is such a guarantee.
While most potential tenants do not have that sort of money to hand parents may be able to offer a loan from the Bank of Mum and Dad who the tenant can then pay back each month instead of the landlord. Or maybe they can guarantee your rent.
Some employers and colleges have relationships with letting agents, which may help their workers or students to get an early viewing.
Check with every colleague you have what their housing status is. Ask them if their landlords have any vacancies. A recommendation from a good tenant puts you at the front of the queue.
Being first to hear of a property also makes a big difference. Email alerts from letting agencies help, but you need to act quickly.
Make it a full time job if you can. Make sure your referees are ready to reply to requests instantly. Have copies of your last three pay slips to hand .
Dress to impress landlords and agents.
Please send ideas questions, tips and warnings about rip-offs to Mrs Mean through the contact page on her website: mrsmeanmoneyshow.co.uk or to infomrsmean@gmail.com