Sorry rental prospects, the process does not STOP just because you have submitted your applications.
Thanks for this valuable insight Wallace! As a Broker with 20 agents servicing rental property owners in Marin County and the San Francisco Bay Area , I encounter this issue every so often. I find that setting expectations and communicating the details of the rental process properly helps avoid misunderstandings and saves everyone from unnecessary headaches.
One of the BIGGEST mistakes landlords make is to think that the renting process stops when they have prospect applications. Professional landlords and property managers KNOW that the process is ongoing until the BEST applicants submit their SIGNED lease and their move-in monies are CASHED.
Many landlords attempt to get "tricky" with application and "holding fee" which most states view as a part of the security deposit * and therefore REFUNDABLE * unless there is a separate agreement to the contrary. Rather than add this EXTRA step, pros just provide their lease and ask for the prospects' signature. Rental prospects who want "their attorney" to review the paperwork or who want to take time to review the paperwork are often disappointed to get the phone call or e-mail that the property has been LEASED. They were not told that the process had NOT stopped and that the property was continuing to be shown and applications accepted.
I try to explain as early in the process as possible that the sooner the lease is SIGNED the sooner the property is considered RENTED.Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
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