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Updated about 8 years ago on . Most recent reply

User Stats

72
Posts
24
Votes
Derek Caffe
  • Real Estate Broker
  • Austell, GA
24
Votes |
72
Posts

Priority of Tenant Applicantions

Derek Caffe
  • Real Estate Broker
  • Austell, GA
Posted

I have an apartment unit for rent. I keep marketing the property and accepting applications until someone completes the entire application process.

The first couple who applied with us this past Friday has paid their application fee, had background check ran, and submitted ID, but still hasn't provided two months past pay stubs because they recently moved from out of state.

Now another couple views the property today and completes the entire application process outside of signing the actual lease and paying the first month and security deposit.

My thinking is I'll take all applications until the first qualified tenant completes the entire application process. I feel it's understood that paying the application fee and submitting documentation doesn't stop the marketing process until you have a complete application. Therefore, no warning is necessary to other applicants until someone completes the process and the property is no longer on the market.

My wife thinks this is wrong and that I should give the other applicants who started the process first a warning. I don't think it's warranted and that it's implied that the property management will keep taking applications until the first qualified tenant finishes.

What are your thoughts and experiences?

Most Popular Reply

User Stats

1,309
Posts
2,051
Votes
Matthew Olszak
  • Real Estate Broker
  • Chicago, IL
2,051
Votes |
1,309
Posts
Matthew Olszak
  • Real Estate Broker
  • Chicago, IL
Replied

@Derek Caffe You are right. So many tenants straight lie and submit an app thinking that they'll look honest enough that we won't check their backgrounds/evictions/credit/income. Others will submit 10 apps across the board then go with their best option and ignore the rest without the courtesy of saying they found another place.

Don't take it off the market until its rented with first month's rent, security deposit, and signed lease in hand. If any of those things are missing, its not a deal yet. My very first strong applicant - I called and called and called and was ignored, wasted 5 days trying to be nice. If they want it, they'll get the required items in asap and respond asap. On my last rental I was taking apps 15 mins before my signed lease/first months rent/deposit walked back in.

Just be sure to deal on a first-in-first-out basis with applications in case you have multiple people approved. Everyone gets processed in that order, everyone gets approved in that order, and everyone has a chance to immediately turn in their required items in that order.

  • Matthew Olszak
  • [email protected]
  • 847-447-6824
  • Loading replies...