Landlord Newsletter Mid September 2007

• The Tenant's Notice of Intention to Vacate
• The Eviction Ramifications Notice
• our NEWEST landlord form, the Credit Reporting Disclosure Notice to Tenant

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

We already know that the key to a successful tenancy is to first find a good tenant. Haven’t we often secured good tenants only to find they drift to the wayside and gradually become bad tenants? Why is that? There are a combination of reasons that this happens. Those reasons are what I refer to in The LPA's article, “The 6 Biggest Landlord Traps”. Let's explore how to make good tenants even better and how to keep them that way.

Now that you have a good tenant you have already screened, accepted and signed a lease with, you may be tempted to feel like your job is finished for now. The property is rented! Now you can take a vacation, right? Wrong. The job is never over unless you sell your rental property and retire somewhere nice, never to see or speak to another tenant again. Are you going to do that anytime soon? OK, so lets talk about making good tenants even better.

1. Emphasize the most important lease clauses. If you haven’t already done so when you carefully went over the lease personally and emphasized the important items to your tenant, do it as soon as possible. (I hope you used my LPA Lease - I’m personally biased.)You can even do it with a follow up letter welcoming the tenants to their new home an reminding them of those key elements in your lease that are most important to you. Some landlords even send the tenant a spare copy of the lease with certain clauses highlighted.
   
2. Tell the tenants that you report to “National Tenant and Credit Reporting Bureaus”. The reason I phrased it like that is because I don’t want you to feel like you may be telling a lie. Reporting to a “National Tenant and and Credit Bureau” could mean the LPA’s “National Tenant Rating Bureau or Deadbeat Database”…. Or it could also mean that you are ready to use The LPA site to “prepare a delinquency report” to the three major credit bureaus. You’d be amazed at the results I have achieved by telling new tenants not to pay late because it can affect their credit rating. I inform them that they may not qualify for a car loan or mortgage in the future if they are not careful about their rent payment. I say, "PLEASE DON’T RENT FROM ME if you think you will have trouble paying the rent on time. You seem like such a nice couple. I’d HATE to ruin your credit and damage your financial future."
   
3. Enforce your lease with "Essential Landlord Forms" that will support your lease. When a tenant gets out of line, correct the situation with a professional form. Nip the problem in the bud before a small problem becomes a disaster. If you do not send a late notice as soon as the rent is late, the tenant will continue to be late. If you are inconsistent with sending the late notice, the rent may consistently be late. Have you ever heard the old adage "Familiarity breeds contempt" ? Well, when a tenant becomes comfortable enough to think the landlord is a friend, he often loses the professional respect he may have once had. So, enforcing the lease with professional forms is the way to go.
   
4. Enforce penalties such as late fees. Using a professional form is great, but it has to pack a punch to get the results you want. Don’t be afraid to hit a tenant with the late charge whenever the tenant is late. I’ve had tenants tell me they were late just to see if the late fee would be enforced! Use a "Late Charge Due Notice" or an “Urgent Late Notice” to collect rent and late fees before too much time passes by.
   
5. Allowing an Early Payment Discount is another effective tactic to get the rent paid on time or early. Everyone wants to save money. And that money adds up over the year, so make sure the tenants know about it. If you didn't use the clause in your lease, you can always send them the "Early Payment Discount Voucher" found in Essential Forms.
   
6. Routine Inspections aren't always as important as the expectation of routine interior inspections. When the tenant is expecting an inspection of the premises by the landlord or manager, the property is usually kept ready to pass the inspection. Many landlords will inspect on regular intervals prearranged with the tenant. Others will do surprise inspections, and some just emphasize that they will be doing inspections, but just don’t get around to it. Even if you can’t get around to it, it may be a good idea to send the tenant a note from time to time to tell them of an upcoming inspection. The main thing is that your property is cared for properly.
   

   Keeping good tenants good or better is an ongoing process that we as landlords continue to improve with experience. It all starts with understanding and agreeing with each other. After that, it’s just a matter of professional communication.
   
   
   
   
   

   *********************************************** Brand New LPA Form

   FREE DOWNLOAD
   Credit Reporting Disclosure Notice

   Rent Should be Your Tenant's TOP PRIORITY

   
   

   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!

   FREE DOWNLOAD Credit Reporting Disclosure to Tenant (You can download this form free till September 30, 2007)

   
   
   

   ***********************************************
   
   

   Landlord Tips

   I've found that tenants need to be reminded of a few things in their lease agreement before they give notice to move out. That's why I provide them with a pre-written Notice of Intention to Vacate form. All they have to do is sign it for them to give official notice they will be vacating according to the terms agreed in the lease.

