the successful landlord’s guide · 1. avoid disputes by knowing the law the best way to resolve...
TRANSCRIPT
The Successful Landlord’s Guide
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The Successful Landlord’s Guide
Table of Contents
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> A landlord’s responsibilities & rights
> Know the tenancy laws in your area
> How to resolve tenant disputes
> Costly legal mistakes that can sink a landlord business
> Tips on being a successful landlord
> How to retain tenants & improve your bottom line
> What do tenants want?
> What is your criteria for prospective tenants?
> Education for landlord & tenants
> Reporting tenant pay habits reduces income loss
> Successful landlord’s checklist
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The Successful Landlord’s Guide
1. Weatherandwaterproofingsystems2. Aworkingplumbingsystem3. Hotandcoldrunningwater4. Aworkingheatingsystem5. Aworkingelectricalsystem6. Noinfestationsofinsectsandrodents7. Sufficienttrashcans8. Floors,stairwaysandrailingsingoodrepair9. Naturallightingineveryroom10. Workingwindowsorpropermechanicalventilation11. Safeemergencyexits12. Workingsecuritylocksatmainentrance13. Workingsecuritydevicesonwindows14. Workingsmokedetectors
A Landlord’s ResponsibilitiesALandlord’smainresponsibilityistoprovideasafeandlivabledwelling.Thedwellingshouldinclude:
A Landlord’s RightsEverylandlordhastherighttoexpectatenanttofollowthegeneralandlegaltermsofthetenancyagreement,aswellastenancylawsthatareestablishedbyeachprovince
The following are the most standard legal terms found in a tenancy agreement:
• Amountofrent,datedueandlengthofrentalterm• Maintenanceandcleanlinessofdwelling• Respecttherightsofneighbors• Tenanttopaycostofrepairsduetoneglectordamage• Limitnumberofoccupants• Petpolicies• Smokingpolicies
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The Successful Landlord’s Guide
ALWAYS conduct Background Checks, Credit & ReferencesHigh risk tenants that use landlords as a revolving line of credit areaccomplished at giving a good impression and can fool even the mostexperienced landlords. Always ask for references and take time to follow up on them.
Creditreportsareacriticalpartofthebackgroundcheckprocess.TVSspecializesinobtainingthemostcomprehensivecreditreportintheindustry.
TodeterminecreditandTenantworthiness,visitusat
www.Tenantverification.comwww.aTenantscreen.com
Know the Tenancy Laws in Your AreaMany landlords end up paying thousands of dollars in disputeresolution and court awards in British Columbia and Alberta becausethey make the BIG mistake of not having familiarized themselveswith their provincial tenancy laws. This usually happens when thetenant takes legal action against a landlord who is unaware of his/herresponsibilities. Landlords should be aware that there are tenants who target landlords who don’t know the law.
Itisincumbentuponeverylandlordtoknowthetenancylawssothatliabilityandriskisminimizedand/orcompletelyprevented.Thereisnoexcusefornotknowingyourprovincialtenancylaws.
Attachedisalinktoprovincialtenancylaws-findyourprovinceandtakethetimetoeducateyourselfaboutthem.Yourlandlordcriteriashouldincorporatetheselawssoyoudonotappeartobediscriminatoryinanypartofyourrentalprocess.
http://www.landlordsresourcedirectory.com/AreaLinks.htmor Google tenancy laws British Columbia or whatever Province you are looking for.
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The Successful Landlord’s Guide
1. Avoid Disputes by Knowing the LawThebestwaytoresolvedisputesisbyavoidingthembeforetheyevenbegin.Manyproblemsarisebecauseonepartydoesnotknowtheyhavebrokentheagreementortheyarenotawareoftheirrightsunderthelaw.Takingthetimetolearnthelawwillhelpyouavoiddisputesandmakeyouasuccessfullandlord.
2. Document EverythingApapertrailisyourbestdefense.Ifyourtenanthasrepeatedlybrokentherulesofyourtenancyagreementoriftheyhavemadeunreasonabledemandsthoroughdocumentationcanhelpproveyourcase.Keepafileoneachtenantandrecordallthattranspires.Presentingthisdocumentationtoyourtenantmayevendissuadethemfromtakingyoutocourtorarbitration.
