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Securing the perfect property in a competitive market

Posted on 2013-03-14

However although the rental market is highly competitive it’s still possible to find a suitable property to rent that ticks most, if not all of your boxes.

Agree ‘must haves’ and ‘deal breakers’

Before you even start searching for a property it’s essential to make a list of the ‘must haves’ and ‘deal breakers’ to help aid your decision-making process.  Once you have these, it’s important that you’re clear with your letting agent from the start about what you want, so they can spend time finding properties that match your criteria.  This will also prevent wasting time viewing properties that you’d just never consider – Having said that you do sometimes need to go with an open mind as you may find you have to compromise on a few things, especially if your budget is tight.

Choose a decision maker

If you’re renting with sharers it’s important that you nominate a decision maker, who if the right property comes along, can make a quick decision for the group as a whole without having to consult you all. Obviously you’ll all need to sit down together beforehand, to discuss all your must haves and deal breakers and of course agree the amount of rent you can all afford to pay.

Agree the maximum rent you can afford to pay

Before you meet with a letting agent it’s worth having a look around to see what the average rental prices are and what you get for your money.  You can then make an informed decision about how much you can realistically afford to spend on rent every month – try not to be too wowed by your dream flat with all the mod cons, because if you’re going to struggle to meet the rent every month it might be best to compromise on a few things to stick within your budget.

Go to reputable letting agents

Unfortunately whenever there is high demand fraudsters take the opportunity to take advantage – and if something seems too good to be true then it probably is. So, it’s always a good idea to take the time to find a reputable letting agent. It can not only help to protect you against scams, but it will generally make the process of finding a home a lot quicker, a lot safer and a lot easier.

Get your references and deposit ready

If you can, try and get your deposit and references ready before starting your search, especially if you’re renting with sharers.  This will help to speed up the process and hopefully help to secure your perfect property.

Make a quick decision not a rushed one

With high competition it’s important to make a quick and informed decision – but please remember it’s equally important not to be rushed or pressured into a decision either, especially if the property doesn’t meet your agreed standards.

Get a second opinion

It’s always a good idea to take a friend or family member along to a viewing, to have that all important second opinion.

Have a walk around

As well as viewing the property, don’t forget to have a look around the local area, especially if you’re moving to a new part of town.

Be resilient

The rental market can be a tough place to be in the current climate and it’s important that you don’t get too hung up on the property that you’ve just missed out on.  There are plenty of other properties out there, you just have to pick yourself up and be prepared for the next one that comes along.

Sell yourself

In a competitive market you have to really sell yourself to get what you want and the same goes for the rental market – it’s tough, so you’ve got to be prepared.  So, spend a bit of time making a list of all the things that make you a good tenant, whether it’s excellent references from past landlords, a steady regular income or even a guarantor if you don’t have a regular income – whatever it is that makes you the ‘right’ candidate just make sure you sell it to your landlord.

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