Landlord Newsletter #2
The LPA Newsletter, December 2003
Dear Fellow Landlords,
This is our 2nd 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 Avoid the Six Biggest Landlord Traps".
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 and Happy Holidays!
SPECIAL REPORT: #2
The 6 Biggest Landlord Traps
Even those who have been around for a long time have fallen into these common landlord traps.
1. Improper Screening
95% of tenant problems can be eliminated in the screening process.
Believe it or not, many landlords still are very trusting and comfortable with a basic application if any or a handshake. The eviction courts are full of landlords who like to trust their 'gut' feeling.
The Landlord Protection AgencyTM highly recommends you use our rental application or another comparable application. Applications are powerful screening tools when you verify the information that they contain.
Do you really have to spend a lot of money?
When you list your rental with an experienced, landlord oriented real estate agent, (preferably a member of The Landlord Protection AgencyTM), your advertising should be included with the service. If you are not using an agent to rent your property, you may want to take advantage of services such as The National Tenant Register, which is listing of prospective tenants in search of rentals. The tenants advertise their rental needs to landlords through web sites such as the LPATM web site. The ads are broken down geographically into categories for the landlords convenience.
3. Relying On Non-Landlord Agents
How can someone who has never experienced the same responsibilities advise you how to rent your property?
If you are forced to use an agent inexperienced in landlord matters, be sure to do the screening and accepting of the prospective tenant yourself. If your agent is not using the LPATM application or a comparable one, be sure to supply him with one.
4. Allowing Tenants To Cross The Professional Line
Is it possible for a tenant to take advantage of a good rapport with his landlord?
Many tenants have a way of making it their mission to become friends with their landlords. It has always been a valuable rule of thumb to not do business with friends and family. If possible, keep a friendly professional arms length from your tenants.
5. Using A Substandard Lease
The conventional leases need improvement. Most leases on the market are quite generic, designed not to offend the tenant. They often have more "tenat protection" than "landlord protection".
Landlords need a lease designed by professional landlords and attorneys that will protect them and their properties. Our LPA Lease and the Essential Forms do just that.
6. Paying For Credit Reports
Why pay for a credit report on a prospective tenant that turns out to be undesirable?
Have your application require a tenant paid screening fee as included in our LPATM Application.
These are common situations most residential landlords sometimes find themselves in. Being aware of them and doing your best to avoid them can save you from many sleepless nights and costly problems. - John Nuzzolese
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"Do or do not do. There is no try." Yoda
"Every time a bell rings, an angel gets it's wings." - Zu Zu
"He who wants it most, and is willing to do what it takes... WILL get it. - JN
"Behind every great idea is someone saying it won't work."
"The greatest risk of all? ... Not to risk."
Commentary on The Excuse of the Day
I thought about different features to review for The LPA Newsletter. After thinking about it for a few days, I narrowed my topic down to my favorites: the Landlord Q&A Forum, Essential Forms, the Deadbeat Database and the Excuse of the Day.
Just when I begin to think Iíve been in this business too long, I go to my computer and bring up The LPAís Excuse of the day. Sure, I could eat my dinner when I get home from a long day of renovating a trashed rental. I could rent a movie, settle in and relax. But, what I have been finding myself doing without realizing it is checking in to see if there are any new excuses on the LPA site.
I enjoy recognizing excuses that have been used on me in the past. Iím sorry I havenít contributed more of them. Sometimes I think the excuses have run out, but then I see a new original. Thanks for the Excuse of the Day and the fun. I hope they keep coming, but just not on my rentals.
With new tenants be ready to enforce late charges the first time your tenant pays late. If you set a precident of waiving your late charge, tenants will be offended when you want to enforce your policies in the future.- Bonnie K., NY
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