Signing leases, how much time do you give?

Question

How much time do you give a potential new tenant to sign a new lease?  24hrs? The person filled out an application and is very interested in the house. It’s been 24hrs since I sent them the lease to sign.

Wesley W. · Answer

I collect one month's rent as a non-refundable binder fee.  This is the prospect's skin in the game.  Once a prospect has been selected, they have 24 hours to pay the binder fee.  After my due diligence, They are given 24 hours to sign the lease and pay the balance of their move-in fees.  All of these pre-possession payments must be in cash.  With each step I give the following disclaimer:  "After 24 hours, we reserve the right to offer this unit to another qualified applicant."

JD Martin · Answer

48 hours to sign & make payment directly to our business banking, or through a platform for out of towners. Beyond that we open the process up to the next applicant. Deposit & first month & any pet deposits due on signing. Renters are notorious for putting a property in their pocket while they look for something "better", usually meaning cheaper. If they find something else before they pay you, they just move on regardless of whether they've signed a lease.

Marci Stein · Answer

I would respectfully let them know you expect it back by 5 PM the next day . if they are not time conscious with the lease, they will probably often be late with the rent

Ricardo R. · Answer

Hey Robin,

Good question — this one comes up a lot. For me, 24 hours is the “soft window,” not the hard rule. If a tenant’s solid and they’ve already gone through screening, I’ll usually give them 48 hours max to sign and pay the deposit before I start showing again.

Here’s why: people get busy, they second-guess, and sometimes they’re waiting on paycheck timing or spouse input. But real tenants who are serious don’t need a week — if they want the place, they’ll jump on it.

If it’s been 24 hours and they haven’t signed, I’d send a polite follow-up like:

That usually gets a quick yes/no. If no response by the 48-hour mark, move on — don’t let your vacancy drag because someone’s indecisive; Robin I really hot this helps you a bit, I sent you a DM on BP... it's one of the reasons I do this, I hope you can assist. Thank you.

David Peschio · Answer

48 hours but we do not remove from marketing until we have a signed lease and all fees paid.  If they do not sign we move on to the next application.  They always have the ability to circle back and sign after the 48 hours as long as we have not sent out another lease.

Adam Bartomeo · Answer

We give them as much time as they want but we follow up with them daily unless they state otherwise. We do not stop marketing the property. If another application comes in we let them know that they have 24 hrs or we will move on to the next application.

Patrick O'Sullivan · Answer

@Robin C. I usually give 48 hours as a reasonable window to sign the lease and pay the deposit. That gives them enough time to ask questions or coordinate funds, but still keeps things moving. If there’s no communication after that, I take it as a sign they’re not serious and move on to the next qualified applicant. It’s all about minimizing vacancy and protecting your time. You’re doing the right thing by staying on top of it!

Theresa Harris · Answer

Did you give them a time limit?  I'd ask for 48 hours and get the non-refundable deposit with the signed lease.  The deposit will become the security deposit once they move in, but if they don't move in, then you keep it.

Ricardo R. · Answer

@Robin C. you’re so welcome, I hope it helps you a bit.

Robin C. · Answer

@Ricardo R.

Thank you!!!

Signing leases, how much time do you give?

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