Tenant selection - advice needed

Hi there,

I have a property that has been vacant since 15/11 - almost 2 weeks. I have 2 applications and would like some thoughts on which to select.

I have one applicant that is a co-share - Couple with a friend (female uni student). One of the couple works full time, while the other couple will be resuming work, but currently on Centrelink payment. Friend is on student payment. Income is average, however, gross income meet the 1/3 earnings requirement. They have a parental guarantor for the tenancy as well. They are a young group of people in their 20s, they presented well. Reference checks were fine too. They can move in this Friday 1/12.

Second applicant is a matured family with two dependents in their late teens, both females. Income is excellent from the applicant and screened well. Their proposed start date however, is on the 15/12.

My preference here would be the family, however, it would mean I need to let the property sit vacant for an additional two weeks. Rental is $560 per week.

Which should I select?

Thanks

 

I would take the first one easily. Parental guarantee sounds pretty good to me.

 

I'd choose the first one too as long as all the checks came back OK. Guarantor will chase them hard for rent as they don't want to spoil their name.

Family is going to cost $1100 in lost rent. Kids in late teens means they'll move out soon and probably downsize.

Its conjecture though really, we only have s subset of the info.

 

What about negotiating with the second one? Likely to be a more long term tenancy and therefore you may be ahead if they stay for a number of years vs. 1 or 2 years with the young group. Contrary to what Dave said, most kids are staying at home longer so therefore having kids in late teens I don’t think shows a sign of them downsizing in the near future.

See if they’ll bring their date forward - a lot will if they love the property.

If they won’t, no stress - go with the first one.

 

Thanks, I have done exactly this and currently waiting for a response. I have tried to negotiate for the 8/12 as the starting date, I mentioned I was willing to compromise 1 week rent to accept their application.

They are still in their current lease, so if they were to provide their notice of leave tomorrow (28/11) it would mean their lease will end on the 11/12. Which mean if they were to accept my offer, they would be overlapping on leases by a few days.

 

Yep, that'd be the best result if you can negotiate earlier. Having a week overlap for them isn't too unrealistic.

 

Most people want an overlapping lease, gives them time to move and clean. Good luck!

 

I can't think of a Centrelink payment (apart from family tax benefit - doesn't seem to be the case here) that would be payable if the partner is working full time. Might be an explanation, but sounds fishy. Are they ripping off Centrelink? - will they inturn rip you off?

Are they pretending to be a couple to you when they are not? - eg - would you take three singles?

 

Stay away from welfare people unless they are students and even then they should have part time jobs. People that get money for nothing generally don't respect themselves, you and certainly not your property.

 

Did you make a decision on which application to go with?

 

Wasn't able to negotiate for an earlier start date as they are actually breaking lease with their current lease ending at end of Jan next year.

They however offered to sign a tenancy of 2 years, so I decided to accept their application. They sound like great people who would look after the property.

 

Yeah thats a pretty good result. Well done.

A week or 2 in the scheme of things, being a 10-15 year investment or more, doesn't matter much.