Tax Preparation Blog

Title: 

The 10 Costliest Landlord Mistakes

Word Count:

1407

Summary:

Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation's ability to reduce mistakes. The cost or repairing the mistakes is inversely proportional to the amount of profit potential of the operation. In other words, "Mistakes Kill the Profit Margin" As landlord's, we don't want to do damage to the precious profit margin we fought so hard to nurture. A landlord's profit margin struggles every day to survive, grow and flourish in a sea of predators, competitors and government regulators. Below are the top 10 threats to you thriving profit margin.

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Article Body:

Classic business philosophy teaches that a great part of survival and subsequent success lies in an operation's ability to reduce mistakes. The cost or repairing the mistakes is inversely proportional to the amount of profit potential of the operation. In other words..."Mistakes Kill the Profit Margin!!!!!"

As landlord's, we don't want to do damage to the precious profit margin we fought so hard to nurture. A landlord's profit margin struggles every day to survive, grow and flourish in a sea of predators, competitors and government regulators. Below are the top 10 threats to you thriving profit margin.

 

1-Poor Screening

The costliest mistake is accepting a new tenant without properly screening. An undesirable tenant will often have a poor rental and financial histories. Landlords should review previous landlord relations, credit reports, courthouse records and income. It is probable that if they have not met their obligations with previous landlords, then chances are that they will repeat their behavior with new landlords. Many landlords have faced horrific situations where tenants have stopped paying rent while employing legal maneuvering to avoid eviction. Others have faced tenants who moved in and initiated criminal activity, which adversely affected other tenants and neighbors. Either of these scenarios translates into expensive ordeals where the measures of rectifying the situation can threaten the financial stability of the landlord. 

A thorough screening also involves verifying that the person who is applying is the same person that submits credit/criminal info for screening. A picture I.D. should be cross-referenced with the application. Landlords must make sure that there are no omissions, inaccuracies or inconsistency in the actual application. Due diligence will certainly save landlords much money and stress.

2-Lease Preparation

Having a poorly prepared lease is very costly because it is the document that legally binds the landlord to the tenant. It is the rules of the relationship that dictate conflict resolution, financial responsibility and terms of execution. With out a professionally prepared lease the landlord stands to forfeit many of the rights afforded to the owners of the property.  Landlords need to employ leases that are designed to protect them and their property and not the other way around. Many generic leases do not take into account the values of the landlord. Therefore, a custom lease would assure the landlord that their interests are protected. 

Many times landlords receive requests for agreements after the lease has been signed. Landlords will use their best judgment when deciding to agree to a proposal but must never neglect to put the agreement on paper. A verbal agreement is always vulnerable to a false interpretation by the tenant.

 

3-Rent Collections

Landlords must always enforce the terms of rent payment as it is written in the lease including late payments and fees. If not enforced, the landlord runs the risk of creating a dangerous precedent that will certainly cost the landlord dearly. If a tenant fails to pay rent for two weeks, then legal notices and actions must be initiated as soon as the law allows. Landlords should not accept partial payments. The courts interpret receiving partial payments from tenants as an acceptance of terms by the landlord. The eviction process is subsequently terminated for that rental period while landlord's costs increase.

If a tenant has had a poor history of paying rent on time, a landlord should consider not renewing the lease. Being late consistently is a sign of financial trouble and future uncertainty for the landlord. Poor payment habits can be a precursor to bankruptcy or evictions.  

4-Law and Regulation Ignorance

Many landlords get into rental business with out learning the rules of the game. To get a perspective of the folly of not knowing the rule, Imagine trying to play basketball with out knowledge of the rules. You would become paralyzed from the constant rule infractions. It would be impossible to win. Translated to the rental business: Knowledge of the Laws and regulations can make the difference between a profitable venture and a loser. 

Landlords must familiarize themselves with the states' Landlord/Tenant Act. Every state has different laws, therefore due diligence must be taken by landlords to educate themselves. Landlords must also take the initiative to draw upon with the experiences of other landlords. Many landlord advocacy groups exist in most communities and the Internet. 

Finally, it encouraged for landlords to develop a relationship with a real estate attorney that specializes in the rental industry. Having a knowledgeable supporter on your side can relieve a lot of uncertainty.  A landlord must never wait to the last minute to develop a relationship with an attorney because the requirement of immediate response will prove to be costly.

