What is generally acceptable to charge a prospective tenant for a rental application?￼ Do you charge all applicants a fee or only the applicants that by reviewing the application you decide to do a more in-depth research ( Credit, Employment etc )?
I’m newer to management of multiple properties and I get many applications and not sure reasonable charge and whom to charge application fee to ?
Thank YOU for taking the time to read this and to the ones who offer advice :)
I will review all of the applications and select the best match based on predisclosed criteria. Then process one by one so you are not charging people if they are not first in line. I use transunion mysmartmove to screen. The system charges the tenant directly so you never have to deal with a check. I set it up and a link is emailed to them. After they pay for it I get the report emailed right to me. This has worked very well and I have not had any complaints. Companies that charge every applicant are stealing in my opinion, 'Processing fees' my arse ;)