3. Keep Your CoolWhenasituationarisesneverloseyourtemper,evenifyourtenantdoes.Beascalmaspossibleandalwaysdoyourbesttotakecareofthesituationonyourown.Ifyouarehavingdifficultyorifyourtenantisnotcooperatingyoumayneedtoseekassistanceincourt.However,bykeepingyourcool,youarerepresentingyourselfinthebestpossiblelightandthereislesschancethesituationwillescalate.
4. Talk It OutManyproblemswithtenantscanberesolvediftheissueisdiscussedthoroughlybybothparties.Donotletyourtemperflareevenifyouarejustifiablyangry.Theremaybeasimpleanswertoaproblemandbothofyoumaybeblowingitoutofproportion.Workingitoutbetweentwopartiesisalmostalwayscheaperandeasierinthelongterm.
How to Resolve Tenant DisputesAsuccessfullandlordwillbepreparedfordisputesthatmayarisewithnewtenants.Beingpreparedwillhelpyouavoidbeingcaughtunawareinastressfuldispute.Insteadofimmediatelygoingtoarbitrationorcourt,therearemanyotheroptionsinresolvingpropertydisputes.Youcanevenstateinyourtenancyagreementwhatstepsyouwilltaketoremedyadispute.
Here are some tips for handling disputes between landlords and tenants:
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The Successful Landlord’s Guide
4. Meet Face to FaceIfyouhavetradedangrywordsoverthephonewithyourtenantafaceto-facemeetingmayhelp.Holdthemeetinginaneutralterritorywherebothofyouwillfeelsafe,suchasacoffeeshop.
5. Get a Professional MediatorIfyouhavetriedwithoutsuccesstoresolvethedisputeaprofessionalmediatormaybeabletoassistyou.Manyprovincesnowprovidemediatorswhoaretrainedtodealwithsituationsthatcanarisewithrentalproperties.
6. Let the Lawyers DecideManycasescanberesolvedthroughamutualagreementtosettlewhichisnegotiatedthroughlawyers.Ifyouandyourtenantarebothrepresentedbyalawyertheymaybehelpfulinsetllingthecaseoutofcourt.
7. Submit to ArbitrationArbitrationissimilartomediation,butarbitrationisbinding.Anarbitratorwillhearbothsidesofthecaseandissueabindingrulingtowhichyoumustadhere.Ifyouareworriedyouareinthewrongyouprobablywon’twanttotakethisstep.Instead,ownuptotheproblemandtrytosettlewithyourtenant.
8. Residential Tenancy Branch or EquivalentInmostcases,disputesarisingfromrentalpropertiesfallunderthejurisdictionoftheresidentialtenancybranchorequivalent.Thisoptionisusuallycheaperthanahigherlevelcourtbattleanditmaybethequickestalternativetoanacceptablesolution.
10. Proceeding with LitigationIfyouhaveexhaustedallotheravenuesyoumayhavetotakeyourcasetocivilorcriminalcourt.Theactionsofyourtenantwilldictateyourdecision.Makesurethatyourlawyeriswellversedinresidentialtenancieslawandcapableofprosecutingyourcasesuccessfully.Takingthetimetoworkthroughaproblemwithatenantmaysaveyoutime,money,andeffort.
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The Successful Landlord’s Guide
1. Using Generic or Outdated Tenancy Agreement FormsMostlandlordsknowit’simportanttohaveawrittenleaseortenancyagreement,butusingthewrongformcangetyouintobigtrouble.Socalled“standard”formsthataresoldeverywhereprobablyaren’tcompliantwiththelawsinyourprovince.Ifyouuseastationerystoreagreementthatshort-cutstenants’rights,youcouldfindyourselfatthelosingendofadisputebecauseofanunenforceableclause.Ontheotherhand,somestandardformsactuallyimposegreaterobligationsandrestrictionsonyouthanyourprovinciallawdoes.
2. Asking the Wrong Questions During Applicant ScreeningThoroughapplicantscreeningisthemostimportantpartofyourbusiness.Ifyouchoosepoorlyyou’reinfornothingbutheadacheswithtenantswhodon’tpaytherent,trashtheplace,orworse.Buttherearelimitstowhatyoucanask.Manylandlordsdon’trealizethatevenwellmeaningquestions(suchasaskingadisabledpersonabouthisdisabilityoraskingifacoupleismarried)canbeillegalformsofdiscrimination.Iftheapplicantdoesn’tgettherental,eventhoughyourrejectionhadnothingtodowiththeoffendingquestion,thedisappointedperonnowhasammunitionforahumanrightscomplaint.
