What do you think is the fairest way to handle rental applications?
May 24, 2011 1:33 PM Subscribe
What do you think is the fairest way to handle rental applications? First come, first serve, or best application wins?
posted by Crashback to Home & Garden (38 answers total) 3 users marked this as a favorite
I am a property manager renting out a single family home in Seattle, WA with an asking rent of $2000.00+. The application fee is $40.00 and is performed by a third party that receives the entire $40.00. We make no money off the application fee.
I have previously used a first come, first serve policy. If someone puts in an application I tell any other interested potential tenants that there is currently an application in and won’t accept their application or fee until the result comes back (depending on the cooperativeness of the previous landlord and employers this could take 1-4 days). If the current application comes back good it will go to the first applicant, if not, then the next party to give me a completed application and fee will get their application run. This method means potential tenants won’t lose out on the $40.00.
Since the house has be for rent there have been two times when a tenant was approved, scheduled a lease signing, and then backed out the day they were supposed to sign. I would have liked to get a deposit on the house from either tenant, but they were not willing. This has eaten up a couple of weeks of on-the-market time and I want to move on to a different policy.
I think it should move to a best approved application gets the house. So if tenant A puts in an application on Monday and tenant B puts one in on Tuesday. I would wait till both came back and choose the best one. I would inform the potential tenants of this before hand; that they might be the first to put in an application but could lose out to a more qualified tenant. This would also be an incentive for an interested tenant to put down a holding deposit.
What do you think of my proposed policy? Would you as a potential tenant prefer something else? Have you run into different policies?