How to brouch the issue of financial status with agents/LLs without setting off alarm bells?

cashmonger

I am not what would be considered in a great position financially (I live frugally) so it is hard to get accepted at places and am outright rejected so far for places I have been enquiring about to rent.

I can afford to pay the rent and always have done for over 10 years in places the same price as I am looking, and even higher, it is just that to be accepted I am not earning the X times more they seek in order to be considered a safe bet.

In hindsight I think in the last two places I was lucky to find good landlords who were eager to rent so my experience was not typical as I am now finding out.

I also want to rent somewhere which is almost 2 hours from where I live currently so I don't want to go all the way over and view only to be rejected later so how can I bring up financials over the phone beforehand in a smooth fashion without them getting spooked?

I have a guarantor but this so far is not helping my case in terms of making them willing to give me a chance. I am thinking I can now offer that my mum will pay x amount of months upfront rent (which I would of course pay her back) which she has kindly offered to do if needs be.

So when on the phone enquiring (I noticed email is not the way!) how do I broach the topic without them immediately setting off alarm bells or at least shutting off the alarms asap .

'Oh and btw I am a risky tenant!' I want to get the financial stuff out of the way asap to not waste either parties' time but I also know it is very delicate when I bring it up and don't want to snap the line. I guess that suggesting I pay upfront will do a lot to grease the wheels!

Thoughts?

[Deleted User]

My ex had similar problems although in his case it was because he was self employed. Every EA regected him as soon as he walked through the door. However he went to Openrent, dealt directly with LL's and out of 3 properties viewed was offered 2. EA's tend to have formulas, won't let you through the door unless you are earning a certain amount times the rent.

Try Openrent.

Most people aren't prepared to do this, but if you want to rent, you might have to PROVE you manage your finances well, I used to take bank statements and showed my monthly budget to show I was a frugal dependable person who paid rent without fail and had never been in trouble financially (credit checks only show CCJ's).

You might have to look in less salubrious areas where they are used to dealing with low income people.

cashmonger

Well my case is just the same as your ex because I am also self employed just I am not earning megabucks . Things have been on the up lately however EAs won't care about what I 'might' earn soon .

I trawl all the sites daily including openrent and gumtree but unfortunately there are only a tiny amount of places on offer on those and non suitable for me or I would try in an instant. I also love the idea of being able to bypass EAs but sadly they are still the gatekeepers for the lions-share of properties as most LLs want hands free I guess and the ones on openrent are nearly all aged type, pokey, places.

I am not looking in a major city either so that makes the likelihood even more remote something turns up on openrent.

People can sniff that I should take what I am given in my situation but if I work from home and spend nearly every waking hour there I think it is reasonable to want something I am happy with.

So I wish it weren't so but EAs are still a necessary evil to deal with as far as I can see so my original enquiry stands.

deannatrois wrote: »

My ex... people.

cashmonger

Anyone else have input?

caprikid1

Local Facebook groups and papers

cashmonger

caprikid1 wrote: »

Local Facebook groups and papers

I am asking for what to say to the agents not what other alternatives I have.

need_an_answer

Sorry the question may seem off topic to you but if you work from home and are presumably secure in a rental at present,what is the motive for the move to a new area where you are clearly finding challenges securing a property?

Its a genuine question to try and understand the need to move....

Again as a by pass of agents have you thought about placing an advert locally detailing briefly your situation for likeminded LL's to potentially reply to?

Agents have set criteria and if you don't meet it,it can be difficult to secure a rental that way.
Ultimately it is the LL's decision who they rent their property to but faced with maybe 2 or 3 applicants they will almost certainly choose the one that they perceive to be the best option for them.

A guarantor,even rent up front wont always make you a "secure" bet for the LL going forward.
You are correct no agent or possibly even LL will take you on the premise of what you "might" earn in the future,they need evidence of what you are actually earning....I might earn more money if I were to move to the south east for example because in the sector of my expertise wages are higher,but in the short term I cant move there because I cant afford a similar property as I live in now!....vicious circle I know so its a case of accepting that or agreeing to step back and lower my expectation until such time as I've got that dream job and more money behind me.

Have you got bank statements that show you can live within your means for maybe the last 6-12 months?
Would you be prepared to show them?
You ask for advice about how to present your case...my advice would be as positively and openly as possible...if you can supply evidence that is clear over how you manage finances then offer it up...be open with them.

AdrianC

Don't be shy about broaching it. It's going to come up sooner or later, so might as well be upfront and say "Look, I know on paper I probably don't meet the income multiples that you'll be looking for, but here's proof that I've been paying that rent for X years without issue."

If they have an issue with that, then you've saved a lot of everybody's time before finding out.

cashmonger

need_an_answer wrote: »

Sorry the question may seem off topic to you but if you work from home and are presumably secure in a rental at present,what is the motive for the move to a new area where you are clearly finding challenges securing a property?

Its a genuine question to try and understand the need to move....

Because I am miserable where I live and been here nearly 3 years and hate it still after trying to 'make myself' like it.

Of course they might not go for 6 month upfront either but it gives me a 'fighting chance' at least and there are lots of agents so it is just a case of laying your cards on the table. Either they say yes or no, I haven't lost anything by asking apart from blowing myself out with the agents and even that they will probably forget me after a few weeks.

Well I don't think it is such an impossible task as I have done it twice before but I think those two times I was lucky in that both times I found places where the LL/agent were eager to fill the places; but if it happened twice then it can happen again but have certainly found it more difficult this time but having success before I know it is possible it might just take longer, having money greases the wheels and gets what you want quicker.

The first case was that the LL bought a property for a friend and he had abandoned so he wanted it filled asap; second place, where I am now it was a new build in a big apartment building and they were looking to fill them; it is quite a lot of foreign families (most don't work from what I see of their comings and goings, both the father and mothers here seem to be bringing up the children full time at the taxpayers' expense I guess , yet it is still a very nice build, not some run down council block) so I imagine they were welcoming of people on low incomes in general.

Have you got bank statements that show you can live within your means for maybe the last 6-12 months?
Would you be prepared to show them?
You ask for advice about how to present your case...my advice would be as positively and openly as possible...if you can supply evidence that is clear over how you manage finances then offer it up...be open with them.

Yes I could show that I paid on time for over 10 years if needed.

Finchy2018

The issue might be that if the landlord wants to take out rent guarantee insurance they will have to show they have referenced you correctly and this includes affordability and so if you don't pass the income section even if you are confident you can pay, they won't be able to get the insurance and so may turn you down. If they don't want insurance they might be more open to the conversation.

need_an_answer

How long have you been looking for a property without success?

If you have been looking many months then that could indicate that what you are wanting isn't out there in the conventional sense of using an agent....or that you have differing expectations.

Have you tried to register your interest with agents in the local area prior to properties becoming available.

Perhaps having that initial conversation with an agent even before they list anything might give you the opportunity to discuss your requirements and histories so that your details can be kept on file.
Agents don't just deal with "high end "rentals have you considered house sharing for example...not all of them are student based and there are LL's out there that deal with professional sharer's the majority of which don't work from home so you could find yourself in a quiet house all day....but I guess its a case of what you feel comfortable with.

If its 3 years since you last rented then its very possible the rental markethas changed dramatically in that time.

3years ago where I live there were many properties to choose from when renting at reasonable prices...now its far more competitive with much less choice.
Changes in regulations have also meant that many LL's have had to conform to certain standards,and whilst that brings up the standard of housing it does also take out a layer that previously existed.What used to be affordable is now not so affordable to those on lower or tight budgets.