Issues w/ Getting Information Back/not following directions

[Melissa Kessler]

Hi,

I have potential tenants that I sent the application to for signature and deposit - they sent it back with no signature and no deposit and did not include pertinant information on the app - I had to go back and forth.  I finally got the app back but with no deposit.  Since they are so well qualified (credit/income), I went ahead and send the lease to be signed, request for security deposit and the first month's pro-rated rent (they are leaving the country in 10 days).

I received communication back that they will not send the 1st months rent until I sign the lease - it has been back and forth for weeks now.  I have NEVER had this issue before.

My usual process:  

1.  Obtain Application, once approved request sec. dep.

2.  Send lease for signatures and request 1st month pro-rated rent.

3.  I receive back, sign and send copies back to tenants.

Does this seem like a good process?  I have never had an issue.

Should I move on - is this a sign of things to come?

[Nathan Gesner]

Yes, you should move on. As Bruce stated, you have given up control of the situation. They've dragged this out "for weeks" and could walk away at any moment, resulting in a month of lost rent or more because you let them play games with you.

I have a process and I make my team stick to it. There may always be exceptions to the rule, but they are few, far between, and minimal deviations. Here's what I do, every time:

1. Applicant is notified of approval and sent written instructions for every step through move-in.
2. Applicant is sent a Holding Deposit Agreement and requirement to pay the Holding Deposit (not a Security Deposit) within 24 hour. If they pay, I send them the lease for signature. If they don't pay, I continue marketing the rental or offer it to the next qualified Applicant.
3. The Holding Agreement states the Holding Deposit is non-refundable. If they fail to sign the lease and start renting on the agreed date, the Holding Deposit is forfeited, I put the rental back on the market, and move on. If they sign the lease and start renting on the agreed date, then the Holding Deposit converts to the Security Deposit and we move on.