3. Setting Policies that Discriminate Against FamiliesEventhoughitisillegaltodiscriminateagainstfamiliesforover20years,manylandlordpracticesarefarfromfamily-friendlyandaredownrightillegal.Excludingfamiliesbecauseyoufeelchildrenwillcausemorewearandtearandyouprefera“mature,quiet”environmentisillegal.Andwhileyou’repermittedtolimitthenumberofresidentsinaunit(inmostsituations,twooccupantsperbedroom),youmaynotapplythatstandarddifferentlywhendealingwithfamilies.
ThecostofthismistakecanbeanothertriptoyourLawyer’sofficeortheResidentialTenancyBranch.
Costly Legal Mistakes That Can Sink a Landlord BusinessBeingasuccessfullandlordrequireslotsofpracticalknow-how,businesssense,andfamiliaritywiththemarket.Thefollowingisalistofthetopninemistakesthatcansinkyourbusiness:
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The Successful Landlord’s Guide
4. Making Promises That You Don’t Deliver OnItisfinetobeenthusiasticaboutthebenefitsofyourpropertyandit’snecessarytodosoincompetitivemarkets,butunderstandthatyourenthusiasticpromiseswillbecomebindingifapplicantsrelyonthemwhendecidingtorent.Forexample,youmayhavetodeliverthegoodsifyouassureanapplicantofaparkingspace,satelliteservice,oranewpaintjob.Atenantwhofeelsrippedoffmaylegallybreakthetenancyagreementorsueyouforthedifferenceinvaluebetweenwhathewaspromisedandwhatyoudelivered.Whetherthetenantwillwinishardlythepoint;you’llhavetorespond,whichwillcosttimeandmoney.
5. Charging Excessive Late FeesLatefeescanbeapowerfultooltomotivatetenantstopaytherentontime.Whileahigherfeecanbeabettermotivator,somelandlordscrossthelinebysettingfeesthatbearlittleresemblancetotheactualdamagestheysufferwhentenantspaylate.Courtsareincreasinglyinvalidatingexcessivelatefeesthatcan’tbejustifiedwithhardevidence.You’rebetteroffsettingamodestfeethatreflectsyourtruedamagesanddealingwithchroniclatepayerswithpay-or-quitnotices.RefertoNoticetoTenantformintheTVSwebsiteonhowtopreventlatefeesinthefirstinstance(formssection).Theamountoflatefeesmaybelimitedbyresidentialtenancylaws.
6. Violating Tenants’ Rights to PrivacyMostprovinceshavedetailedrulesonwhen,forwhatreasons,andwithhowmuchnoticeyoumayenteratenant’shome.Yetmanylandlordsstopbyunannounced,askingtocheckthingsover,performanon-thespotrepair,orshowtheplacetoprospectivetenants.Repeatedviolationsofatenant’sprivacy(orevenoneoutrageousviolation)canexcuseatenantfromanyfurtherobligationsunderthetenancyagreementandmayalsoresultincourtortribunalorderedmoneydamagesagainstthelandlord.
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The Successful Landlord’s Guide
7. Security or Damage DepositsInprovincesthatpermitthecollectionofsecuritydeposits,thelawalsorequirestheybereturnedtothetenantattheendofthetenancy,unlessthelandlordhasalegitamateclaimagainstthemandobtainsalegalorderthattheycanretainsomeorallofthedeposit.Claimscanrangefromunpaidrentorfeestodirtycarpetsandactualdamagebeyondresonablewearandtear.Landlordsmustensuretheyarefamilarwiththelawsintheirprovinceregardingcollecting,returningorclaimingagainstdeposits.Insomeprovinces,failingtofollowthelawwillresultinasignificantpenaltybeingassessedagainstthelandlord.8. Ignoring Dangerous Conditions In and Around the DwellingLandlordsinvirtuallyeveryprovincearerequiredtoofferandmaintainhousingthatmeetsbasichealthandsafetystandards,suchasthosesetbyprovincialandlocalbuildingcodes,healthordinances,andlandlordtenantlaws.Refertolandlordresponsibilitiesonpage2.Ifyoufailtotakecareofimportantrepairs,dealwithenvironmentalhazards,orrespondwhenyourpropertyhasbecomeaneasymarkforcriminalstenantsmaybreakthetenancyagreementandwithholdtherentormaketherepairthemselvesanddeducttheexpensefromtherent.
