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

[Steve Rozenberg]

First thing I would do is set your qualifications of what you will and will not accept as a landlord. Set those qualifications and do not deviate from them. Have them stapled to the application and make sure they all know what you will and will not accept. This is SUPER important because if you change or deviate from this it can be construed as a fair housing or discrimination violation on a person's rights. Not saying  you would intentionally would but you never know what people think.

If you are not sure where to start or what you should or should not know you can PM me and I would be happy to share ours with you. We have a 1% eviction rate with over 750 properties in Houston and Dallas. If anything could be a good starting point for you