How to manage a large number of applicants?

[Andrew Korver]

New landlord question. Just listed my first SFR "rental by owner". I have prepared the home to show well and listed it near the top of the market rate range.

Within 24 hours, I have 10+ interested parties.  While this is a good problem to have, I am unfamiliar on how to manage the large number of interested applicants.  

What is the norm for you folks managing your own properties?  Do you schedule a walk-through with each party and narrow down your field based on your first impressions, or do you pick a handful in an effort to reduce the time needed to show the home?

Do you have applicants complete an application and background check prior to viewing the home to eliminate any potential "bad apples"?

Thank you in advance for your help.  If there are any threads that could provide a walk-through, I would be an eager learner.