Signing leases, how much time do you give?

[Robin C.]

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.]

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."