picking the "best" tenant

I have quite a bit of interest in my property.

Is it reasonable to ask all interested parties to complete an application form and then pick the one I feel is "best" from all applications (like a job application sifting process).

Or do I use the "first come, first served" philosophy.

I would like to be fair, but I also want to find the most suitable tenants that will cause the least stress, pay the rent on time, maintain the property etc etc.

Thank you!