Referencing potential tenants before asking for a deposit

Hello all,
I’m considering getting my “final” list of proposed tenants referenced BEFORE I ask them for holding deposits.
Would you recommend this? Or would you recommend getting the preferred tenant to make a deposit and then get them referenced?
Thanks for your suggestions.

One at a time. Get deposit from one tenant, then reference.

Referencing costs money. You take your preferred candidate for referencing based on their ability to meet the referencing criteria and how soon they could move in. Ask them to pay a holding deposit which shows you they are serious and you may also be able to keep the holding deposit if they fail and have wasted your time and cost you money.

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