The LPA Newsletter
September 2007
Dear Fellow Landlord,
Have you ever turned down a bad tenant in the screening process? I hope so. By screening tenants carefully, you can eliminate most of your tenant problems in advance. I believe the screening process continues all the way up until the signing of the lease agreement. That's why I hope you take advantage of the free form download in this newsletter. I've learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property. Screen them out, so you don't have to kick them out!
In this newsletter:
Free Download: Introducing our brand NEW LPA Essential Form,
Credit Reporting Disclosure Notice
Landlord Do's & Don'ts After the Tenant has Moved
Recent Tenant Excuses
Recent Success Quotes
Please e-mail us if you have any questions or would like to add or share any material / information. Have a safe and successful summer.
John Nuzzolese
John@theLPA.com
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Brand New LPA Form
FREE DOWNLOAD
Credit Reporting Disclosure Notice
Good Tenants Want You to Report
One increasingly common question I hear from prospective tenants is, "Do you report our payments to the credit bureau?" Sometimes this question is asked because the tenants are interested in building a good credit rating. Other times, the tenants don't want you to report because they are used to enjoying the benefits of paying the rent late without any derogatory feedback on their credit report.
We have found that when a prospective tenant is warned that the landlord reports positive and negative information affecting the tenant's credit, the rent becomes a priority. We let all applicants know that if they value their good or clean credit, they must make the rent a top priority. We ask the tenant not to sign a lease with us unless he or she is absolutely sure that paying the rent in a timely manner will be no problem. We tell him that we would not want to see him ruin his excellent credit standing and damage his future creditworthiness when it comes to applying for a mortgage or other credit. Once a tenant knows that his own actions will determine what information will go on his permanent record, the importance of paying the rent and honoring the agreement will be seen in a whole new light.
The Credit Reporting Disclosure Notice informs the tenants that you intend to report positive and negative payment history to the credit and tenant reporting bureaus. You are not obligated to report, but you may. The form points out that the tenants' history will be affected by their
rent payment record, cleanliness and upkeep of the rental and the tenants overall performance.
I prefer to discover tenant problems before actually signing the lease, so that's why I show them the Credit Reporting Disclosure Notice when I begin our lease signing session. A quality tenant normally sees it as an opportunity to maintain a great rent record. On the other hand, a slow paying tenant might voice some objections at that point. I learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property!
I hope this form helps you keep your tenants paying on time or early!
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Landlord Do's & Don'ts
After the Tenant has Moved
What The LPA says you should do and shouldn't do:
DO wait until the tenant has moved completely out before returning any deposit money.
DON'T have a "walkthrough" with the tenant before moveout to determine the condition of the rental. Tenants like to do this to reassure themselves that they will get all their security deposit back. Instead of calling it a "walk-through", I like to call it the "AMBUSH" because that's really how it is when you are put on the spot. The tenant is still in possession of the rental and is insisting on getting the full deposit back.
DO Obtain the tenant's forwarding address to send any security refunds or bills.
DON'T allow the tenant to leave without first giving you a forwarding address. We usually obtain this with the Tenant's Notice to Vacate form.
DO Prepare a Security Settlement Statement to send to the tenant as soon as you've assessed the condition of the property and charges against the security deposit.
DON'T wait until the tenant calls you demanding the return of the security deposit before sending your prepared settlement package.
DO be prepared with your Security Settlement Challenge Crusher letter in case the tenant wants to try to pursue the deposit money.
DON'T feel you have to keep explaining the findings to a tenant who doesn't agree with the written settlement.
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Landlord Tip:Collecting Late Fees
by John Nuzzolese
In the past I found it difficult to charge a late fee. The first time I tried to collect one, the tenant refused to pay it. Sometimes tenants will not respect what is in the lease unless you show them that you will stand firm on the agreement. Confrontations as a landlord are inevitable, but make it easier on yourself. Tell the tenants at the lease signing that it imperative that rent be paid on time, and there will be NO exceptions concerning late fees. You will have a lot less trouble enforcing your late charge clause after the tenant has agreed not only in writing at the lease signing, but has also given his word.
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Tenant Excuses
"Why are you always in such a hurry for the rent? Are you having money problems?" I pay my mortgage on time because I don't want to damage my credit or pay late fees. Why don't you pay your bills on time? - Jonathan S., Chicago, IL
"My son is a landlord. I know how long I have to pay the rent." I know how long you have too. Here's your Pay or Quit notice. - Sean H., Babylon, NY
"Didn’t we pay for both first and last month rent when we signed the lease?" Tenant just signed a lease renewal for another year. Did not pay August rent and told me - Todd, CA
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Quotations...
" Confidence in yourself will get you anything, lack there of will get you nowhere."
- Sarah Thurman
"There is no failure. Only feedback." - Robert G. Allen
"I learned that the easiest and cheapest eviction is the one when the tenants never get possession of your property!" - John Nuzzolese
"Fail to prepare; Prepare to fail." -
Anonymous
"How much did your last tenant problem cost you?"
- John Nuzzolese
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Credit Reporting Disclosure to Tenant