5-Poor Response to Service Requests-

The number one reason that tenants do not renew their leases is poor response and execution for service requests from the landlord.   Tenants expect a constant inspection, repair, and preservation of the general conditions of their rental home. This also includes a timely repair or replacement of parts for appliances. Everything has to be in working order and problems must be addressed quickly and courteously. Everything has to be in working order and problems must be addressed quickly and courteously. To facilitate an efficient delivery of maintenance requests, the property manager's best method of receiving these requests is actually answering the telephone. When the manager is too busy to actually answer the phone or the request comes at an odd hour, many properties utilize apartment call centers. This resource allows properties to always have a human responding to the needs of their tenants. The apartment call centers are industry specific and have a direct, open communication with the maintenance and property management. Maintenance requests should be supported by a shared calendar that documents the request cycle: creation, delivery, execution, completion and follow-up. Maintenance requests, if implemented properly, should be a team effort that will lessen and distribute workload through the property staff.

6-Not Employing Good Customer Service

Running a rental business is just like any other business in the sense with respect to employing good customer service. Many landlords forget that they would not be in business if it weren't for the customer. Practicing good customer service not only reduces tenant turnover, it also is one of the primary forms of marketing. Word of mouth advertising is the time tested, most effective way to promote any business. In the long run, a positive approach to communicating with your tenants will reflect in the profitability and value of a property. On the other hand, poor customer service will take a toll on the general conditions of the property. Tenants will not respect the property by not cleaning up after themselves or not following the property's rules and regulations. Therefore, poor customer service may result in high turnover, high vacancies, higher operational costs and lower profits. 

7-Not paying taxes

Many landlords do not have their rental income as their primary source of income and neglect to report their income to the government. Others fail to pay property taxes because they don't reside in the property. Failing to declare income and ignoring property taxes can cause very expensive recovery efforts. The government will assess taxes, add fees, add penalties and assign interest. Other costs will come from attorney fees, added accountant charges and personal time. In extreme cases, landlords may get their property confiscated.

8-Not waiting for the funds to clear

In a rush to fill the occupancy, many landlords make the mistake of allowing the tenants to move in before the funds are cleared. The scenario of tenants moving into a property too soon has caused numerous headaches for landlords having to initiate eviction procedures without ever collecting any rent or deposit. Always ask for money orders and certified checks or simply wait for the funds to clear the bank.

 

9-Not conducting a detailed premove-in inspection 

Neglecting to have the tenants complete a premove-in inspection can result in damages to a property that cannot be documented by the landlord. Payment for rent must not be accepted until this inspection is completed.

10-Not keeping a professional landlord/tenant relationship

Landlords must always uphold a professional relationship with tenants to avoid the pitfalls of not employing the codes of conduct that are based on the stipulations outlined in the lease. The professional relationship is based on the landlord realizing profits from the rental business. Changing the nature of the business relationship threatens the ability for the landlord to collect rent.

Signing Into a Tax Liens

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Investing in real estate is one of the beneficial markets that are available today.  It allows you to make profit off of one simple investment and can help you with putting more in the bank.  If you are working towards finding new ways to earn and invest, then looking at real estate property is a good way to go.  If you are just beginning in this business, make sure that you include tax liens in your definitions.  

Whether you have a loan or own a home, there are several taxes that are attached to the property that you are working towards owning.  These include state as well as local taxes for the property.  Taxes are included in a variety of places with the purchase of the property or home, including tax liens.  Tax liens are first divided by the state and area that you are living according to the cost of living in the neighborhood you are in.  

Tax liens usually begin when someone doesn't pay their taxes on a property that they have a loan on or own.  If the taxes are overdue, the county has the right to sell the tax lien to someone else.  Usually, taxes will be given a certain amount of time to be paid.  If it isn't paid after a certain time, the tax lien turns into a certificate that can be used for purchase.  Whoever purchases this document will then have rights over the property after a given amount of time.  

Whether you own a property or are looking to own a property, tax liens will help you in understanding a different way to move into a home and to stay in a home.  When April comes, always remember to attach your tax liens to your payments, in order to ensure that you can keep the homestead open for another year.  

Registering A Trademark: The Step-By-Step Process in Trademark Registration

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When people think of starting their own business, what they usually think first is the logo or the trademark of their company. They will also think about the capital and will make the necessary business plans to present with the bank when taking out a loan.

You have to consider that it is important for a business to have a trademark symbol in order for consumers to identify their products. If you want to start your own business, you may want to think about the design of your trademark symbol or logo. You have to consider the fact that it should be unique and should be easily remembered by consumers.

However, just thinking about and designing your trademark and applying it in your products and as business logo is not enough. You have to consider the fact that registering your trademark is also important. By registering your business trademark, your company will have exclusive rights for the use of the trademark. By having that right, it will make it illegal for other companies to copy your trademark symbol to be placed in their products. You have to consider that in order to protect your products better, you have to register your trademark in order for it to become illegal to reproduce without the authorization of your company.

