Finding your next rental can be a stressful experience especially if its your first time doing so. A big part of securing your rental is how you apply for it. This article is focused on helping you understand the rental application process and how you can use technology to make your (and the Property Owners) life easier.
Understanding the Landlords situation
Landlords are trying to find a Tenant to secure their investment. This means that they want to find the right Tenant that will not only pay the rent on time but also respect their property. On average a Landlord who lists their rental online will receive 30 phone calls and 75 emails! Thats a lot of noise that your application might get lost in.
Once a Landlord has on average 20 potential applicants, they usually setup a day for Tenants to view the rental in person. All Tenants then leave their information and the Landlord extends their final offer to the Tenant(s) that they prefer.
Lets investigate what it takes you to complete the best rental application.
90 Days Banking Transactions & Payslips
Landlords need to see what your income looks like. For this the easiest way is usually to review your last 90 days of transactions and salary slip. This helps them see your regular salary, commission based salary and your monthly expenses. They can also see historically what your affective spending limit is. This is important because according to the Rental Housing Act the rental affordability of someone should not exceed 30% of the gross income. For example if you earn a gross income of R10000/month you shouldn’t spend more than R3000/month on your rent.
Generally you will need to head to a local branch of your bank and queue to have them print this out for you. NOTE: Banks charge on average R13 per page so be cautious when requesting it!
Your Recent Credit Report
The real reason the rental industry uses credit reports is to get a view into a candidate’s payment performance, not so much his/her credit worthiness (although the two are often linked). So Landlords are looking to see if you have a history of successfully paying off your expenses and managing what you can afford to spend and pay back every month.
Landlords generally will ask you to provide this for them (at your expense) or will ask your permission to run it themselves (which sometimes they will either charge you or pay out of their pocket) You can generate this report directly from the Credit Bureau websites for a fee of between R50 and R150 depending on the site you find via Google search.
Your SAPS Certified Identity Document
Landlords want to know that the person who is looking to live inside their rental is who they say they are. There are unfortunately a lot of bad people out and they need to protect their rental income.
Getting your ID certified isn’t a complicated process, but involves you getting a certified copy of your ID document signed and stamped at a local SAPS.
Time is money, as the saying goes, and during the rental process you can lose a lot of time during the rental search and collecting all the required information. The best way to insure that you are ready to pounce on a rental the moment it you find it is that you have all the required information up from and ready to show to the Landlord.
How Ekaya VIP Saves You Time And Money
Ekaya’s innovative Verified Information Packet (or VIP for short) uses awesome technology to save you both time and money during the rental process.
We allow you to securely connect to your bank to generate 90 days of verified transactions. We currently support ABSA, Nedbank, FNB and Standard Bank. (Capitec to launch soon)
We also allow you to connect and verify your RSA ID when you generate your Credit Report and connect it to your Ekaya Profile.
With Ekaya we try and minimise the data exposed to the landlord to only the most relevant data points to assist them in assessing the potential risk of tenants. We also believe in you having control of the information you expose to Landlords, only sharing it with those you chose to share with and only for 7days. After that if the Landlord wishes to view your information they will have to re-request access from you. Data from credit reports is valuable, but it’s only a small part of the picture and that’s why Ekaya tries to form a holistic view of the tenant.
All of this takes under 5min to complete online and will only cost you a once off fee of R99! Once you have done this its as simple as messaging a Landlord on Ekaya or directly sharing with a Landlord by entering their email address.