Welcome back!

The better and more information you have, the better decisions you make.  It’s really that simple.  The problem is getting good information for issues you have now!

Forum

Renting Authority has a solution.  We created an Independent Landlord Forum and Blog. The Forum is an on going discussion of issues that landlords deal with on a day to day basis.

You can read questions other landlords have and see how they have dealt with them.  Not only do you get our expert advice, but the advice of thousands of other landlords working in the trenches.  This is one of the most powerful resources you have as a landlord.  The best part of the forum and blog, it cost you nothing.

Here are some of the topics discussed today:

• Lease Agreement
  • Can the tenant break the lease agreement?
  • Room Mate Lease Agreement Problems
  • New lease questions
  • What are landlord’s liabilities if landlord breaks the lease?
• Background and Credit reports
  • Renting to someone who is in bankruptcy
  • Moneys up front
  • Names on lease agreement
• Landlord Advice
• Tenant Trouble
  • Feuding Tenants
  • House in a bad Neighborhood

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Join the forum discussion on this post - (2281) Posts

My mentor Perry Marshall, sent me an excellent article about doing what is most important in business.  I am inserting part of his article to introduce you to this concept.

A few years ago, John Carlton told me this story about his edgy writing career with copywriting legend Gary Halbert:

   “I think the term Operation Moneysuck is a term that makes people chuckle. But to be honest, it is the most deadly serious thing for any businessman to learn. The earlier you learn it, the better you are going to be. The more you take it to heart, the more profitable your business is going to be. 

   “I’ll tell you quickly how this story happened. When I sat in a office with Gary Halbert, we were supposed to go over a bunch of ads that we were going to write. We had a lot of business so we were going to call some clients. We had some hours to do this. 

   “Just as we sat down, his secretary came in and said, “OMG, your landlord is on the phone and he is really pissed about something.” The copier just broke, the computer just went down and there were 15 fires that were going on essentially. 

   “I thought to myself, “That is it. We are not going to get down to any business here because we have to stop and take care of these little emergencies, but how.” Halbert really surprised me and said, “Calm down, back up, get out of the room, close the door, locked it and not another word of explanation.” Then he came back and said let’s get busy. And, we worked for the next three hours, got a lot of business done and brought in a lot of money. 

   “When we opened the door later, we found the problems had solved themselves and the ones that hadn’t weren’t that important anyway.

So right about then, what I really got jammed into my head was what Operation Moneysuck was about.

What is your number one job as a landlord or property manager? 

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I had nearly identical conversations with two new landlords this week.  The conversations went roughly like this.

I found someone to rent my house.  I just need them to sign the lease. I am not sure if I want to spend the money on running a credit and background check.  I don’t want to change the applicant an application fee and scare them off either.

What do you suggest?

Of course, I suggested they run background and credit checks.  You might say, you suggest that because Renting Authority makes money from background and credit checks.  That is true, but it is a necessity.  When the economy is unstable, you must stick with the basics.

• Have applicant fill out and sign a complete rental application.
• Run background and credit reports
• Do employment and rental verification.
• Have applicant sign a rental lease agreement.

Here’s another strange occurrence.  Unfortunately, I keep hearing stories like this more and more. 

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I just want to tell Shawn, thank you for all your help with completing my lease agreement  online, you were very patient with me all throught the process.

I just wish more customer support people were as nice as you.
Thanks again.
Shirley

This week, Perry Marshall, one of my mentors sent me this email. Even though economic times seem tough, this is a moment of great opportunity.

Farmer Ron, the Big Bailout, and the 80/20 Rule

My father-in-law, Ron, is a 77 year old retired farmer in Southeastern Nebraska

He had this to say about the Big Bailout:

“The people that stole my cow now want me to feed it. I resent that a lot, but I do not want my cow to die. So I guess we will have to send more cow feed their way. In the good ole days, we could have hung a couple of the rustlers and that would have delayed the next raid by awhile. Now they expect to get rewarded.”

Gotta love that simple farmer common sense.

Gotta love the fact that he’s from Nebraska. (Just like me.)

I’d like to add a few comments of my own.

First, the contrast between the mainstream news media and the entrepreneurial culture online couldn’t possibly be more striking.

Journalists, as a group, are the most financially threatened population in today’s economy.

Not because of the banking crisis, but because the Internet is destroying their business. They’re ALL

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Employment verification is an extremely important step in the tenant screening process.  Generally, a renter needs a good job so he or she can pay the rent.  Let me give you a list of things to inquire about.

One of the most important things is to pay attention to is: who and how the business phone is answered.  Why, because some people will give you a friend to call and pretend they are the employer.  The phone should be answered with a business name.

Ask for the applicant’s supervisor or boss.  This information should have been provided by the applicant on the application. 

Ask the following questions:

• How long has the applicant been employed there?
• Is he or she currently employed there?
• Is the job full time, part time or temporary?
• How many hours a week does he or she work?
• Verify the monthly income.  (Employers do not always give out this information.)
• Does their job future look good?

Make sure to do good employment verification.  If you do not have the time to do it yourself, Renting Authority can help you. 

This is how you run an Employment Report:

• Log into the Property Owner’s Toolbox
• Select Past Rental and Employment Reports. 
• Click the box for Employment Report
• Fill in the needed information and we take care of the rest.

You receive your Employment Report in 24-48hrs  

The Cost is only:

$6 for Employment Verification

$6 for Rental History Verification

Only $4 each with your upgraded membership

Up grade your membership now

Click here to view a sample Employment Report

Login and order you Employment Reports now

To your success,

Troy

Renting Authority

tboldt@rentingauthority.com

888-674-9181

Rental history verification is an extremely important step in the tenant screening process.  If a person was a good renter in the past, chances are they will continue this pattern.  The reverse is also true.

Rental history verification is very straight forward.  You speak with the previous landlord and find out what type of a tenant the applicant is.

Ask the following questions:

• Length of time rented?
• Did any problems occur while renting?  If yes explain
• How many times were they late paying rent?
• Do they know why person is leaving?
• Do they have pets?
• Are they breaking the lease?
• Would you rent to them again?

Make sure to do good rental history verification.  If you do not have the time to do it yourself, Renting Authority can help you.  This is how you do it:

• Log into the Property Owner’s Toolbox
• Select Past Rental and Employment Reports. 
• Click the boxes for Rental History Report,
• Fill in the needed information and we take care of the rest.

You receive your Rental History Report in 24-48hrs  

The Cost is only:

$6 for Employment Verification

$6 for Rental History Verification

Only $4 each with your upgraded membership

Up grade your membership now

If you have any questions, please email or call.

Here is a sample report of what the report looks like: 

Click here for sample report

Click here to login and order rental history reports now

To your success,

Troy Boldt

Renting Authority

tboldt@rentingauthority.com

888-674-9181