Rental application process

[Eric Lee]

Hi everyone,

I'm closing in on becoming a first time landlord!  I was wondering what process others follow for processing tenant applications?  If I plan to have an open house to allow multiple potential tenants to see the property, in the event that I get multiple applications, what is the best/most fair way to work through the applications?

Would you collect an application fee for each applicant, run all the reports, and select the most qualified tenant?  If so, would you return application fees for the other applicants?

Or would you process the applications on a first come first serve basis and take the first tenant who passes the approval process?  Again in this case, would you return any application fees?

Appreciate any advice you can offer.

Thanks,

Eric