All Forum Posts by: Yao Thompson

Talk to my friend 
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Are the units vacant? 

@Yao Thompson Is your anticipated loan amount greater or less than $1MM?

Aloha,

To avoid Fair Housing issues, you should simply process first in, make your decision to accept/deny, then move on to next application. Establish your base criteria for approval, and do not change it.

I am unaware of any timeline for processing a single application, but certainly check your local laws as anything is possible these days. The key is to require applicants to submit a complete application, based on your requirements. Some want to give you additional docs one piece at a time, those get bypassed until you have the complete package. On the other hand, if you determine you need some additional info to further substantiate their situation, I usually give no more than 2 business days for them to provide it before bypassing. Just be sure all communication is in writing, with details and deadlines clearly stated.

If I receive multiple apps, I might deny the first, approve the second, then would refund fees on any remaining that were never processed.

We don't have a required time-line in Virginia.  I define an expectation in my ads to avoid getting hounded with status questions.  We tell prospects that applicants will be processed within 2 business days of the application being complete.  I disagree with @Richard F. on the premise that applications must be processed on a first in basis.  As long as you are making your decision based on what applicant best meets your criteria, and not on any protected class factors, you have every right to choose the candidate that you feel has the best likelihood of meeting your lease terms.  I even do highest and best with rentals, like we do with sales, if I have more than on acceptable applicant.  We just let them know that we have multiple applicants and ask them what is their best offer of rent amount and lease term.  We have gotten as much as $300 more than ask price with this process.

Your risk if sitting on applications is that the good ones will move on to another property and you will lose them.  Only desperate candidates will let the application sit pending a decision for a long time.

@Yao Thompson so are you strictly planning to use your license for your own investments or do you intend to service the public? If the latter and you’re trying to do this from out of state, you will need a team or local boots on the ground. I am licensed in 4 different states and I would not be successful if I didn’t have other agents to call on when I am not available. Happy to chat.

@Yao Thompson  I have more questions than answers I guess. Can you share more about what you had in mind for how you would use your license if you did decide to pursue this? What do you see as the advantage for yourself or the value you might add for a prospective client.  Feel free to send me a direct message if you prefer to share more off line.