9. Tenants Breaking Tenancy AgreementsWhentenantsgiveshortnoticeorleaveearlyunderafixedtermtenancyagreement,asnotedabove,landlordscannotunilaterallyapplyanydepositstotheamountowed.However,tenantswillgenerallybeheldresponsibleforanyrentlostbythelandlord,rangingfromnextmonth’srent,toallrentowingfortheremainderoftheterm.UnderCanadianCivilLaw,landlordsarerequiredto“mitigate”theirlossbytakingallreasonablestepstofindnewtenantsassoonaspossible.
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The Successful Landlord’s Guide
1. Get It in WritingInordertoprotectyourinterestsandtheinterestsofyourtenantsgeteverythinginwriting.Thismeanseverythingfromarentalapplicationtoacodeofconduct.Ifatenantneedstohavesomethingfixedintheirdwellingaskthemtoprovidetherequestinwritinginadditiontotellingyouonthephoneorinperson.Thiswillhelpyouwithyourincometaxdeductionsandcreateahistoryforeachtenant.
2. Provide a Clean & Secure ResidenceKeepthegroundsofthepropertycleanandfreeofdebris.Thiswillhelpyouwithpropertyliabilityandkeepyourrentalpropertyattractive.YoushouldprovideadditionalsafetyandsecuritymeasuresandtaketheCrimeFreeMultiHousingCoursewhichisfacilitatedbyyourlocalpoliceofficeifavailableinyourarea.
3. Pick Your Managers CarefullyIfyoudonothavethetimetopersonallymanageyourrentalproper-tiesyouwillneedtohireapropertymanager.Butyoursuccessasalandlordwillhingeonyourchoice.Makesuretohiretheabsolutebestcompanyforthejob.Letthemtellyouhowtheywillprotectyourassetandensurethattherentpaymentisreceivedmonthly.Willtheyconductmonthlysiteinspectionsoftheproperty?
4. Be InsuredMakesurethatyouhavethemaximumamountofrentalinsurance,propertyliabilityinsurance,andanyothertypeofinsurancethatmayberequiredinyourprovince.Thiscanhelpprotectyoufromdevastatinglosses.Rememberthisisyourresponsibility!
Tips on Being a Successful LandlordThekeytobeingasuccessfullandlordistakingtimetopickthebesttenantsandkeepingtherentalpropertywellmaintained.Ifyoudonothavethetimetokeepupapropertyonyourownorifyouownseveralrentalpropertiesyoucanquicklybecomeoverwhelmed.Thetipsprovidedbelowarethemostcommonwaystoensureyoursuccessasalandlord:
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The Successful Landlord’s Guide
5. Make Repairs PromptlyYourtenantsdeservetohavedecentlivingconditions.Inthecaseoffurnacesandothernecessarysystems,appliancesandfixtures,repairssimplycannotbeputoff.Trytoimagineyourselfinyourtenant’sposi-tion.Couldyoulivewithoutrunningwaterforthreedays?ThiscouldalsobeconsideredabreachoftheleaseagreementonyourpartandtheTenantmaybeabletowithholdrentpaymentsandyouwillhavenorecourse.
6. Respect the Privacy of Your TenantsAdheretoyourprovince’slawsforentryintoarenteddwelling.Mostprovincesrequireatleasta24hournoticebeforeatenantisrequiredtoallowtheirlandlordtoentertheirrenteddwelling.
7. Do Not DiscriminateFollowtherulesoftheHumanRightsActinyourprovincewhenyouscreenprospectivetenants.Adiscriminationlawsuitisextremelycostlyandcompletelyavoidable.Youshouldknowthishumanrightsinforma-tiontoavoiddiscrimination:http://www.unac.org/rights/actguide/canada.html
8. Have a Well-Drafted Tenancy AgreementItisimperativethattheformofTenancyAgreementyouusewithten-antsbewell-drafted,complywiththelaw,andprotectyourinterests.
