In today’s changing times, technology plays a larger role in the way we do business. More options are available to us in banking, communication and in collecting the rent from tenants.
Just as every property is unique, so is every landlord and his business. How landlords and property managers choose to collect rent varies greatly depending on experience and circumstances. There are a number of payment methods available for you to choose from when it comes to collecting rent from your tenants.
I always say that "95% of your tenant problems can be eliminated in the screening process." If you're like me, you probably find it difficult to relax when you have vacancies. So getting it rented is the main idea, right? Well, from now on, lets say "getting it rented to a properly qualified tenant is the main idea."
Below is what I call The 5 Steps of Screening Tenants.
)
Have you noticed when you go to the supermarket that the prices seem to be going up? How about on your real estate tax bill? Why in the world would you not raise the rent?
Many of us have had difficulty in rejecting interested rental applicants for our properties. Without a system to save you from legal entanglements, wasted time and aggravation, hurt feelings and embarrassment, you are going to be one unhappy and unsuccessful camper.
Having a legal and effective approval and denial system for your rental application process is essential if you are going to last in the landlord business.
Because every situation and applicant is different, it is best to have more than one method of rejecting an unwanted applicant. Unwanted applicants can vary in levels of unacceptability.
Did you know most tenants are more comfortable if you meet with them for a pre-move-out inspection before they move? They prefer to do this in person if possible and have their security money refunded to them on the spot. At the very least, they wish to know in advance of any deductions or charges against their deposit before they move.
Performing a move-out inspection before the tenants vacate is of virtually no benefit to the landlord. It can only create problems, confusion and disagreements between the parties.
Yes, it is usually a mistake to meet with the tenant for a walk through* to check the condition of the property and then hand over the security deposit. Often, there is a disagreement over whether the damages were the tenant's fault or responsibility, right?
*(In California, tenants have a right to a walk through with the owner before moveout. See California Pre-Moveout Inspection
Have you ever been in the awkward position of meeting with your tenant for a walk through in a damaged and dirty rental and the tenants expect the security back? Do you tell them that they will pay for all the damages they caused out of the deposit? Once they they are told of the intended charges against the deposit, do you think they will respond well to that? Will they have any incentive to do a good job returning your rental as clean and undamaged as possible? Of course not! Tyhey may even be spiteful and cause further damages just for the fun of it.
