Better application just before accepting deposit

[Matt Dixon]

I finished screening a tenant over the weekend and am meeting them in a few hours to get a deposit, which for me de-lists the property and would stop any other screening activities.  I just had a second application come in that is more qualified on paper, but would still need to be vetted.  When I indicated that i had another tenant ahead of them and that the property would likely be unavailable this afternoon they offered to pay higher rent.

It feels like the right thing to do it to keep my appointment with the first applicant.  Curious what others think.

[Nathan Gesner]

I operate on a first-come, first-served basis. Here's my process:

1. Don't start processing the application until everything is received. If there are multiple people applying together, I start screening them when everyone has turned in everything. Not before.

2. Once an application is approved, I offer them the rental. I tell them they have 24 hours to put the full deposit in my hand or I will take the next applicant.

3. If I don't receive the deposit within 24 hours, I take the next approved applicant or I continue marketing the property.

4. If two applications come in at essentially the same time, I will screen them both at the same time and look to see who is the better of the two. This rarely happens.