It's raining qualified applicants! What to do!? lol

[Jack B.]

I was worried I wouldn't find a replacement tenant this time of year since I know it's harder this time of year. The rent zestimate on zillow seemed inaccurate at $2,200, my own comps brought it to $2,800. Sure enough, within a month I've had 6 applicants!! But now I need help choosing as they are all well qualified!! First world problems!!! lol.

With all of these applicants, criminal, credit and landlord references have come back clean/excellent.

Applicant 1: First to apply, 3 room mates from out of state. Holding deposit in place, though they have never seen the unit in person and want to view in person in a week when here visiting. They did sign a lease but nothing other than holding deposit yet as money is tight for them due to the move. I get along just fine with the ring leader, he is very polite and appreciative.

Applicant 2: 3 room mates, local (other than one moving from out of state), one ivy league educated. One of the room mates did mention during the tour that she did but heads with the landlord sometimes because he hired landscapers to tear up their garden/didn't allow gardening, etc. It took them a week to get their application in though....

Applicant 3: 5 room mates, local, one is getting on her feet, OK credit but 63% late payments, some life issues. While the other 4 tenants would cover money if there was an issue, I'm a bit hesitant as I don't know what drama she has in her life. She has not been on a lease in over a year she said. Living with friends here and there.

Applicant 4: suspicious and issues already...supposed to be 5 adults 2 kids...only 4 applied...the daughters boyfriend the parents told me about living with them is suspiciously missing as an applicant. Also I've already had issues with these peoples inability to follow instructions. The daughter tried to threaten me with police because her idiot parents misread my email wrong to send the application to...then she tried to change her story when I explained things to her and her excuses with apologies made no sense. Already starting out a trouble tenant.

Applicants 5 and 6 I won't get into as they are more of the same as number 4.

Yes I get I took a holding deposit from applicant group 1 but it is refundable to them if I back out but not if they do. I worry about them backing out after a tour, but doubt it. I have a lot of interest. And they already signed a lease but have not paid the rest of the money (first, last months rent).

So how to play this?

[Joe Splitrock]

I have been in this business a lot of years and have read thousands of posts from landlords on how their processes work. Most landlords stop advertising a property after they receive a holding deposit. The entire purpose of a holding agreement is to hold the property for the applicant until they fulfill lease obligations. 

You went on the attack claiming you stated the did NOT sign a lease. I think the confusion came from your original post where you said, "They did sign a lease but nothing other than holding deposit yet as money is tight for them due to the move." Please reread your own post. It was probably a wording mistake, but how do others know that?

Keeping the other applicants on the hook as a backup plan is unprofessional. They are looking for a home to rent. Let them know as soon as possible that the property is not available, so they can continue their search. Applicants will accept rejection if it happens fast, but if you string them along, they will get mad.

It seems you regret approving the first applicant, but that was your decision. If you needed more money to hold the property, the holding agreement should have stated what you needed and what date you needed it by. 

My advice is move ahead with applicant 1 and notify others they were not selected. From what you described applicant 2 is the only other decent applicant. I am not sure what your definition of raining is, but two qualified applicants is not "rain" in my opinion, haha. Best practice is to accept the first qualified applicant anyway.