Landlord Newsletter January 2010

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.
John Nuzzolese
John@theLPA.com

Notes from a fellow landlord:
Renting to Relatives can be a Nightmare

How to Screen Tenants in 5 Easy Steps

I always say that "95% of your tenant problems can be eliminated in the screening process." If you're like me, you probably find it difficult to relax when you have vacancies. So getting it rented is the main idea, right? Well, from now on, lets say "getting it rented to a properly qualified tenant is the main idea."

Below is what I call The 5 Steps of Screening Tenants.

STEP 1: First Contact

From the very first contact with the tenant, the screening process has begun. Whether you are the landlord, real estate agent or property manager, the same still holds true.

First Contact is usually by telephone, so you need to ask the right qualifying questions in order to decide if you should proceed to step 2. Advise customers of your up front rent and security deposit requirements and other important facts regarding the rental that may help disqualify the prospect.

I suggest you make a list or prospect card of questions to ask and have it handy while you conduct your first contact telephone interview. (Click here for a Free Pre-screening Prospect Card) For example:

Please note that anyone who has a problem answering your questions (as long as you ask them politely), probably will not qualify for your rental. Serious customers want to make a good impression on you and should be happy to answer your questions. This process can save you and customers a lot of time and trouble.

STEP 2: Showing the Property

From landlords to real estate agents, we all have our own style in showing the rental. I think we all need to be aware of certain telltale signs or "red flags" to watch for while evaluating your prospective new tenants.

1. Appearance. Is the prospect neat and clean? Did he or she make an attempt to make a good impression? ....

click here for the full article...

Score your Tenant-Finder™ Worksheet to help you evaluate the prospective applicant. Before making an appointment to show your property to an applicant, examine your findings. The LPA Tenant-Finder™ Prospect Qualifying Chart will help you determine a more accurate score for each applicant.

The Tenant-Finder™ Prospect Qualifying Chart helps you break down the evaluation of a rental prospect into five main categories.

Those categories are

1. Money
   
2. People
   
3. Credit
   
4. Tenant
   
5. Timing
   

Although the Tenant-Finder™ Prospect Qualifying Chart is designed to work with the scoring of the Tenant-Finder™ Worksheet, it can also be used alone to score prospective tenants.

FREE DOWNLOAD Tenant-Finder™ Prospect Qualifying Chart

FREE LPA Gift with Book Purchase! Fellow LPA Member, Dr. Danielle Babb is a national real estate expert and author of the new Landlording Book, "The Accidental Landlord". Get your copy now... with a FREE BONUS! from theLPA.com

"When you change the way you look at things, the things you look at change. - Wayne Dyer

"People with goals succeed because they know where they are going... It's as simple as that." - Earl Nightingale

"Too many of us are not living our dreams because we are living our fears." - Les Brown

"One of my biggest fears is having a tenant with more landlord - tenant knowledge and expertise than I have." - John Nuzzolese

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