Should i accept multiple applications before choosing a tenant??

[Charlie Moore]

Someone told me to accept the first tenant I see fit. I think that is terrible advice lol

What do you guys do?

I currently do ONE OPEN HOUSE, in which anyone can apply, I charge 30.00 an application and then review them all and CHOOSE the best fit tenant to my criteria that is clearly defined

[Patricia Steiner]

I schedule all showings for the same day/time.  For me, it's about business process - being efficient, protecting my time investment (unlike money, time cannot be replenished), and getting it done.  If more than one prospect requests an application, I let them know that there are multiple applicants and when a decision will be made.  If they choose to move ahead and proceed with the application and fee, then that's an informed decision they have made.  The problem with having too many applicants is that you can potentially set yourself up for a claim of discrimination. Even the most bogus of claims is costly; while the claimant has the burden to prove discrimination, the landlord/owner has to respond and refute the evidence, which the court has ruled can be challenged again by the claimant.  

Take the first tenant?  If they meet all your criteria, yes - and then run out and buy a lottery ticket while you're on a roll. Otherwise, hold off for the right one - not for quantity.  That's a waste of your time - and their's.