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Landlord Newsletter - Halloween 2013 |
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Dear Fellow Landlord,
I hope this newsletter finds you and yours well! This year as Halloween approaches, I'm reminded it comes with the anniversary of Hurricane Sandy. Besides the property damage so many of us endured, many families including ours experienced serious injuries, both mentally, physically and financially. I'm so thankful that my daughter has fully recovered from the events of last year and is now doing better than ever! She's also a big help in the LPA office! What can be better than that? In this newsletter:
Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month and an even more successful year ahead. 5 Secret Facts Tenant Screening
In order to secure a good tenant for your rental, it is critical that we practice proper tenant screening, but it is also important to understand some of the Secret Facts of Tenant Screening. What Are "5 Secret Facts of Tenant Screening?"Fact # 1:You are screening ALL the time!Most people think that tenant screening is a quick little investigation starting with a rental application and ending with an approved credit check. Not true! A full screening begins at the point of First Contact when the tenant first responds to your rental ad. It continues through the showing process, the application process, the verification process and the review process all the way through to the very end of the lease signing process. At any time during this entire period, a landlord may find a reason to disqualify a prospect. Fact # 2: All tenants feel they deserve as much as they can get from you. That doesn't make them a bad person. It's just business and understandable, so always keep that in mind and try to remember that in order to have a happy tenant who stays and respects you and your property, you must provide them with a quality rental they are happy to keep paying for each month. A good deal. Oh, and because you're a good person, try to keep your charitable instincts under control. (As much as possible. Remember, this is business.) Fact # 3: You can count on predictable responses during the screening process. I usually try to get prospective tenants to show their "true colors" as early as possible. This is an enlightening and time saving practice, whether it is positive or negative. Fact # 4: There are 3 factors in every rental negotiation .... Click here for the full article
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WITH A NEW 5 Year LPA Membership or 5 year renewalWhat The LPA says you should do and shouldn't do:
The Landlord Protection Agency® presents John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY.
John Reno also does Mortgage Loan Modifications (Nationwide).
(Mention The LPA for a 10% discount!)
Dear Mr. Reno:
What is the time frame for landlords presenting a rent increase on lease renewals? The complex I operate requires tenants to give a 60-day notice to vacate. Do I need to give them the amount of rent increase prior to them having their option of giving a 60-day notice? Renters are complaining that I am not giving them a rent increase notice prior to them having the option of they giving a 60-day notice. A property owner told me that landlords must give rent increase notices prior to the renters option to give a 60-day notice and if I don't the renter has the right to give their notice even though the notice to vacate has expired being it is passed the time frame to give a 60-day notice. Renters are also complaining of rent increases with all renewals. I thought a property owner can raise rent anytime they wish on every lease renewal. Our rent increases are between $35.00 to $60.00 per month on lease renewals. Our complex is located in Colorado.
Thank you,
Sharon, Colorado
A: You absolutely should increase the rent at every lease renewal, at least a little. But common sense tells you if they have to decide 60 days prior to the expiration of the lease as to whether or not to renew, shouldn't they know about the new rent? Otherwise, it's just dirty pool. You may legally only need 30- but don't play games.
If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
Submit a landlord / tenant question for Mr. Reno
Please try to keep your questions as short and to the point as possible.
Karma.
I believe the what goes around comes around. Sooner or later.
This was proven last week when the news came out that a former deadbeat of ours from many years ago (who was a mean, bad 51 yr old trouble maker) was shot and killed by his 78 year old landlord in a wheelchair.
Even though the press seems to be ignoring that the tenant has an arrest record a mile long, for all kinds of domestic abuse, fraud and other criminal charges, while the landlord has not been in any trouble, I'm confident, the investigation will reveal there was more to the story.. "East Naples landlord accused of murder"
I feel this way because I personally tried to deal with this guy and had to evict him. He got in before we stepped in to manage the property, otherwise he'd have never passed any kind of screening process.
Pacific Heights on DVD. Starring Michael Keaton, Matthew Modine and Melanie Griffith
This Landlord Nightmare is a must see for anyone thinking about becoming a landlord. Michael Keaton shows you what a tenant can do to easily turn your life upside down. See the movie and learn to avoid nightmare tenants!
Have you ever been beaten by a tenant on the rent?
Most of us have and unfortunately, it is one of the costs of doing business as a landlord.
On the bright side, remedies are available. If you have documented your tenancy with the proper paperwork including a rental application, lease agreement, late notices, etc., you may have a chance of collecting.
Credit bureau reporting is an option in which many modern landlords are beginning to participate....
Click here for the full article
"Everything in your life gets better when you get better, and nothing is ever going to get better until you get better." - Larry Winget
"Be kind, for everyone you meet is fighting a hard battle." Plato
"How much did your last tenant problem cost you?" - John Nuzzolese
"The only thing worse than having a rental house not rented is having it not rented to a good tenant." - John Nuzzolese
How to Check your LPA Membership Expiration Date:
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If you haven't already, please take the opportunity to sign up for The LPA's Quick Check Credit Reports! Quick Check is a simple, fast way to access online credit reports while saving you money!
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Why do experienced landlords who know how to screen tenants still get bad ones?
They understand the rental housing industry, have a system of tenant screening, have a good rental application, have access to get credit reports, charge screening fees, and more, but for some reason still find themselves in eviction court! Why?
examine your findings. The LPA Tenant-Finder Prospect Qualifying Chart will help you determine a more accurate score for each applicant.
Tenant-Finder™ Prospect Qualifying Chart