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Eileen Lanza's Blog

By Eileen Gilmore Lanza | Agent in Los Angeles, CA

Tips for Landlords & costly mistakes

Hello out there! I went to an interesting conference today for Apartment Owners in Los Angeles. I am a landlord and a Realtor so I thought it was a great way to spend my day...and it was, sort of. The problem with all these conferences is that they tease you with information & then pressure you in to spend hundreds even thousands of dollars on the cd's dvd's & books, which, I didn't this time. 

The 1st conference was titled "How to add thousands to your monthly cash flow including 9 most costly mistakes" hosted by Jeffrey Taylor, Mr. Landlord. He is a great public speaker & I took a ton of notes. To attract better tenants, he puts something like "law enforcement welcome" in his ads, contacts local business employers to tell them about his vacancy & then donates to a charity in their name if a tenant applies & rents. He'll give a bonus to his current residents if they help him find a tenant & they stay at least 90 days. If people view your property & don't want to rent it, ASK THEM WHY.  I just did this with a vacancy I had & it helped me make small improvements to the property to get it rented. I actually had a short exit survey that took a minute to fill out.  Mr. Taylor adds a question to his application asking what feature they like best about their current apartment & then he offers it to them (like a ceiling fan, new carpet, washer & dryer) and charges a little more rent if they want that feature.  He also shows vacancies to a few people at a time to create competition.  He suggests a move-in basket gift for the new tenant with gifts on the date of their anniversary (lease renewal).  My favorite was to identify problem tenants quickly by asking such questions as "any maintenence problems at your current place?" or "any disagreements with your current landlord?" or "will I find anything negative on your credit report or any thing negative on your criminal history?"  People will show you who they are quickly. Just listen.

Well, that's all for the 1st seminar. I will be checking out Mr. Landlord's website for more tips that will help me advise clients and keep my homes rented long-term at market rents...Or help my current tenants buy a home & use me as their Realtor!!

 

Comments

By David & Samuel Rifkin,  Fri May 10 2013, 10:08
Thank you for this great advice.
 
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