9. Always Be FairInadditiontoavoidingdiscrimination,strivetotreatallofyourtenantsfairlyandinareasonablemanner.Trytounderstandtheirpositionandkeepinmindhowtheymayperceiveyouractions.Whileyoumaynotbeabletogetalongwitheveryone,havingagoodrapportandbeingreasonablewithyourtenantswillreducevacancyproblems.
10. Know your Province’s Tenancies Law http://www.canlaw.com/tenants/tenantinfo.htm
Onlyyouhavethetruedesiretomakeyourlandlordbusinesssucceedsotakethetimetosetupapropercourseofactionthatwillreduceincomelossthatisgenerallyassociatedwithhighrisktenants.HavealookatthedeterrentandincentiveformsthatTVShasonitswebsite.Theyareverybeneficialinpreventingrentalincomeloss.
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1.Spelloutincentivesintheagreementsotenantshaveagoaltoworktowards.CreatetenantincentiveslikeapointsystemfortimelyrentpaymentsthatconvertstoarenewalrebateoraCertificateofSatisfac-toryTenancyfromtheTVSwebsite.
2.Keepthepropertyingoodrepairandusethecommonsenseandreasonablemethodologytokeeptenantshappy.
3.Allowsomepersonalizationoftheunit.Minormodificationssuchasofferingachoiceofwallcolors,givetenantsasenseofbelonging.Decideaheadoftimetherangeofcolorsyouarewillingtoconsider.Whateveryoufindthatworks!
4.Communicateduringthetermofthelease.Tenantsoftenfeeldistantoralienatedoncethey’vemovedin.Findwaystogetinfrontofthemonaregularbasisoutsideofrentcollection.Complimentsoracardsaying“Thanksforpayingontime.Iappreciateit!”
5.Negotiatedealswithlocalvendorsfordiscountsforyourtenantslikepizzadeliveryormovierentals.Providethemwithalistofnearbyamenitiesiftheyarenewtothearea.
6.Offeranincentiveeachtimeatenantoffersaviablesuggestion.
7.Develoployaltybyensuringtenantsatisfaction.
8.ResidentManagers/PropertyManagerscansetupfunctionstoincludefunevents.Ifyouhaveasingleunitofferarestaurantcertificateonabirthdayorspecialoccasionforyourtenantandaguest.Useyourimaginationandthinkofwhatwouldworkforyourbusiness.
How to retain tenants and improve your bottom lineResearchshowsthatthemajorityoftenantturnoveriscontrollableandthatmanagement’sperformanceindeliveringserviceplaystheprimaryroleintenancyagreementrenewaldecisions.Withamove-outcostingyou$700-$1,200,controllableturnovercannotbeoverlooked.Herearesometipsfromseasonedpropertymanagersonwhatworkstoretainyourtenants:
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The Successful Landlord’s Guide
9.Residentmanagers/Propertymanagerscanconsiderdedicatingasunnyspotforagarden,wheretenantscanmeetandenjoytheirenvi-ronment.Ashadyareawheregrassdoesn’tgrowwellisaperfectplaceforaZengardenretreat.Adddecorativestoneandawaterfeature.At-tractivespacescanbeverylowmaintenanceandahighlyeffectivewayofkeepingyourtenantshappy.
10.Involvetenantsincommunityfunctions.Publicizeawalk/runforcharityandsponsoryourteam.Giveoutt-shirtsandthrowavictorybar-bequeafterwards.Publicizethemoneyyourtenantscollectedforthelocalhumanesociety,toydriveorfiredepartmentbysendingapressreleasetothepapers.AMapleRidgeBCApartmentOwnerdoesthisandhashadamazingfeedbackfromthetenants.
11.Publishacommunitynewsletter/blog.Ifyouhavesingle-familyrent-alsprovidelinkstoTenantcommunitywebsitesortootherbeneficialwebsites.
