Timeline for multiple tenant applicants?

Question

I listed an apartment recently, available 7/15, showings start 7/1. I have received 75 inquiries (and counting) and have 20 showings scheduled between 7/1 and 7/8. I expect to receive multiple applications in that first week. I am unsure of the protocol in this situation. If someone applies and meets my qualifications and screening, can I accept them and cancel any other showings I have scheduled? Or do I need to tell all potential applicants a deadline for applications, then pick the best? Looking for help on making the right call in terms of fairness to these people, while at the same time getting the unit filled quickly. And yes, I realized I may have priced this place too low!

Hubert Kim · Answer

Yes.

Yes, also.

Basically, you may choose your selection process as long as it is consistent and does not discriminate. I don't know if you have priced your rental too low or not, but at least it seems you will fill the vacancy right away. Congrats and good luck!

Account Closed · Answer

I had something similar happen. I actually changed to a open house style showing of the property due to the number of random showings. Seems like you have the same high demand rental.

As far as who to accept that’s up to you.  I do the same as above, first qualified applicant that I accept that pays the deposit gets the unit. I accept applicants up to the point of cash in hand.  I return any money to other applicants that I haven’t run their background check.

And like someone else said is your unit under market rents?  Could probably up your rent go get a balance of inquires versus price point.

Ali Groat · Answer

Thanks very much for all the responses! This helps a lot. I will process applications as I receive them and will not hesitate to select a qualified applicant just because I have more showings scheduled. I will continue to show the unit until I get a deposit in hand.

Michael Noto · Answer

@Ali Groat Some quick thoughts on your situation:

- Make sure to confirm with your appointments the day of that they will still be coming. It is very common for people not to show for appointments especially if they are scheduled in advance. This will keep you from wasting time for people who will no show.

- If you end up getting an application you want to move forward with do not sit on it. Quality tenants have other options and may be also operating on a timeline. A quality tenant is more rare than an apartment. Accept them right away, and explain to them you do not stop showing the apartment until you get a deposit from an approved applicant.  Once you get that deposit you have them hooked in and you can proceed with the rest of the move in process.

- On the flip side, do not stop showing the apartment until you get a deposit from an approved apppicant.

- I wouldn’t do the deadline for applications, you want these people to feel a sense of urgency. If they know they have time to submit an application for your rental they may go down the street in the meantime and find a place they like better.

James Wise · Answer

It's really up to you. Your only duty here is to pick the tenant that gives you the best chance at the highest ROI for your property. How you want to do that is up to you. If you want to wait until everyone applies and make your decision at that time, go for it. If you run into one that meets all your criteria and you think they'll be a good tenant nothing wrong with you collecting their deposit and telling everyone else the property is no longer available. It's your decision. Personally the 1st one that we think is good we just go with as a bird in the hand is worth two in the bush.

Jeff Bridges · Answer

Yes, and while you can cancel showings, don't necessarily deny existing applications right away. The goal is to accept an application and have them put down a holding deposit/security deposit within 24 hours. I tell my applicants the rental remains listed until I accept your application and I receive the deposit. If that first accepted applicant doesn't place a deposit quickly or perhaps later that day, you can move on to the next most qualified applicant instead of starting the entire process over again. This also puts some time pressure on the applicant to make a decision. We've had applicants change their mind and placing a deposit ensures that's not without penalty and you are compensated for potentially having to fill unit at a later time as a result.

Timeline for multiple tenant applicants?

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