Choosing between applicants

[David Hilleke]

Hello all!

First rental hit the market 3 days ago and I've been swamped with interest; it's a great problem to have but now I've got questions.

First question is in regards to adverse action letters. Since their credit was pulled, do I have to send letters to everyone who applied but didn't get chosen? It's one thing to deny your only applicant because of something on a report, but in this case, I'm choosing the most qualified applicant over a multitude of others.

Do I start processing applications in order as soon as they come in and stop when I find one that is a good match for the property or take them all through?

Finally, a scenario. Several potential tenants say they're very interested and would like to apply. You've verified almost everything from a different applicant's report and will likely be choosing that other person, barring anything crazy. Do you ever tell the other people to save their money or to CYA, just let them apply? I feel like I answered my own question just now but I'd like to know what folks think. 

[Colleen F.]

What is you process? I accept paper applications and wont charge or run credit if the paper ap is deficient or unqualified. I charge when I run credit. When i offer the unit they have 24 to 48 hours to reply and accept then x hours for signed leases and deposit. Keep qualified applicants in the pipeline in the meantime. People are flakey.