I am in the middle of finding someone to rent the suite in my basement. I found a couple who posted an ad online and part of the couple came to check it out last night, since the other half lives out of town right now. After he looked at he place, he said he would call me shortly. We told him that there were other people interested too, which happened after we arranged this meeting, and that we'd like an answer soon so we can check out the other 2 people. However, I still haven't heard anything. How long should I wait until I contact them? Or do I need to do anything? I just don't want to give the place away if they want it, but they haven't contacted me yet. I also don't want to wait on these people and lose the other potential renters. This is my first experience with something like this, so I'm clueless. Thougts?

If you liked the couple, contact them now. It's a simple call - "I'm calling to follow up on the rental you viewed yesterday at 123 Main St. We have another offer on the table, but would like to offer it to you since you were the first to view it. Are you still interested?"

That said - Don't put all your eggs in one basket. If you don't want to contact them, then SHOW, SHOW, SHOW.

Show the unit to anyone who contacts you, Do NOT wait for this couple to get back to you. The first person to write you a check who meets your requirements for a tenant gets the unit. If someone who gives you the willies likes the place, you can always stall a day or two under the guise of "credit and background check." The key to renting a unit is SHOW, SHOW, SHOW.

Thank you so much! You were very helpful. The thing that leaves me unable to decide is that the other possible renter I found out about yesterday said that she'd take the place sight unseen. I don't think a statement like that should be completely trusted, but she's an older woman, and this first couple is young. Which is fine, because I'm young too, but I'm conflicted. I just want an answer so I can stop wasting my time.

I'm a landlord. I own a condo in a college town nearly 1000 miles from where I live, so I have a management company. The ironclad rule, and my representative makes this very clear to prospective tenants is the first people with a rental deposit and a successful background check (they put up the money first, then they do the background check which is credit, references, police and in the case of college students co-signers) get the place...no if's and's or buts. Any one else goes on a waiting list.

This is a business and you have to run it like a business. Sometimes you have to be pretty hard nosed. Fortunately in the 26 years I've owned the place I have not had any problem with tenants, but my management company targets the nearby hospital and medical/veterinary school for prospective tenants. This is a unit I bought in the mid- 1980's for my two kids when they went to this university.

Jon

Thanks Jon! You brought up a great point, that this is a business and you are totally right. I would be lying if I said that the income from the property is going to help me a ton. I ended up emailing the girl, just asking if she had seen the video of the place her guy took and what her thoughts were on it. If she doesn't respond tomorrow, I'm showing the place to the next in line. I guess I just felt sorry for them because they are just out of school and having a hard time finding a place to live since there's like 0 occupancy here. But like you said, it's a buisness.