How long to wait
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How long to wait (by Jo [CT]) Jul 28, 2022 11:54 AM
       How long to wait (by MC [PA]) Jul 28, 2022 12:05 PM
       How long to wait (by Jo [CT]) Jul 28, 2022 12:12 PM
       How long to wait (by Still Learning [NH]) Jul 28, 2022 12:20 PM
       How long to wait (by Jason [VA]) Jul 28, 2022 12:21 PM
       How long to wait (by Small potatoes [NY]) Jul 28, 2022 12:30 PM
       How long to wait (by Robert J [CA]) Jul 28, 2022 12:41 PM
       How long to wait (by WMH [NC]) Jul 28, 2022 12:41 PM
       How long to wait (by Ken [NY]) Jul 28, 2022 3:54 PM
       How long to wait (by BRAD 20,000 [IN]) Jul 28, 2022 4:05 PM
       How long to wait (by BRAD 20,000 [IN]) Jul 28, 2022 4:05 PM
       How long to wait (by BRAD 20,000 [IN]) Jul 28, 2022 4:06 PM
       How long to wait (by BRAD 20,000 [IN]) Jul 28, 2022 4:06 PM
       How long to wait (by MikeA [TX]) Jul 28, 2022 7:29 PM
       How long to wait (by Ed [CA]) Jul 28, 2022 8:30 PM
       How long to wait (by Jo [CT]) Jul 28, 2022 9:52 PM
       How long to wait (by Vee [OH]) Jul 29, 2022 7:41 AM
       How long to wait (by jonny [NY]) Jul 29, 2022 8:30 AM
       How long to wait (by TenantWhisperer [MA]) Jul 29, 2022 12:36 PM
       How long to wait (by LisaFL [FL]) Jul 30, 2022 6:59 PM
       How long to wait (by RentsDue [MA]) Aug 1, 2022 7:56 PM

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How long to wait (by Jo [CT]) Posted on: Jul 28, 2022 11:54 AM
Message:

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?

--174.192.xx.xx




How long to wait (by MC [PA]) Posted on: Jul 28, 2022 12:05 PM
Message:

I usually give them about 4 days. No money, keep showing it. I would also tell them a specific date that you need funds by-in your case, I would make Wednesday a drop dead date. But you know your market so.. But I would keep showing and maybe take apps-with a refundable fee. When are you looking for the move in date? How has the response been? --73.230.xxx.xx




How long to wait (by Jo [CT]) Posted on: Jul 28, 2022 12:12 PM
Message:

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.

It was my own fault for not having a specific day. She will be moving in in about two weeks but I told her that the security deposit or what I called “holding fee“ needed to be sent to me right away. I will need to be a bit more assertive in the future --174.192.xx.xx




How long to wait (by Still Learning [NH]) Posted on: Jul 28, 2022 12:20 PM
Message:

If approved, I want a lease signed and security deposit collected in 24-48 hours unless that doesn’t fit my schedule. Our market is so tight tenants want to know they got the apartment and can stop looking and applying so it works for both sides. If someone is coming from out of town for a new job I might allow for an extra day or 2 for the money to arrive. --75.67.xxx.xxx




How long to wait (by Jason [VA]) Posted on: Jul 28, 2022 12:21 PM
Message:

Holding fee within 24 hours or I’m on to the next. I don’t deal with vague anything. --172.58.xxx.xxx




How long to wait (by Small potatoes [NY]) Posted on: Jul 28, 2022 12:30 PM
Message:

I don't wait, if I tell someone they are approved they need to provide the security deposit. only then do I take the listing down. if they need to wait for a paycheck to clear before they can provide 1st month's rent I'll work w that. I don't mingle w prospects that don't have these funds anymore. --172.58.xxx.xx




How long to wait (by Robert J [CA]) Posted on: Jul 28, 2022 12:41 PM
Message:

I will not HOLD a rental. I expect my candidates to sign the lease and provide all of the move-in funds. Or I will keep on showing the rental until I get the right applicant ready to commit. --47.156.xx.xx




How long to wait (by WMH [NC]) Posted on: Jul 28, 2022 12:41 PM
Message:

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.

Since we do it all electronically no one seems to notice that part. --216.12.xxx.xxx




How long to wait (by Ken [NY]) Posted on: Jul 28, 2022 3:54 PM
Message:

I keep showing till someone hands me money,even if they are approved and someone else gets approved, first to hand me the money gets it --74.77.xx.xx




How long to wait (by BRAD 20,000 [IN]) Posted on: Jul 28, 2022 4:05 PM
Message:

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.

BRAD --73.103.xxx.xxx




How long to wait (by BRAD 20,000 [IN]) Posted on: Jul 28, 2022 4:05 PM
Message:

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.

BRAD --73.103.xxx.xxx




How long to wait (by BRAD 20,000 [IN]) Posted on: Jul 28, 2022 4:06 PM
Message:

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.

BRAD --73.103.xxx.xxx




How long to wait (by BRAD 20,000 [IN]) Posted on: Jul 28, 2022 4:06 PM
Message:

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.

BRAD --73.103.xxx.xxx




How long to wait (by MikeA [TX]) Posted on: Jul 28, 2022 7:29 PM
Message:

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.

Once I notify a candidate that they are approved I give them 24 hours to give me the "holding fee" which turns into the security deposit. They then have 3 days to get first month rent and sign the lease. I used to hold it up to 1 weeks but in this market I don't need to, there are plenty of good applicants out there. I continue to show it and collect apps as a backup. --209.205.xxx.xx




How long to wait (by Ed [CA]) Posted on: Jul 28, 2022 8:30 PM
Message:

If they want me to hold the property for them, they need to pay a holding deposit. If you're not getting a holding deposit, you're asking to be played with. --108.201.xx.xx




How long to wait (by Jo [CT]) Posted on: Jul 28, 2022 9:52 PM
Message:

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.

--68.191.xx.xxx




How long to wait (by Vee [OH]) Posted on: Jul 29, 2022 7:41 AM
Message:

The wording is -holding fee- if you accidently use deposit in this document a court will likely force you to refund it when the situation goes south. --76.190.xxx.xxx




How long to wait (by jonny [NY]) Posted on: Jul 29, 2022 8:30 AM
Message:

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.

I keep showing until the FEE is paid or the total amount of money for move in is paid. No exceptions. --68.9.xx.xx




How long to wait (by TenantWhisperer [MA]) Posted on: Jul 29, 2022 12:36 PM
Message:

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.

--71.233.xx.xxx




How long to wait (by LisaFL [FL]) Posted on: Jul 30, 2022 6:59 PM
Message:

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

I have had it happen multiple times where they came back a few days later and decided they wanted it and oops, too late somebody more ready to make a decision had already gotten it. --75.89.xxx.xxx




How long to wait (by RentsDue [MA]) Posted on: Aug 1, 2022 7:56 PM
Message:

I NEVER hold an apartment. It’s not rented until I have an approved applicant who has paid move in money and a signed lease. I make that very clear to applicants. There is no advantage to the LL. --68.191.xx.xx



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