http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/real-estate/should-you-collect-extra-rent-and-extra-security-deposit-for-pets.html http://www.articletrader.com/finance/real-estate/should-you-collect-extra-rent-and-extra-security-deposit-for-pets.html Mon, 19 Feb 2007 00:00:00 -0600
The Tenant
Many tenants think it is unfair to charge both extra security deposit and extra rent for the privilege of pet ownership and I will tell you why: If someone wants the pleasure of a pet (especially a dog or cat) an extra security deposit is nothing to pay for that pleasure. Most tenants understand that and know the extra security deposit is taken in case the pet somehow damages the rental unit. If they do damage something, the landlord pays for the damages out of that money.

Now when a landlord charges extra rent for a pet, are they charging it because the pet will be taking up more living space, use more hot water, or flush the toilet? No. They are charging extra rent because the pet could possibly cause damage to the property.

Therefore, when a landlord charges extra security deposit for wear and tear or possible damage and extra rent for those same reasons, many people believe they are being double-charged for the pleasure of owning a pet. And nobody likes to be double-charged.

The Landlord
On the other hand, from a landlord’s perspective, charging the extra rent for the privilege of pet ownership is smart business since the risk of damage is definitely higher, and the tenant should compensate for that risk. Let’s say you feel $25 a month is enough for compensation, so you add that to the rent. This additional $300 per year somewhat eases your mind should the pet cause damages to the premises.

Let’s say six months into the lease the tenant moves out. Upon their departure you discover Fido had a weak bladder and consequently ruined all the living room carpet. The $150 you collected in extra rent ($25 per month times 6 months) will not cover that replacement and because you didn’t receive any extra security money up front you lose.

The basic thought to keep in mind from a landlord’s perspective is a pet who has a bad day can do hundreds of dollars of damage to a property during that one day and collecting $25 or even $50 per month to cover that bad day just is not enough insurance—especially if this damage happens early in the tenancy. For this reason, it makes perfect sense from a landlord’s perspective to charge both extra rent and extra security deposit for a pet.

Therefore, although tenants may believe you are double-charging them, in reality, the combination extra rent and extra security deposit is really an attempt to cover all scenarios—and rightfully so. Ultimately, it is easier financially on the tenant because most tenants will not have the extra money for a much larger security deposit, such as a full month’s rent. Although this combination leaves you with a little more risk in the beginning of their tenancy, this risk is reduced with each passing month.

The one advantage about collecting extra rent is if upon departure, the tenant’s pet really did very little damage, then you’ve made more money on that rental since the extra rent is yours to keep no matter what.

The Answer
There probably isn’t a good universal answer to this question although there is one universal element. That element is this: if you allow pets, especially dogs and cats, in your rental, then you need to collect some form of compensation in case they cause any damage. This can be in the form of extra rent, extra security deposit, or both. Whatever you choose, provide yourself with as much coverage as possible. (I cover the topic of pets in other articles available on my website at http://www.findthatqualitytenant.com).



--
Don Conrad is the author of the book,” How to Find Quality Tenant”. His website at www.findthatqualitytenant.com is dedicated to educating and improving the landlords tenant selection process. This website contains educational articles, valuable links, free reports, a list of landlord associations, monthly tips, a Fair Housing Test, and much more.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/the-contents-of-a-lease.html http://www.articletrader.com/finance/real-estate/the-contents-of-a-lease.html Mon, 05 Feb 2007 00:00:00 -0600
No matter which way you decide to come up with your rental lease, you’ll need some tools to help you get the best lease possible. Personally, I am fan of checklists, so it only makes good sense to use one to help you understand what you should have in the lease you eventually decide to use
The checklist below is probably very close to the same one a lawyer would use for reference if he or she were drafting a lease for a client. This checklist will be extremely consistent, wherever you live.

We will go through the checklist and I will give a brief explanation of each item as I list it. Keep in mind that not every item may not be necessary, but should be considered. A good lawyer can help you decide.

Parties—the people involved in the lease. Each person or entity is a party to a lease. You could have two parties or many parties to a lease.

Names—all parties or entities on the lease need to be named.

Address—of the parties if different than the leased address.

Other identification—as needed.

Subject of the lease

Address or legal description of the property; address of the property being rented.

Lessee’s purpose—whether residential, commercial, farm use, etc.

Restrictions on use of property—limits on use and occupancy.

Duration of agreement or option for lease—length of contract including starting and ending dates.

