Super Landlord Tip 1
Include in your lease the following wording: “Resident agrees to pay Landlord a service charge of $25 if it is necessary to deliver a legal notice for any violation of the rental agreement to this address.”
Super Landlord Tip 2
Put together a list of names and phone numbers of five or ten churches or agencies in your area who are willing to help residents unable to pay rent. Whenever you have a resident with a good track record of paying rent on time, but one month has a “legitimate” problem that is making it difficult to pay, give the tenant the list. They may be able to help out.
Super Landlord Tip 3
Whenever you sign on new residents, tell them you look forward to working with them for the next three years as one of your “preferred” customers. Let them know they will receive special service as a preferred customer, such as having their carpets cleaned every year. This will triple the lifespan of your average resident and keep good tenants longer.
Super Landlord Tip 4
Ask residents if they would like a ceiling fan, mini-blinds, or a color television added to their rental for a small monthly fee. One out of four (or more) will probably say “yes.” You should recover your expense for the item within three to six months. From that point forward, the extra payment is extra profit. Plus, your tenant is happy.
How to Collect on Judgments
Savvy landlords will need to learn or re-learn how to file evictions AND collect their money in the coming days. Many landlords know how to get the judgment, but NOT how to get the money! Here are five quick tips:
- You CAN run the credit report of former tenants (who owe you money) every six months to get possible updated information.
- You SHOULD record the judgment, usually in abstract form at your local recorder’s office (deeds, weddings, etc).
- You CAN order the court or judge to order an examination of their assets. (They raise their hand and swear in front of the judge, and then you take them into a side room and ask them questions on their debts AND assets).
- You SHOULD file a wage garnishment if they are employed.
Plus, recording the judgment, if they have real estate, will survive a bankruptcy as the judgment is recorded as a secured judgment and if or when the property is sold or refinanced, your judgment will get paid off.
Management tips provided by landlords on www.MrLandlord.com. To receive a free Rental Owner newsletter, call 1-800-950-2250 or visit their web site at www.mrlandlord.com where you can ask landlording questions and seek the advice of other rental owners 24 hours a day.