Joe Lightman of the Lightman Group gave this week’s presentation on property management.
Accepting a Tenant
In advance he lets everyone know the requirements:
- Credit scores
- Two months bank statements
- Two forms of ID
- Two recent pay stubs
- Past lease contract
Joe will visit their current living place and check references. He finds people who realize he is doing reference checks will go elsewhere if they are less than honest. Joe talks to the prospective tenant and asks them their story. They will tell on themselves. He uses Google and Facebook.
He is looking for solid, secure, responsible, respectful, happy people not knit pickers or drama queens.
Joe spends a great deal of time explaining the lease. So much strife is because people do not understand the lease, and what their responsibilities are and what rules they agree to accept.
He has three tiered rent for “marginal tenants”: early rent with discount, on time rent (first to the third of the month), day 4 of the month rent plus rental $100 to $150 premium.
Usually Joe arrives with the contractor or maintenance people, it is calming to the tenant.
End of Lease
Sixty days prior to end of lease communications and negotiations. Prior to thirty days he explain hard – hold over rate from $2500 to $3500 per month.
With the owner’s permission Joe will work with a tenant to purchase a property. The landlord will not be out of any rent because Joe guarantees the rent until a new tenant is approved with market value rent.
Gayle Stewart is a very satisfied happy landlord that has used Joe Lightman’s services for over three years.