Landlord News Issue #1
The LPA Newsletter, November 2003
Dear Fellow Landlords,
This is our 1st issue of The LPA Newsletter. I hope you will find it informative and enjoyable. Please email us if you have any questions or would like to add/share any material / information. We have prepared an informative "Special Report" for each of our monthly newsletters that I hope you'll enjoy and benefit from. In this issue, it's "How To Screen and Qualify Tenants in 5 Easy Steps". We are working on a number of new special features to equip the LPA site with that I am very excited about. We are making strides in providing landlords with an arsenal of power which is centered around knowledge and organization. You can read more about them in The "Coming Soon" area in this issue. I hope you find this month's newsletter useful, and if you have any questions or comments, please send them in. Best Wishes !
SPECIAL REPORT: #1
How to Effectively Screen & Qualify Tenants
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.
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 to watch for while evaluating your prospective new tenants.
Appearance. Is the prospect neat and clean? Did he or she make an attempt to make a good impression? In most cases, an unkempt person keeps an unkempt lifestyle and home.
Car. Does the prospect have a nice car? Is it clean? Although we can't judge people by their car, we should take note of it along with other details.
Attitude & Manners. Does this prospect behave respectfully? Does he or she show indications of being difficult to deal with in the future? Did the prospect wipe his or her feet when stepping into the house? Did the prospect walk into the rental while smoking? You can learn a lot about people even before speaking to them. Sometimes it helps to pay attention to details.
Criticizing the property. Are the prospects pointing out legitimate concerns, or are they trying to come up with items to negotiate price?
Yes or No? Can the prospect make the decision now or will they have to think about it? If they know now that they want your rental, did the prospect come ready to give you a deposit and fill out an application?
The first thing you need is a quality rental application. Let the applicant know that his or her application will be considered along with others, and you will notify the applicant once a decision is made. Advise the applicant(s) that it is very important to fill out the application as completely as possible. If you (and I recommend you do) run a credit report on the applicant, I suggest you be sure to collect a screening fee. This is a provision in the The LPA Rental Application.
Inform your prospective tenant that the application must be returned as soon as possible to avoid the risk of losing the rental to a competing prospect.
Review and verify the application thoroughly and look for inconsistencies and red flags. When you are satisfied, you will proceed to approving your new tenant in step 4.
This is usually a fun part, but keep in mind that you are still screening the applicant while preparing him or her for the next step. I like to congratulate the applicant on being approved and let them know they came in 1st place. Also, let them know if you made any special concessions just for them, such as overlooking minor credit infractions, etc.
This process is also an opportunity for you to make sure the applicant can and will deliver. Set the time, date and place for your lease signing. Instruct the applicant(s) to bring the proper amounts of monies, identification (if you don't already have it), and how you prefer to be paid. (Check*, money order or cash)
* Be sure to tell your new tenants that possession or keys will be given only after checks have cleared.
It is very important that you have a quality residential lease. You'd be surprised at how many people would just sign a lease without reading it! And I don't just mean tenants! I believe it is crucial to read the entire lease with the tenants at a lease signing. It is your agreement with them. Shouldn't you both know what is really being agreed to? As you read the terms of the lease with the tenants, you will be able to conduct your 5th and final step of screening. Does the tenant argue on every item? Is the late charge an issue? And so on.
Of course, if you are unhappy with how your prospect responds to you and/or your lease, you must not rent to this person. I believe: It is better to have NO tenant than it is to have the wrong tenant. - John Nuzzolese
"Success is dependent upon the glands -- sweat glands."
"Success is not a doorway, it's a staircase.."
- Dottie Walters
"A mind stretched to a new idea never goes back to it's original dimension." - Oliver Wendell Holmes
Have a chart or calendar to remind you when to send a renewal form to the tenants. Put it where you will see it and refer to it. I suggest making a spreadsheet of your tenants or the Quick Glance Tenant Chart from the Essential forms page. It's so easy to miss those renewal dates.
Track Rent Payments
Automatically calculates initial and daily late charges
Easily generate & print detailed status reports - Helps you stay prepared & organized for tax season
Includes detailed ledger
Keeps running record of each tenant's past due charges
Keeps record of any tenant violations
Stores details and inventory of your rentals
Unlimited # of tenants and properties for LPA Members!
Can Geo code your properties
Track Cash flow, income and expenses
Can register tenant history with the Deadbeat Database for you
Comparable to property management programs over $500.
As an internet based system, secure with password, your properties can be managed from anywhere you are
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