Landlord Newsletter & Tips June 2006
The LPA Newsletter June 2006Dear Fellow Landlord,
I hope your local rental market is giving you the the tenants you want. It started out slow for many of us with an abundance of inventory and high rental prices combined with a "bottom of the barrel" tenant selection. Happily, along with the good weather, better tenants are coming out again to look for rentals. With more tenants looking, there will be more tenants for you to screen carefully.
In this newsletter:
Today's edition is the first segment of a two part LPA Newsletter. Part 2 will follow next week. I hope you enjoy both parts this month's LPA Newsletter. Please e-mail us if you have any questions or would like to add or share any material / information. Have a great month.
New Essential Landlord Form
I've been asked dozens of times in the last year to create a new form to help landlords ask the right questions on the telephone to help determine if the caller is someone you'd like to set an appointment to show your rental to. The LPA's new Tenant-Finder™ Pre-Screening Telephone Worksheet has developed from a simple prospect card into a handy and more complete screening tool for telephone interviews.
Have you ever met prospective tenants at your rental property, shown it to them, had them fill out a rental application only to find that they were nowhere near qualified? A simple pre-screening telephone interview can be a major time saver. Why not focus your attention on the most qualified prospects?
Before giving out the address of your rental property and committing your time to a doomed appointment with an unqualified renter, you have a chance to more carefully evaluate which prospects are worth meeting with.
I feel very strongly about strict tenant screening, which begins at First Contact with the tenant. First Contact is when you speak with the potential tenant for the first time, usually when they respond to one of your rental ads. At that point, you have the opportunity to learn what you can about this person's current situation. Are they employed? Can they afford your rental? Do their moving dates correspond with your rental's availability? Is their credit rating acceptable? And so on.
After completing your Tenant-Finder™ Pre-Screening Telephone Worksheet, you can use the scoring area to evaluate your new prospect. Print up a pile of them to screen your next tenant!
Eliminate bad tenant risks before spending your valuable time on them.
What do I do when...
I Want to Report My Tenant's GOOD CREDIT?
For years, landlords have been asking for a way to report their tenant's good payment performance to the major credit bureaus. Up until now, it has been extremely difficult.
I have on many occasions seen tenants deny they received written notices from the landlord. One of the best ways to prove a notice was sent by Certified Mail is to include the Certified Mail Article # on the document and also send a copy by regular mail, and also keep a copy for yourself. Having the article # on the document shows that the notice you sent was the same as the notice you say you sent.
Just pick up a pile of cerified mail postcards and receipt slips so you can prepare them before going to the post office. - The LPA
There is such a feeling of competition between the prospective tenants, and makes any one of them feel lucky if they are chosen. Most of them are willing to submit their application, screening fee and deposit on the spot.
This has been a great timesaver for me, and makes getting them rented a little more fun. - John
"You have 2 months security deposit! Take it from that!"Security is not rent. The lease states that. The matter of non-payment is already in my attorney's hands. - Mario L., Monks Corner, SC
"My computer crashed and cost me over a week of work."This tenant's business is involved with a website. I still need the rent. - Sondra E., Irvine, CA
"My rooster died last night. Without him I don't know what I'm gonna do."I wasn't aware of it till now, but my tenant was supplimenting his income by hosting cock-fights in the yard. - Steven F., Huntington Station, NY
"I hurt my back. I've been out of work the last 2 weeks. "This he tells me on his way out to go jogging. - Mary D., Tampa, FL
"Our lives are not determined by what happens to us but by how we react to what happens, not by what life brings to us, but by the attitude we bring to life. A positive attitude causes a chain reaction of positive thoughts, events, and outcomes. It is a catalyst, a spark that creates extraordinary results. " - Anonomous
"You gain strength, courage, and confidence by every experience in which you really stop to look fear in the face. You are able to say to yourself, "I have lived through this horror. I can take the next thing that comes along." - Eleanor Roosevelt
"Motivation is everything. You can do the work of two people, but you can't be two people. Instead, you have to inspire the next guy down the line and get him to inspire his people." - Lee Iacocca
A Way of Being
"How much did your last tenant problem cost you?"
America's #1 real estate expert is also an LPA Member!
Robert Irwin is the bestselling author of more than 50 books on real estate. His career in the real estate industry encompasses more than three decades of experience as real estate broker, landlord, and consultant to lenders, agents, and investors.
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