12.Findoutwellinadvanceifthetenantisconsideringmovingoutattheendoftheleaseterm.Giveyourselftimetoconsiderthetenant’soptionsanddevelopacounteroffer.Ifyoucannotconvertthetenantconductanexitinterviewsoyoucanfindoutwhatwouldhavemadeadifferenceforthem.Thatway,youavoidhavingthesamecomplaintfromthenexttenant.Fewifanylandlords/managersdothis.Howdoyouknowwhat’swrongifyoudon’task?
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What Do Tenants Want?Nothingimpactstherenewallikelihoodmorethanhowservicerequestsarehandled.Theworkorderprocessbeginsandendswiththeoffice,notthemaintenancestaff.Howworkordersarehandledbytheofficeandtheircommunicationswithresidentsregardingsuchhasastrongrelationshipwithretention.
The top twelve items in ranking order are:
• promptlyrespondingtocalls• promptlyrespondingtoemails• officefollowuponcompletedrequests• officestaffisresponsive• officestaffisdependable• officestaffiscourteous• officestaffisprofessional• apartmentcondition• apartmentappearance• communitysafety• qualityofmaintenancework• speedofhandlingtherequest
Residentsmightnotnoticea“jobwelldone,”buttheycertainlyremembernegativeexperiences.Thus,thegoalmustbetominimizedissatisfactionandtorisetotheoccasionanddelivera“remarkablerecovery”whenabadsituationarises.Weknowthistobetruefromourownexperiencesdon’twe?
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What are your criterion for prospective tenants?Credit Worthiness:Tobeasuccessfullandlordyouwillneedtodetermineifaprospectivetenants’credithistoryandpaymentpatternareacceptableandensurethattheymeetyourcriteria.
To establish credit worthiness:• Obtainacreditreporttodeterminepaymentpatternsandcreditworthiness• RequestaT4oremployerpaystubtoestablishincomelevel• Requestabankaccountstatementthatshowsdepositsbeingmadeeverypayday• Requestaletterfromemployergivingletterofemploymentandsalarystatus
Tenant Worthiness:Thisisdifferentthancreditworthiness.Sometenantsdonothaveagoodcredithistoryforvariousreasons,buttheyhaveagoodjob,stableincomeandalwayspaytheirrentontime.TenantworthinessshouldbeaREQUIREDcriterianthateverysingleprospectivetenantmustmeetforoccupancyofyourrentalunit.
To establish tenant worthiness contact the current and (more important) previous landlord(s) and ask these questions:
• Didtheprospectivetenantmeetallofthetermsinthetenancyagreement?• Howmanytimeswasrentpaymentlate?• Wasthesecuritydepositreturnedinfull?• Werethereanyproblemswiththetenant?• Whatis/wasthereasonforthetenantleaving?• WouldyourenttothisIndividualagain?
Ifthetenanthasbeenevictedfromaprevioustenancyasperlandlordinquiriesthenthatprobablydoesnotmeetyourcriteriafortenantworthiness.
Other Criteria to Consider:• Doyouallowpets?• Smokingpolicies?• Occupancymaximum?• Noisepolicy?• Parkingpolicy?
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The Successful Landlord’s Guide
Education for Landlord & TenantInmanycasesalandlordandtenantcanbecomeadversarieswhenthereisalackofeducationregardingrightsandresponsibilities.Thisoftenresultsinatenantleavingthelandlordstuckwithunpaidrentalfeesand/ordamagedrentalproperty.
Alossofincome,stress,hassleandotherunpleasantexperiencesaretheresultofmanysuchinstanceswhichareunnecessaryandtotallyavoidable.Ofcoursethereareotherreasonsfordiscontentwitheitheronepartyortheothersuchaslackofrespect,coopera-tion,cleanlinessetc.Tominimizeoralleviatethepossibilityfortheseunnecessaryproblemsitisincumbentuponthelandlordtoeducatehimselfandthetenant.
Whenboththelandlordandthetenantknowtherules,playbytherulesandrespecttherulesthetenantandlandlordexperienceisamuchmorepleasantandprofitableone.
www.tenantsinfo.comisawebsitethathasbeendesignedforthebenefitofbothlandlord&tenants.Itisnotenoughforlandlordortenanttojustknowtheirownrightsandresponsibilities;he/sheshouldalsoknowtherightsandresponsibilitiesoftheotherparty.Thisscenariowilllikelyeliminatemanyproblemsinyourrentalbusiness.
