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The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits QUOTES

The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits QUOTES

1 " Lastly, when a tenant moves out, don’t throw away their file. Keep all tenant files for at least ten years. You never know when you might need them, and rubber bins are cheap and can easily be stored in your attic or garage. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

2 " Tenants sometimes like to pick and choose which questions to answer, or conveniently miss a question or two that they think will affect them negatively. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

3 " applicants know that incomplete applications will not be processed. If there are blank spaces on an application, simply give it back to them and let them know it will be processed when it is complete. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

4 " Remember, “smoker” is not a protected class, so you can discriminate against it—we do! If you smoke, you will not be approved for one of our rentals. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

5 " Never take the rental off the market and turn away would-be renters until you have an approved applicant and a deposit to hold the property in hand. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

6 " Most leases do contain a grace period, but only a few states actually require it. We offer a five-day grace period so the tenant can pay rent any time between the 1st and the 5th of the month without penalty. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

7 " You may also want to charge a daily late fee in addition to the set fee. For example, charge a $40 late fee the first day rent is late, with an additional $10 late fee each additional day rent is late. This encourages the tenant to pay their late rent quickly. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

8 " The number one reason given is because their landlord wouldn’t respond to maintenance issues. How silly for a landlord to avoid fixing a $200 issue when the cost of a turnover could cost thousands. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

9 " always right. However, treating tenants with respect, clarity, and promptness goes a long way. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

10 " 1.  Be respectful. Your tenants are people, just like you. Treat them how you would want to be treated, no matter how you personally feel about them. 2.  Be responsive. Don’t be difficult to get in touch with, and don’t make the tenant wait too long before you take action or communicate what action is being taken. Do what you say you are going to do, when you say you are going to do it, and keep them in the loop. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

11 " What kind of tenant do you want? Simple: a great one. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

12 " •  Look for any judgments or liens. If the tenant has a judgment on their background check and you will be denying them because of it, one way to respond to the applicant is by putting the ball in their court. “Hey John, your background check revealed a judgment owed to Property USA, LLC in the amount of $4,200. What can you tell me about that?” Likely, they’ll give you an excuse of some kind, but don’t buy into it. Instead, ask them to have the company in question get in touch with you, but you will need to put their application on hold until you hear from them. Don’t worry, you never will. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

13 " By simply following these two principles, you’ll hold onto your tenants longer, and keep your property running at maximum efficiency and profitability. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

14 " Most landlords require that a tenant’s (documentable) income equal at least three times the monthly rent. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

15 " Getting references from previous landlords is perhaps the most important of all the screening steps. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

16 " Plan ahead and pick up a box or two of nice blue-ink pens for your lease-signing appointments, and make sure every tenant gets their own. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

17 " One way to find out if the person you are speaking with is really a landlord is by first calling and asking, “Do you have any vacancies?” If it’s a friend, they will quickly be thrown off, whereas a landlord will simply answer your question. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

18 " Always bring your camera and/or video camera to record the condition of the unit at the time your new tenants obtain occupancy (a smartphone camera works just fine). You will be recording the condition in writing in your Move-In Condition Report in your lease as well, but pictures and video speak volumes more than words. The more documentation you have of the move-in condition of your rental unit, the better. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

19 " All occupants over the age of 18 who will be living in the home have signed the lease, including the Move-In Condition Report. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits

20 " verification of the tenant’s rental specifics, such as the address, lease term, and rental amount. "

― Brandon Turner , The Book on Managing Rental Properties: Find, Screen, and Manage Tenants With Fewer Headaches and Maximum Profits