Provisions to be included in subsequent lease

Parties—usually refers to names of minors/pets.

Subject term—fixed day when rent is due and when considered late.

Rental payments—amount of payment and security deposit.

Access to property—right to enter property for emergency, repairs, or timely condition review.

Designation of party responsible for repairs—who’s responsible for what repairs and action taken if repairs not completed in a timely manner.

Identification of appurtenance--what goes with or is related to the rented premises (appliances, equipment, etc.)

Liability for utilities—who pays sewer, water, garbage, and so forth.

Liability for taxes and assessments—in some leases, the tenants are responsible for these items.

Renewal option provisions—conditions and time frame for lease renewal of premises.

Purchase option provisions—conditions and time frame for purchase of premises.

Transferability of lease agreement—whether you can sublease or not.

Date of execution—when the lease was signed by parties.

Signatures—signatures of parties.

This completes the checklist that you may use to structure your rental lease. It is very likely and actually quite common that you might include other provisions in your lease other than those listed.

For instance, many people write their rules and regulations into the lease itself. These regulations cover such things as noise, lockouts, pets, and parking. Other landlords simply hand out the rules as an afterthought, but might write out amendments to their standard lease as they feel it’s needed.

Whatever you decide to include in your lease, make sure it can do its’ job where necessary; in a court of law.

If you would like further information on leases, please visit the articles page on my website at:http://www.findthatqualitytenant.com

I am not a lawyer, therefore, if you have any legal concerns with anything in this article, please contact the appropriate legal counsel.









--
Don Conrad is the author of the soon-to-be released book,” How to Find That Quality Tenant”. His book and website are dedicated to educating and improving the landlord tenant selection process. His website at http://www.findthatqualitytenant.com, contains informational articles, valuable links, real estate forms, a list of landlord associations, tips of the month, a Fair Housing Test, FAQs, and much more.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/rental-cleanliness-and-curb-appeal.html http://www.articletrader.com/finance/real-estate/rental-cleanliness-and-curb-appeal.html Mon, 29 Jan 2007 00:00:00 -0600
Offering a rental that is cleaner, with more eye appeal than your competition, will often be the edge you need to find quality tenants. This image begins with what is referred to in the industry as curb appeal. Simply stated, curb appeal is how the property looks from the street.

Outside.
To achieve good curb appeal, I highly recommend spending a little extra preparation time on the front of the house. Start with the yard. Cut back low-lying branches. Trim the bushes. Put in some hostas or easy to manage seasonal bushes. Edge them out and spread a little mulch around. Pick up loose trash and pull the weeds, especially in the cracks of the driveway and sidewalks. Take time to grow grass in the bare spots in the yard. Mow the lawn.

On the house itself, start by washing down the exterior. If the house looks drab, splash on some color by adding shutters to the facade. The easy-to-install shutters sold at most discount/hardware stores are inexpensive and will change the look of your rental with a minimal amount of effort. If, after you add shutters, you still wish to add more pizzazz to the dwelling, paint the front door the same color as the shutters. To finish off the look of the house, add a decorative flag or classy lawn ornament to give the place a little character.

When you are done, step to the curb and look at your property as a whole. What you see is what the tenants will see. The very first thing they will see. Will they be impressed, or will they walk away?

Inside.
Cleanliness inside the home is also extremely important. Nobody wants to begin living in their new home surrounded by someone else’s filth. For this reason, everything needs to look, smell, and feel clean. Begin by making sure all walls, ceilings, and trim work is freshly painted, void of holes, and free of cobwebs. Non-carpeted floors should be swept, mopped, and polished.

Carpeted areas should be professionally cleaned between each and every tenant, no matter how short their tenancy was. Carpets hold dust mites, odors, and about every other germ imaginable. Parents hate the thought of their kids rolling around on someone else’s germ-infested carpet.

I know that many landlords have their own carpet cleaning machines and prefer to take on this task themselves, therefore pocketing the savings. I tried this too but was very unhappy with the results. It was a lot of work and I never seemed to get out the stains and dirt like the pros could. I mean, let’s face it: they have better equipment and superior knowledge to attack stains and other problems. For these reasons, I recommend you use professional carpet cleaners.