   The Tenant's Notice of Intention to Vacate re-affirms the tenant's agreement to give the proper amount of notice time to the landlord along with full cooperation for showing the property for re-rental or sale. It includes a place for the tenant to give his forwarding address in order to receive any security refund.

   It is an excellent way to help reinforce proper move-out procedure. We always staple a copy of this notice to the back of the tenant's lease to be used when the time comes for the tenant to give notice to vacate.

   The Tenant's Notice of Intention to Vacate
   
   
   
   The Eviction Ramifications Notice is an effective wake-up call for some tenants.

   Sometimes your tenant doesn't really grasp the consequences of a full blown eviction. It helps to have a letter that explains the immediate and future drawbacks to the tenant caused by the process of eviction and it's aftermath.

   The Eviction Ramifications Notice
   
   
   

   ***********************************************
   

   The LPA's Newest Credit Report Affiliate

   
   FREE SIGNUP ... Instant Online Credit Reports ... Criminal Reports ...
   NO ONSITE INSPECTION for Private Landlords ... Low Prices
   

   For more information Click Here

   
   
   ***********************************************
   

   Tenant Excuses

   
   

   "My eighteen year old son's car needed work, so I paid for that." Good, then move into the car. - Mark C., Troy, Ohio

   "I've got a girl in here, can you come back later?" - Mark C., Troy, Ohio

   "My Mercedes needed maintenance and one thing led to another..." I wanted to say: OK, live in your Mercedes. But I did say late payments now are going on your credit report. Thanks LPA.- Christine F., CA

   "I just bought my daughter a bike, so I can't pay rent yet. You wouldn't turn your kids down for a new bike, would you?" Why do some tenants think paying one's rent so there is a roof over their child's head instead of buying new toys is "heartless"? - Mark C., Troy, Ohio

   Here’s another from the same guy. I come to the door, knock, and the son of the guy answers. "Where’s your dad?" I ask. The son says, "He's at a golf tournament." Moments later, he walks down the steps. - Mark C., Troy, Ohio

   "We can't pay until the 14th because I have to buy medication for diabetes and that is more than what we can afford, my daughter and son in law didn't move out because they couldn't move into my son in-laws parent's home they didn't want them there. Then we had to buy food for five adults and then the baby. And thank you for always working with us." - Turner, Bakersfield, CA
   
   

   ***********************************************
   

   Quotations...

   
   
   
   
   

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

   "A hero is no braver than an ordinary man, but he is braver five minutes longer." — Ralph Waldo Emerson

   "Failure to recognize my opportunities is the greatest mistake I made. " - J. Garrett

   "Luck = Labor Under Correct Knowledge." Unknown - Submitted By John N.

   "How much did your last tenant problem cost you?"
   - John Nuzzolese
   
   

   *********************************************** America's #1 real estate expert is also an LPA Member! The Landlord's Troubleshooter and more Real Estate Books By Robert Irwin
   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.
   
   
   ***********************************************
   

   Books by LPA Members

   The Landlord Protection Agency is proud to recommend the following landlord books written by LPA Members, Robert Irwin, Timothy Spangler, Tony & Sandy Midea and Dan Auito. Just click on the book for more information about it.
   
   
   
   
   
   
   ***********************************************
   
   

   LPA Membership Expiring?
   Take Advantage of the Renewal Prices!

   How to Check your LPA Membership Expiration Date:
   1. Be logged in with your LPA username & password
      
   2. On the "Main Menu" (top right), click on "Your Orders" (right below your name)
      
   3. The beginning date of your membership will be listed to the left of your membership order # in this format: YYYYMMDD
      
   
   
   

   NEW! Save Money with our Promotional Membership Renewal Prices! *Your Membership Expired? No Problem!

   
   
   
   ***********************************************
   
   ***********************************************
   

   Make money as an LPA Affiliate!

   Starting 6/1/07: We're DOUBLING your referral fees so you can earn twice as much!
   No more 10% referral fee, it will now be 20%!

   
   

   Earn a 10% commission on all orders placed with The Landlord Protection Agency by customers that you refer to us!

   You get paid for each order placed through your specially coded internet address for The LPA site!
   How many landlords do you know?
   
   Join The LPA Affiliate Program!
   
   
   
   ***********************************************
   
   
   
   SPECIAL BONUS
   for New 2 -5 year LPA Members
   
   This offer also applies to 2-5 year Membership Renewals!
   Check out our low renewal prices
   *Your Membership Expired? No Problem!
   
   ***********************************************
   
   
   
   
   ***********************************************
   
   The LPA's
   
   Free Bonus for all LPA Members.... Click for more information.
   
   
   ***********************************************
   
   Interested in past LPA Newsletters?
   Feel free to view the LPA Newsletter Archive