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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Welcome back!

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

Yes, the rental lease agreement is the single most important legal document you have to protect yourself and the tenant.  If it’s not in writing, it just doesn’t count.  A handshake is difficult to enforce.

I get calls daily from landlords telling me of issues with their tenants.  They say the tenant is doing this or that, and want to know if it’s grounds for eviction.  I always ask them is that issue covered in your lease agreement.

Your lease should spell out terms and conditions clearly for both parties to understand.

Let me show you some of the must have points in your rental lease agreement.

• Abandonment: Landlord remedies when Tenant abandons the premises.
• Alterations & Repairs: Rules governing Tenant alteration of the premises.
• Assignment and Sub-letting: Terms of leases often apply to the sub-lessees.
• Default / Breach: Remedies for tenant breach, including failure to pay rent.
• Inspection & Landlord Access: When, and how, landlords may enter the premises.
• Lawful Use of Premises: Tenant’s right to possession and its limits.
• Lead Paint Disclosures (42 U.S.C. § 4852d) Each state-specific residential lease agreement also contains federal lead hazard disclosure statements as required by 42 U.S.C. § 4852d. For a free EPA pamphlet, please visit http://www.hud.gov/offices/lead/disclosurerule/
• Maintenance: Who is responsible and how maintenance is defined.
• Parking: Included or not?
• Rent & Late Fees: When, and how, to collect late fees.
• Security Deposit: Legal maximums and number of days to return to Tenant.
• Tenant Hold Over: Landlord remedies for unlawful retainer.
• Termination of Tenancy: Notice required varies from state to state.
• Utilities: Who must pay to keep the lights on?
• Surrender of Premises: How and when Tenants give up occupancy.

Once difficult, now easy. Create your own rental lease agreement
It’s easy to create your own rental lease agreement with Renting Authority.

Click the link below and follow the simple step by step process. It is stored online for future reference and you can edit it too. www.rentingauthority.com/lease/lease.php

If you need help, you can always call or use the online chat line.  I want to show you how easy it is to create a customized lease.  If you will let me.
Click here to start the process https://www.rentingauthority.com/lease/lease.php
View a sample lease at www.RentingAuthority.com under Rule Number 4

Here are a few of the additional features of Renting Authority’s rental lease agreement

• Rent/lease apartments, condos, basements, houses, etc.
• Select various fixed and periodic terms
• Choose number of tenants
• Flexibility with utilities, pets, insurance, parking, rent increases, signing incentives, rent to own, maintenance, and tenant improvements

Log into your account and see what’s new
www.toolbox.rentingauthority.com

To your success,
Troy Boldt

888-674-9181
tboldt@RentingAuthority.com
www.RentingAuthority.com

Landlord Extorted for $12,000

Consistently using a standard application can protect you from costly lawsuits. Let me give you an example why. Let’s say you need to rent an apartment. You have 5 individuals come by and look at the apartment. You choose applicant number four. It sounds like he has a great job and is clean cut. A few weeks later you get a phone call from applicant #2’s attorney. He claims that you discriminated against his client because she is a Mexican and has two children. The lawyer goes on to state that he will settle for $12,000 or he will take it to federal court and sue you for $55,000.

    Unfortunately, you have no documentation from the applicants. You have nothing standardized like an application or credit and background report to support your decision. The attorney knows this and knows he can win a settlement.

    Your insurance company will settle for $12,000 because they know the expense of going to court and the probability of loosing. They know you have no documentation and are very exposed. If you really want to protect yourself, please do the following.

    Using a standard application and running a background and credit check for all prospective tenants can greatly help limit discrimination lawsuits. Lawsuits are very expensive and time consuming. Store the application, either electronically, or a hard copy in a secure filing cabinet. Run a background and credit check

Who wants to get sued? None of us, so please take every precaution. Prevention is the best medicine.

Have a great day,

Troy Boldt  

www.rentingauthority.com