.As you can probably guess, in addition to cleaning carpet, walls, and trims, extra effort should be used in preparation of the kitchen and bathrooms. These rooms can make or break how your house rates on someone’s clean-o-meter. Dirty kitchens and baths give tenant prospects illusions of germ infested environments and unhealthy living. Substandard cleanliness in these two areas is the surest way to lose potential quality tenants. Thoroughly clean the kitchen and baths and if you have any doubts that they are clean enough, clean them again. If the thought of cleaning other people’s messes repulses you, hire it out.

While you are cleaning the house for display, don’t forget those often overlooked, neglected areas: ceiling fan blades and lights, fingerprints around doorknobs and light switches, all vents and grills, behind and underneath appliances, mirrors, windows, window sills, and any other place you would normally forget to clean.

Another thought to remember is when landlords prepare their dwellings for rent, they generally concentrate on the visual aspect of the task. Most people fail to remember that the sense of smell is a very powerful sense, especially in women. I recommend you remove all possible sources of unpleasant odors days in advance of the first showing. It would probably be worth the effort of placing a couple of air fresheners around the dwelling. Try using the kind you plug into an outlet, which slowly release an attractive smell for up to a month at a time. The key to success is to have the place smell nice before a single tenant prospect walks though the door.

I know that cleaning a rental to the standards I recommend can be a lot of work. Personally, I dislike it so much I hire it out. Even so, I know for a fact that I consistently rent my dwellings for above market rents, to quality tenants, and I’m sure it is because they always have superb curb appeal and are extra clean. Please, take my advice; Go Clean!





--
Don Conrad is the author of the soon-to-be released book,” How to Find That Quality Tenant”. His book and website are dedicated to educating and improving the landlord tenant selection process. His website at www.findthatqualitytenant.com, contains informational articles, valuable links, real estate forms, a list of landlord associations, tips of the month, a Fair Housing Test, FAQs, and much more.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/checklist-for-the-tenant-selection-process.html http://www.articletrader.com/finance/real-estate/checklist-for-the-tenant-selection-process.html Mon, 22 Jan 2007 00:00:00 -0600
The checklist I'm about to share with you is designed to be used from the time you meet with the tenant prospects to fill out the application, and continue through the lease signing process. A couple areas may seem unfamiliar to you. If so, please make reference to my book, "How to Find that Quality Tenant", for an explanation. (If you have trouble locating this book, visit my website at http://www.findthatqualitytenant.com)

Checklist: part 1-- This part of the checklist is to be used by you when the applicant fills out the initial paperwork. Do not leave the showing until all required items are checked or verified that they are not applicable (NA).

1. ____Verify driver’s license number and picture
2. ____Verify social security number
3. ____Landlord information complete
4. ____Employment information complete
5. ____Credit application filled out completely
6. ____Credit application signed and dated
7. ____Credit monies received
8. ____Employment verification signed and dated
9. ____Cash Flow form filled out
10. ____Cosigner credit check completed, signed and dated
11. ____Cosigner credit check monies received
12. ____ Cosigner cash flow filled out


Checklist: part 2-- This part of the checklist is for when you are at home or in the office, and are processing the applicant's paperwork. Do not rent to the applicant until all required items are processed.

1. ____Check rental history
2. ____Check employment history
3. ____Check personal references
4. ____Check credit
5. ____Check cash flow
6. ____Run criminal background check


Checklist: part 3-- This last part of the checklist is to be used at the lease signing. This is your last chance to get everything signed and organized the way you want it before the tenants take over your property. Don't neglect using the checklist on this step.

1. ____Rules and regulations initialed and signed
2. ____Fire extinguisher use and maintenance reviewed
3. ____Smoke alarm use and maintenance reviewed
4. ____Tenant given lead-based paint pamphlet
5. ____Lead-based paint form signed and dated
6. ____Property condition form signed and dated)
7. ____Photos/video taken
8. ____Additional/missed information verified
9. ____Tenant received Important Contact form
10. ____Utilities transferred
11. ____Explained property workings:
a. ____Individual water shutoffs
b. ____Main water shut offs
c. ____All gas shut offs
d. ____Furnace filter change
e. ____Appliances
f. ____All others
12. ____Pet addendum signed and dated
13. ____Cosigner agreement signed and dated
14. ____Copies of photo ID/social security number collected
15. ____All lease items reviewed
16. ____Lease signed and dated by all parties
17. ____All monies received
18. ____Key exchange
19. ____Celebrate


copies of this form can be obtained off my website at www.findthatqualitytenant.com





--
Don Conrad is the author of the soon-to-be released book,” How to Find That Quality Tenant”. In his book and website are dedicated to educating and improving the landlord’s tenant selection process. His website at http://www.findthatqualitytenant.com, contains informational articles, free reports, FAQs, a Fair Housing Test, a list of landlord associations, tips of the month, valuable links, real estate related forms, and much more.

