Package Two - Including Part 4 & 5!
PACKAGE TWO - GET IT RENTED!
PART 4: PROSPECTIVE TENANTS
A) RENTAL APPLICATION - 4 pages. The foundation of the tenant choice system. When the tenant is finished, go over the application line-by-line with them, ask for information not completed. Feel free to mark up the form. After this process you know a great deal about the tenant and you then rate the tenant 1 to 3 (1 being Excellent, 2 Acceptable, 3 Not Acceptable). A beautiful, thorough start to a very important process.
B) PROSPECTIVE TENANT CHECKLIST - A checklist to guide and remind you through the tenant choice process. Don't skip a step! It may cost you $10,000 or more! That's not a joke.
C) HOME VISIT CHECKLIST - Yes, we visit their current residence! One page form filled out after the home visit. Guides you to record everything. Then you again rate the prospect 1 to 3.
D) LANDLORD VERIFICATION - Contact the former and current landlord before making a decision.
PART 5: LEASES
LEASE - 7 parts, 26 pages. Covers everything conceivable, and some inconceivable but happens anyway. Protects you as the landlord. Tenant initials every page, signs last page.
A) PART I RESIDENTIAL LEASE - 13 pages, 55 paragraphs, a work of art.
B) PART II LEAD PAINT - 1 page plus a federal pamphlet to hand out.
C) PART III UTILITY TURN ON - 2 PAGES. Guides them to putting utilities and cable in their name. Includes phone numbers, etc.
D) PART IV Tenant Move-In/Landlord Move-Out (SECTION A AND B) - Five- page inventory checklist ending with a one-page price list for broken or missing items. Very helpful when tenant moves out leaving a mess but still wants their security deposit back!
E) PART V MAINTENANCE REQUEST - They sign a form acknowledging they received 2 Maintenance Request forms and agree to use them.
F) PART VI RENTAL DEPOSIT - 1 page. How much is their security deposit? How much have they currently paid? A schedule of future security deposit payments with dates to be postmarked by, then 12 paragraphs outlining how a tenant gets their security deposit back, which is a copy of paragraph 23 in the lease. Brilliant!.
G) PART VII HIGHLIGHTS OF LEASE - 2 pages, 30 2 or 3-line paragraphs describing the most frequently violated issues, each of which the tenant initials. If then violated, we highlight the violated paragraph and their initials and mail a copy to them. Where are they going to go?
. The Real Estate Professor, Baby!