for the Week Ending March 7, 2010
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We received the tips below as a result of last week's tip about whether you should let a tenant out of a lease. I have incorporated the following paragraph in every lease so the tenant knows up front what will happen if they want out of their lease early
Tenant may end their Lease and move out before the end date of the Lease only with written permission of Landlord, and only if:
Harvey G ________________ I usually allow them to cancel but usually try to negotiate that they be out by around the 20th of the month even though they paid the entire months rent and are forfeiting the deposit. Sometimes I will negotiate them leaving the utilities on for a week so I can make repairs/show the property after they move out. I find that it is a lot easier and quicker if I can get my unit on the market (empty and cleaned/fixed up) prior to the end of the month rather than right after the first of the month. Also, the quality of renters is usually better. Except for the month of December, I can usually get my unit rented if I have it by the 20th. No one in my area wants to move from Thanksgiving through Christmas.
Other factors to consider are: Will the tenant be mad and do damage to my unit? Am I willing to go through the headache of trying to collect or do I just want to move on? What is fair to the tenant and myself? I always keep in mind that I am in the business of renting houses, not selling personal items and not collecting judgments. I want easy rent money. I do not want hassles. If that means I will lose a few hundred dollars a year over my nine properties, then it is worth that not to have the hassle of appearing in court and trying to collect a judgment. Actually, I think I usually end up a few hundred dollars ahead each year from broken leases. I keep the deposit. Usually, my expenses to rent the property back out is less than the deposit. I get a new deposit and 1 year lease. I usually am able to rent the property for the same amount or a slightly higher amount.
Robert P. Young
Paragould, Arkansas ------------- Our judge considers every lease to be month-to-month, no matter what is written. We have never had anyone complain about paying it to get out early. Thanks, Harvey, Robert and Brad. These are all ideas that many other landlords can use. Now to this week's tip. Have you ever watched a car slow down in front of a property for rent, stop, back up, pull forward again, then speed off? The occupants' first impression told them that that was someplace they didn't want to live. People rent property on first impressions. Believe it or not, prospective tenants have pretty much decided whether they want to live somewhere before they ever get out of their car. The way to get more rent and better quality tenants is to make your rental property look as if it ought to rent for more money. What follows are ten ways to do just that. 1. Plant flowers, clean up the yard and trim the shrubs . Make it look crisp and clean from the street. 2. Hang drapes and curtains. They don't have to be expensive, just in the windows. 3. Install a range and refrigerator or a built-in dishwasher. The only problem might be in a property where the tenant would forget they belonged to you when they moved out and took the appliances with them. 4. Put in a washer and dryer. Same caveat. 5. Write an effective ad. Sell the property to the tenant before he or she sees it. See the chapter on effective ad writing in Profitable Tenant Selection available from Cain Publications. 6. Fence the back yard, or give the tenant some kind of private space, if it isn't a single-family home. 7. Plant fruit trees and let the tenants have the fruit. 8. Detail the front entrance . Just outside the front door and inside the first room you see as you enter should sparkle from extra attention. 9. Roll out or blow in insulation . Wrap the pipes. Make the house more energy efficient. That is just as important if the tenant is paying the power bills as it is if you are. 10. Wax the floors and polish the chrome. If anything is supposed to shine, make it shine.
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