Open House / Rental Application Questions

[Troy D.]

I'm getting close to having my first open house and had a few questions around Rental Applications and Deposit to hold.

Do you make each adult fill out an application? How much do you charge for a rental application? Do you charge per adult? Do you accept personal checks for the rental application fee? Do you give a receipt for each rental application fee?

If you have multiple people show up for an open house do you accept a holding deposit from more than one prospect at the open house? Do you accept the holding deposit during the open house even before you have processed the rental application or do you wait to process the application and only ask for a deposit to hold after they have passed your background screening?  How much do you take for a holding deposit?  Do you accept a personal check for the holding deposit?  Do you give a separate receipt for the deposit to hold or do you combine the receipt with the application fee and just itemize both the rental application fees and the deposit to hold?  

[Brie Schmidt]

Originally posted by @Troy D.:

I'm getting close to having my first open house and had a few questions around Rental Applications and Deposit to hold.

Do you make each adult fill out an application? How much do you charge for a rental application? Do you charge per adult? Do you accept personal checks for the rental application fee? Do you give a receipt for each rental application fee?

If you have multiple people show up for an open house do you accept a holding deposit from more than one prospect at the open house? Do you accept the holding deposit during the open house even before you have processed the rental application or do you wait to process the application and only ask for a deposit to hold after they have passed your background screening?  How much do you take for a holding deposit?  Do you accept a personal check for the holding deposit?  Do you give a separate receipt for the deposit to hold or do you combine the receipt with the application fee and just itemize both the rental application fees and the deposit to hold?  

Every person over 18 must apply - I do a two step process.  The initial application is free and that includes employment, income, landlord info.  Once I review the application and determine they qualify so far I have them complete a credit/background check through my smart move which charges them $35 (they pay them).   I find this gives me the most applications to choose from and have my pick of tenants.

When I do open houses I guide all prospective tenants to complete the free application online by a set day/time - I don't touch their money till I have approved them through both steps and they have signed a lease.  

If you have people fighting over your unit and want to rush to put down a deposit - your rent is too low