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/real-estate/during-rental-showings-are-you-archie-bunker.html http://www.articletrader.com/finance/real-estate/during-rental-showings-are-you-archie-bunker.html Mon, 15 Jan 2007 00:00:00 -0600
During Rental Showings, Are You Archie Bunker?

The year 1971 was a very pivotal year for me in terms of growing up and viewing the world differently. I was 10 years old and was getting a look at life around me without rose-colored glasses. For starters, that was the first year I experienced death in my short life—well, at least a death I could remember. My first grandfather passed away when I was three or four years old, leaving me with very faint memories of him. In 1971, when my second grandfather passed away, I was old enough to be effected by his death, and even though I wasn’t extremely close to him, I had enough memories and understood how his passing would impact me.

It was also during this year that I was introduced to Archie Bunker. My newly widowed grandmother suddenly had a lot of extra time on her hands, and to occupy that time, she began watching more television. All in the Family was introduced in 1971 and it quickly became one of her favorite shows. Since she lived almost directly across the street from us, and because kids love to go to Grandma’s house, it only made sense that I was at her place quite a bit. So consequently, I was exposed to Archie Bunker and his views on life.

For those of you who don’t know Archie Bunker, let me describe him for you: Archie believed himself to be America’s most patriotic and vocal citizen. He had an opinion or explanation about anything and everything. Unfortunately, he couldn’t communicate those thoughts without yelling, arguing, labeling, discriminating, or showing his true ignorance and lack of education on whatever topic was at hand. Of course, to make matters worse, he never saw these faults in himself and didn’t want them acknowledged by anybody else.

All in the Family was a great show because it covered topics that had never been previously addressed on primetime TV. By touching on these issues, the cast helped to show all of America something we didn’t really want to admit: There may be a little of Archie Bunker in all of us.
This brings me to the point of the story and why I am beginning this chapter with it. Perhaps we all possess some of Archie Bunker’s negative character traits but just don’t want to ’fess up to it. Some traits are worse than others and some can land you in trouble if you’re not careful, which is why the main traits I want you to be aware of is prejudice and discrimination.
I believe prejudice and discrimination are born of a combination of things. They often begin in the home environment and/or the area and time in which we each live. They continue to thrive through ignorance and lack of education, resulting in an unfounded fear that often deadens one’s sensitivity to the human connection. As you should know, prejudice and discrimination are against the Fair Housing Act (I have much more information covering the Fair Housing Act on my website at http://www.findthatqualitytenant.com), and the reason I bring this up is because every being on earth has things they are prejudiced about or discriminate against. It may not be race, color, religion, or creed, but it could be height, weight, hair color, clothing, or a number of other things. If you’re like most people, you probably aren’t aware that you have prejudice in your psyche. But you do. We all do.
Of course once you have interviewed a tenant prospect, you need to meet them at the dwelling so they can view the rental and fill out the application if they are interested. Since this meeting is the first time that you will actually meet the applicant I want you to realize something of great importance which is this: sight is typically the first of the five senses used when making a prejudiced judgment.
Since you are meeting a prospect at your rental unit to see them for the first time, I want you to remember not to label or pass judgment on your tenant applicant when you first lay eyes on them. I guarantee that often what you expect to see and what you actually do see are not the same things.
Even though your prospect was polite, courteous, and passed all qualifications with flying colors on the phone doesn’t mean when he or she shows up at the rental this person won’t have green spiked hair or body piercings or numerous tattoos—or drive a beat up Chevy when you like BMWs. He or she might wear thick glasses or sloppy clothes, or be fighting a weight problem.
None of this matters. Keep in mind that this person initially passed your qualifications over the phone, so treat his or her as if he or she were a picture perfect, Ivy league college grad dressed for a modeling spot in GQ magazine.

Do not discriminate based on sight; discriminate based on qualifications.

If you discovered your tenant prospect was truly qualified over the phone, and when you get to the house, you don't let prejudice or discrimination cloud your judgment, you may well be on your way to finding a tenant to fit your needs.




--
http://www.findthatqualitytenant.com>Find That Quality Tenant

Source: http://www.articletrader.com ]]>