Timing Receipt of Funds, Lease Signing, & Move-In

[Susan H.]

It's been 3+ years since I welcomed new tenants, and I've forgotten a lot of details! I'm looking for suggested timelines to collect security deposit & fees, sign the lease, and hand over the keys.

I'm looking at a tight turnaround; current tenants will move out July 24; we have appointment early July 25th for key turn-in. I don't want to show the property while they're moving out, as it's hard to appreciate the place with packing boxes and LOTS of stuff in the house. (I'll note these are fabulous tenants who cared for my property as if it were their own. They're buying a home in town and parents gifted them with appliances, furniture, etc--all of which take up a lot of space.) I toured the property last week and don't see anything that will delay renting out again. I'd like to have new tenants in ASAP and will start advertising and pre-screening probably next week.

I understand some landlords have new tenants sign the lease and collect first month's rent plus deposits and fees on move-in day. Call me paranoid, but what happens if you get to move-in day and the tenant doesn't have the money? I can envision a scenario in which I've turned away other applicants and then end up with no tenant.

What's your preferred strategy?