Hello Everyone,
I just got an idea on collecting larger amounts of application fees... and making it easier.
Several times prospective tenants ask if there is an app fee, and I often waive the charge, in hopes to get more appicants to choose from. I have found that requiring a large fee upfront will sometimes cause an otherwise good tenant to not want to even show up.
When a tenant views a property, I tell them that there is a $20 application fee, to be collected when the lease is signed. This way I still get a fee charged, and I don't scare them away in the beginning.
Different areas do different things, so I would be curious as to how others charged, and how much.
Jeff Lund
Five Star Real Estate
Investment Property Specialist
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