Choosing between two potential tenants - Landlord Forum thread 345114

Choosing between two potential tenants by Anon on May 23, 2016 @09:31

I have an upper duplex that I want to rent for June 1st and I have two applications that have passed my qualifications. One of them seems like a perfect fit with the lower tenants (both are married couples with 6 year old daughters) but they want me to hold the place so they can move July 1st. The other is a grandmother who babysits her grandkids a lot (so I worry a little about noise) but she wants to move June 1st. Would you wait for the better fit and nicer seeming couple or get the grandmother in for June 1st? I worry that the couple might find something else before July 1st and I might lose out a month of rent anyway.

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Re: Choosing between two potential tenants by Garry (Iowa) on May 23, 2016 @12:31	[ Reply ]

What I would do, is to negotiate (if possible) with the one who wants to move in July 1. Tell them you have an equally qualified prospect ready to move in June 1. If they really want the place, you could ask that they pay rent starting June 15. That way you lose 2 weeks of rent, and they pay for only 2 weeks in June. You split the difference with them. The way to "sell" that point, is tell them they can now take their time (2 weeks) to gradually move from their current place, and they don't have to move out of their place in just 1 day, and still have to clean it, too. And if they balk at the 2 weeks, would you be willing to accept just 1 weeks worth of rent, there-by you losing 3 weeks rent? If they will go along with your proposal, sign the lease this week, and get their deposit money now. The rent for June would not be due til June 15 or 22. And they would not get keys til the rent is paid. If all negotiations fail, then its up to you to decide who is a good fit, and how much rent you want gain or lose.

Re: Choosing between two potential tenants by Gary (California) on May 23, 2016 @12:44	[ Reply ]

I would suggest you ask some holding fee for waiting them till July 01st, if you are worrying about they may find another place. Sign a short "contract" stating that if they fail to end up with renting your property the holding fee will not be refunded. You may ask for half of the monthly rent for this holding fee, it will somehow bind them to stay with you. I did this once for charging them holding fee $500 for 6 days. Hope this helps

Re: Choosing between two potential tenants by Magic Mike on May 23, 2016 @14:35	[ Reply ]

I'd take grandma. She's ready to move in. That's the tie breaker. Timing is everything.

Re: Choosing between two potential tenants by Anonymous on May 23, 2016 @22:23	[ Reply ]

There must be more to their qualifications than "seems like a perfect fit" and "babysitting grandmother". How will the grandma pay the rent? Does she make 3X the rent monthly rent in income? What are their FICO scores? Are they both over 700? The best idea is to offer the couple to pay a non-refundable holding fee for 1/2 of Junes rent, as the other poster mentioned. If they balk at that they weren't serious anyway.