Rental properties-What Landlords need to know

By
Real Estate Agent with Brokered by eXp Realty LLC SL # 3014652

Renting out your property can be a hassle if you don't hire a professional Realtor® who can assist you to make the process as smooth as we possibly can.

Some landlords might say they understand the process but end up not filing the correct paperwork. In most case the landlord will first enter into a lease agreement and if all parties agree then the landlords Realtor® or agent will help draw up the lease with the landlord and then get approval from both parties. As Realtors® in Florida...we can only write up to a 1 year lease.

 

In my area we also require that the prospective tenant pay for a credit..background and criminal check. We have a service that we use so we require that if we are the listing agent that we have the all these checks done before occupancy. Peoples lives change on a daily basis as well as there is a chance that they could have excellent credit and no background problems now...but in 6 months things can change and they could be late paying their rent. So it's always safe to go through this process to make absolutely sure that we've qualified the tenant to the best of our ability. It's not fun when you have to tell the prospect that the landlord thinks they're too much of a risk due to their credit or their background comes back a suspect.

Some landlords don't even run these checks and then they call me after they got burned the first time...if they follow this rule....then there is less chance of having a problem.

We also make sure that the landlord includes "late" fees as well as "bad check" fees. You don't need to be strict with it but you need to be able to enforce it if need be. Let's face it....some tenants are always late and if you let them take advantage then they will always get away with it.

When potential renters visit your home some times they get to meet the landlord and they begin to develop a rapport and they become friendly. Sometimes they might even ask you if you would like a drink and then everyone becomes all chummy and then they trust each other.

But as I mentioned above it's still always safe to require that they have some sort of background check. At least if you do this then if something does happen you'll know that you did everything right.

Remember that it's a business and that it's OK to be friendly but your tenant has to remember that you are the owner and they are the renter and although most renters will respect the property....some do not.

I'm not saying that all tenants shouldn't be trusted but I don't think they're requesting too much.

For more information please contact Neal The Real Deal Bloom-Realtor® /Remax Premier Assoc.

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 Remax Real Estate Weston Florida

2500 Weston Road ,Suite 103

Weston FL 33331

(954)608-5556 Direct
(954)212-0257 Fax

nealb63@myacc.net 

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Neal Bloom

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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Neal I have never had any desire to be a Landlord, just seems like to many hassles to me.  God bless those that can put up with dealing with Renters and everything else that goes along with it.

Aug 08, 2008 01:56 PM #1
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
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Neil- You can always hire a good management company to do this stuff for you. Great tips for landlords.

Aug 08, 2008 02:02 PM #3
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Celeste "SALLY" Cheeseman
Liberty Homes - Mililani, HI
(RA) AHWD CRS ePRO OAHU HAWAII REAL ESTATE

Better to be on the safe side. Our co also runs credit checks. I commend you highly. :)

Aug 08, 2008 02:05 PM #4
Rainmaker
290,082
LaNita Cates
REMAX of Joliet - Joliet, IL

Hi Neil, I have a new listing that the seller is willing to take a renter so this is perfect timing. Thanks!

Aug 08, 2008 02:12 PM #5
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Neal:  Those who try to be their own landlords and don't do their background checks or complete the proper paperwork ALWAYS get burned eventually!  Great tips for landlords and I too, recommend hiring a professional to keep from being burned the first time!

Debe in Charlotte 

Aug 08, 2008 04:31 PM #6
Rainer
139,927
Kelly Sibilsky
Licensed Through Referral Connection, LTD. - Lake Zurich, IL

Credit checks are routine around here but not background checks...that seems like a good idea to me! Thanks for the tip!

Aug 09, 2008 02:17 AM #7
Rainmaker
594,057
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Better safe than sorry...we also provide a management company service but not all landlord want to pay...they would rather collect rent. By paying...they are already losing on rent so it doesn't always make sense. I also send in for these checks to a company that sends it back in 24 hrs or less and for all three checks it's only $57 for each person.

Aug 09, 2008 06:11 AM #8
Anonymous
Kusadasi Real Estate

Thank you very much for this article. Take care.

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Aug 11, 2008 02:17 AM #9
Rainer
6,283
G. Calvin Cheatham
EXIT Realty Tri State - Florence, KY

Neal,

Just read your blog and I had  questions about the checks you do: Are you using a local resource for the checks, or an internet based service?

Do you use different resources for each of the different check?

Do you have any recommendations as to who we may consider?

I am co-owner and broker of Option One Realty in northern KY. We have a client who wants us to assist him in finding a renter. I am aware of Kentucky's requirements relative to property management, but I don't know a good company to use for credit, background and criminal checks.

Thanks, Calvin Cheatham
gccheatham@insightbb.com
859-746-3999
www.option-1realty.com

Nov 26, 2008 02:13 AM #10
Rainmaker
67,613
Wayne Warshawsky
RE/MAX Four Corners - McKinney, TX
Realtor, ABR,IRES,CDPE,SFR Your Texas

Great post!  The only evictions I ever have had to do is for homes I was asked to take over mid lease because the owner picked the tenant. 

Nov 26, 2008 04:00 AM #11
Rainmaker
594,057
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

Options one...we use a service in Orlando...we have the prospective tenant fill out the form...they send us a check for $57 and we have the report within 24 hrs. It works great for landlords. Not sure if you can use the same company in your area.

Wayne,

Even if their report comes out good it doesn't mean they won't be late of not pay later...this is the only way to assure when the tenant takes possession that the landlord will feel comfortable with them.

Dec 06, 2008 08:03 AM #12
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