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SPECIAL REPORT: #2
The 6 BIGGEST LANDLORD TRAPS
by John Nuzzolese ©Copyright 2000
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 Agreement 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 Rental 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.
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