How long do you all wait before you collect move-in funds once someone is approved for your rental? I have two women that I liked and were approved and one of them said she would have the funds at the end of this week or early next week. To me that’s pretty vague.

She was approved yesterday which was Wednesday, so I would prefer a specific day rather than what she said.

You know how in the end sometimes they change their mind so I will keep doing showings and collecting applications and I’m thinking of having a specific time limit say two or three days after approval that I get all move-in funds. What have you found that works best for you?

We did settle on Wednesday. In the beginning I did not give her a specific time but from now on I will definitely do that. The response has been overwhelming as so many students are coming back and need rooms. I will definitely keep showing the apartment and collecting applications and if she falls through I’ll just move onto the next.

Security Deposit is due with lease signing. If they need a few days I put a drop dead date in the lease: "If SD is not received in full by xx/xx/xxxx this lease is null and void."

I do not sign the lease until the SD is paid either.

Jo,

As LLs We get what we allow.

A policy that has worked well for me for 45 years "it ain't rented till it's rented".

Just using the word wait Gives me a hint that you are not direct with your prospect. You might be subtly Or subconsciously giving them clues that this is not urgent or important.

We tell them the house stays on the open market until the lease is signed and they move in funds are paid. Any delays risks losing the house. Notice the posture I am taking from the start?

Rent starts the day we take it off the market.

We do not hold houses. They must pay something to make the lease valid. Maybe $100 on Thursday and the rest on Friday when they get paid.

One reason is to get them to commit. Commitment comes from the hip, as in the wallet. I have signed a lease on a Wednesday with $20, and a payment plan in writing saying they will pay the rest on Friday.

People don't have money these days. We have to work from payday to payday.

I tell them if they will pay the deposit we will take the house off the market but the rest has to be paid this coming Friday.

Not being specific is a good indication they are not really going to take the house. Some people want to get the landlord to commit while they continue shopping and then ghost the landlord.

Also keep in mind if they don't have any money right now they have just proven to you they don't have any savings, a little extra money to be used to pay the rent when things get tight. I am very nervous about people who have to wait until payday.

Jo,

As LLs We get what we allow.

A policy that has worked well for me for 45 years "it ain't rented till it's rented".

Just using the word wait Gives me a hint that you are not direct with your prospect. You might be subtly Or subconsciously giving them clues that this is not urgent or important.

We tell them the house stays on the open market until the lease is signed and they move in funds are paid. Any delays risks losing the house. Notice the posture I am taking from the start?

Rent starts the day we take it off the market.

We do not hold houses. They must pay something to make the lease valid. Maybe $100 on Thursday and the rest on Friday when they get paid.

One reason is to get them to commit. Commitment comes from the hip, as in the wallet. I have signed a lease on a Wednesday with $20, and a payment plan in writing saying they will pay the rest on Friday.

People don't have money these days. We have to work from payday to payday.

I tell them if they will pay the deposit we will take the house off the market but the rest has to be paid this coming Friday.

Not being specific is a good indication they are not really going to take the house. Some people want to get the landlord to commit while they continue shopping and then ghost the landlord.

Also keep in mind if they don't have any money right now they have just proven to you they don't have any savings, a little extra money to be used to pay the rent when things get tight. I am very nervous about people who have to wait until payday.

Jo,

PS This person is a perfect candidate for a payday plan rent – weekly rent with a service fee. I am now requiring it for marginal applicants. That way if they fall behind it's only one weeks worth of rent.

Jo,

PS This person is a perfect candidate for a payday plan rent – weekly rent with a service fee. I am now requiring it for marginal applicants. That way if they fall behind it's only one weeks worth of rent.

Candidates that don't have the money naturally want you to hold the property indefinitely for them. They don't understand that every day it's empty is lost income. They intentionally keep it vague to keep their options open.

Thank you all for responding and your great suggestions! My new policy is once you are approved, you have a 24 hour window to pay the “holding fee“ deposit.

No more “oh I’ll get it to you next week“. Yes I admit that has been my fault but no longer! You snooze you lose!

Sometimes there are extenuating circumstances and I can be flexible however, in a market where I have been inundated with students looking for rooms, there is no room for me to wait on people who take four days to give you their pay stubs.

Letting them know upfront what is expected will make it so much easier to vet out anyone that decides to drag their feet, look around and then wait until the last minute.

Holding Fee for me (equivalent to SD)... form they sign with a move in date (the rest of move in money, and all other terms of lease agreement done such as utilities in their names, etc) by a certain date or the apartment is GONE.

When I find applicants I like I "set the hook" as quickly as possible by asking for a NON REFUNDABLE $200 - $500 HOLDING FEE. Tell them it gets applied to the First Months Rent upon lease signing.

"I like you and you like my apartment BUT I have several appointments already scheduled. So, before I cancel those appointments I need to be sure you won't change your mind".

Holding Fee must be in cash or bank check.

It isn’t held for them until the holding fee has been collected in cash.