Today we’re going to try something new. Chances are you have questions when it comes to your real estate investment. I know I did when I first got started (and to be honest, still have questions). I’d like to help answer your questions like the one below about picking the first qualified applicant. You can send your questions on our contact page and I’ll answer them.
Today’s question comes from Kelly on tenant screening. He asked, “Do I really need to pick the first qualified applicant? Or, can I choose the best from a pool of applicants?”
Here’s a common situation when screening tenants: the first person may technically qualify, but there may be someone else who BETTER qualifies that you actually want to rent to. Does it really make sense to go with the first person? Don’t you want to put the BEST person for your rental, not just the FIRST?
I get that line of thinking. Employers select the best candidate from a pool of applicants. They interview the top candidates and then select the best person. Just like rentals, it’s a long term commitment, so why not pick “the best” from a pool of applicants?
Technically you can choose from a pool of applicants. It’s not against the law. However, there are three risks with this selection method.
In this video I dive into the three risks of picking from a pool of applicants (the first one is REALLY big!). I then share how you can be more comfortable with picking the first qualified applicant.
Deciding to choose the first qualified applicant is one part of The S.O.L.I.D. Screening Method. You can download the free training package that explains all 7 steps to finding responsible tenants and all the forms needed to get started. Download The S.O.L.I.D. Screening Method here. It’s free.