Screening Tenants - Waiting to Accept/Deny

[Nick Peraino]

Hey everyone,

I'm renting my first property and have been studying Brandon's book on rental management. I have most of my paperwork and process in place.

My question: 

Is it okay to collect and run applications, and then wait on accepting or denying until I feel I have the best prospect?  How do you all handle this?  I am expecting those that apply to be following up shortly thereafter to get an answer.  Would like to know the best ethics as well as responding to these followup inquiries. 

Thanks!