Encourageyourtenanttoreviewthiswebsite,stressingthatyouabidebythelawsandrequirementsofbeingalandlordandyourtenantsareresponsibletodothesame,ensuringaneffectiveandamicablerelationshipduringthetenancy.
Education is the path that leads to being a successful Landlord.
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The Successful Landlord’s Guide
• MajorCreditBureausdonotaccepttenantpayhabitreports.• Thereisnoothermajorrepositorythatreportstenantpayhabits.• LandlordscannetworkviaTVStoidentifyhigh&lowrisktenantsby
reportingpayhabits.• Advisingatenantthatpayhabitsarereportedtoacreditreporting
agencyonthe3rddayofeachmonthwillreducetheamountoflatepaymentsandtheriskofnonpayment.
• TVSisacreditreportingagency.• Reportinggoodpayhabitsbenefitsgoodtenantsandreportinglate
paymentsornonpaymentimpactshighrisktenants.• Manytenantshavepoorcredithistoriesbuttheyaregoodtenants
andmakerentpaymentsontime,.Thesetenantscannowbuildagoodtenanthistorywhichisimportanttoalandlordwhendeter-miningtenantworthinessorconductingtenantbackgroundchecks.
• Whenalandlordreportsthatthetenanthaspaidontimeattheendofatenancyperiodhe/shehastheoptionofcompletingandpresentingaCertificateofSatisfactoryTenancytothetenantwhichcanbefoundintheFormsSectionafterSignUp.ThetenantcanshowthistothefuturelandlordandthesatisfactorytenancycanbeverifiedbyTVS.
• Previouslytherehasnotbeenaconsequenceforhighrisktenantswhouselandlordsasarevolvinglineofcredit;nowthereiswhenlandlordsreportnon-paymentofrentoradebtresultingfromdam-agedrentalproperty.Thisisafraudpreventiontoolanditservestominimizetheriskofincomeloss.InadditiontoreportingTenantpayhabitsandwheretheTenantdoesleaveaLandlordstuckwithunpaidrentalfees,youcanreportthedebttoacollectionagencythatwillpursuethedebtforyou.
•Inadditiontoreportingtenantpayhabitswherethetenantleavesalandlordstuckwithunpaidrentalfees,youcanreportthedebttoacollectionagencythatwillpursuethedebt.
Reporting tenant pay habits reduces income lossTVS Tenant Verification Service Inc.oneofthepremiertenantscreeningservicesintheindustry,hasdevelopedaprogramthatallowslandlordstoreporttenantpayhabitsonamonthlybasis.Thisisimportantforanumberofreasons:
find us here www.tenantverification.comcontact us [email protected]
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The Successful Landlord’s Guide
Successful Landlord’s ChecklistApplicant’sName Co-Applicant
CompletedTVSrentalapplicationreceivedonDD MM YR
If Applicant meets landlord criteria based on information contained in the rental application, then conduct
tenant screening as outlined below.
CreditReportObtained: Yes No
CriminalRecordCheckObtained: Yes No
AddressVerificationObtained: Yes No
EmploymentVerified: Yes No Howlongemployedhere?
PayStubRequested: Yes No bi-weeklyincomeis$
CurrentLandlordContacted: DD MM YR Telephone#
Notes from conversation with current landlord:
•Noiseproblems:
•Paidrentontime: Yes No Howmanytimeslate:
•Wassecuritydepositrefunded? Yes No
•WouldLandlordrenttothisindividualagain? Yes No
•AskfortheLandlord’saddresstocomparetowhattheapplicantputonapplicationandtoensurethatitis
aLandlordthatyouarespeakingwithandnotafriend.Afriendlikelywillgiveawrongaddress,orhesitate
givingyouone.
LeaseReviewedwithTenant(s): DD MM YR
Rent&SecurityDepositPaid: DD MM YR
Move-InInspectionFormCompleted: DDMMYR
Maintenanceissuesrequiredpriortomovein:
TenanthasreadandsignedNoticetoTenant:DDMMYR
TenanthasbeenadvisedofCertificateofSatisfactoryTenancyDD MM YR
Tenantwasreferredtowww.tenantsinfo.comforresponsibilitiesandrightsinformation Yes
Notes:
Thischecklistisavailableintheformssectionat www.tenantverification.com.