Too Long from first point of Contact until Lease Signing?

[Ted Klein]

How long do you average from the first point of contact until you have a signed lease? We are currently interviewing for leasing one of our units and I am wanting to know what most people are averaging.

We have had several inquiries and after pre-approval invited a few to a group showing. Out of the bunch, we had one couple who was really interested and they filled out an application. The credit history, background check, salary verification, references and eviction history all came back good so we approved them.

We had a couple of small items we wanted to finish before signing the lease and turning over the apartment, so we agreed to meet at the apartment two days after the approval to sign the lease and collect their deposit and rent money for the first and last month.

Anyhow, tonight they sent an email indicating that they had changed their mind and would not be renting the apartment.

Looking back at my email history, from our first point of contact until the cancelled, it has been 6 days. They were going to sign the lease on the 7th day after we first began communication.

Is that too long of a period? Should I have made it a point to meet with them and collect a deposit to hold it until the lease was signed? If so, how would this have been handled or was I correct in just waiting until lease signing?

[JR T.]

I wouldn't screen anyone for a showing based on Fair Housing concerns. Everyone has the right to look and reply. 

Once paid to do a screening you should really have it done within a day and have a firm date from tenant for payment of the deposit. It never hurts to collect a deposit at the time of application - always ask, some will be willing. If they don't meet your requirements it's very easy to give the money back. Remember you collect only cash and pay all refunds via check.