First of all, trademark registration is done in the United States Patent and Trademark Office or the PTO. The Patent and Trademark Office is responsible for registering trademark and is also responsible for granting exclusive rights for the company to use their trademark symbol.  The Patent and Trademark Office is also responsible on patenting new inventions and copyrighting works of art and engineering designs. You have to realize that the Patent and Trademark Office is responsible and is actively implementing the intellectual property law.

The first step in trademark registration application is by filing for it with the Patent and Trademark Office. Once your application is received by the Patent and Trademark Office, it will review your application and determine if it meets all the minimum requirements set by them. If not, all the documents you mailed, including your application and the fee will be returned to you. However, if the filing meets the minimum requirements and is approved by the Patent and Trademark Office, they will assign a serial number on it and sends you a receipt after about two months after filing it.

However, you have to consider that this is not the end of the process and you cannot use the trademark symbol yet. The next step in the registration process is the examination of the trademark symbol made by the Patent and Trademark Office's attorney. The attorney will search the database for registered trademarks and determines if the trademark symbol you are trying to register will be rejected or will be approved. Usually, the common grounds for rejection is that the trademark being examined bears similarities to trademarks already approved. You have to consider that it will be lengthy process considering all the trademark symbols existing today.

This is why you should make sure that your trademark will bear no similarities or resemblance to existing trademarks that is already registered. You can do this by hiring your own patent and trademark lawyer or by searching for it yourself. However, it is recommended that you should hire a lawyer because it can prove to be time consuming when you look for it yourself. The trademark lawyer you hire will be knowledgeable and will be responsible in all the different legalities concerning your trademark.

If your trademark symbol has been rejected, the Patent and Trademark Office will send you a letter and call you by phone and inform you about the grounds for rejection. You should overcome all the objections and have it reexamined by the lawyer again. You can do this by redesigning your trademark symbol.

These are the things you need to know when registering your trademark symbol. As you can see, it will take quite a while before you can actually legally use your trademark. If you want the process to go faster, you can consider hiring a trademark lawyer where they will prepare all the necessary documents and requirements. They will also do an examination of your trademark symbol and determine if you need to redesign your trademark or not.

Making Domain Your Trademark for your Website

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In the advent world of technology, most people especially those who are techie fanatics wants to have their own domain. 

A domain is a name which distinguishes IP addresses. For you to recognize a particular web page, domain names are needed. Every domain name has a suffix after it to indicate its category or what they call ‘top level domain,’ (TLD). Some of the common categorical suffixes are: 

- .gov   - denotes government institutions 

- .ca     - denotes Canadian territories 

- .edu   - denotes educational institutions 

- .net     - denotes network associations 

- .mil     - denotes the Military group 

- .com   - denotes commercial establishments  

A lot of people wish to secure their own domain name. While some wish to do this for personal use, majority needs it as a marketing tool for their business to flourish.  

If you will be choosing a domain name for business use, you must first pick an identifier from the above-mentioned suffixes. For the domain name you can: 

1. Choose your own business name. For instance, your business name is ‘speed articles,’ then you can have it as a domain name. 

2. Choose a new domain name. If you decide to choose a new domain name, make sure that the name itself is ‘catchy’ and your target market will easily remember it. In addition, your new domain name should have a link to the product or service you are offering. Most importantly, it should not have the same domain name as others.  

There are business owners who are not satisfied with having their own domain names. Some wants the domain name to be trademarked. 

Who says you cannot make your domain a trademark?! You can.  

While some people argue that it is difficult to make your domain a trademark, there are those who disagree. With proper rules to follow you can make your domain a trademark.  

- Select a domain name that is distinct and crafty. By doing so, you will not encounter much difficulty in protecting your domain name as trademarks. Additionally, domain names that employ geographic identifiers or surnames are not likely to be given trademark protection.  

- You need to verify your domain name. There should not be two the same domain names. Having so, your wish to have your domain name trademarked will be disapproved. Hence, it is highly recommended that you undertake a thorough research to see if your domain name has not yet been taken. 

- After you have gone through with your ‘domain name search,’ and you found out that your domain name is exclusive for your use only, then the next step is to trademark your domain name.  

Some say that it is not necessary to have a domain name trademarked and registered. However, majority of entrepreneurs recommend that you trademark and register your domain name. By doing so, you will have authority to implement your rights when someone attempts to use your domain name. 

To help you with the registration process, you can seek professional help from a lawyer who specializes in trademarking and who is also knowledgeable about the internet technology. 

A domain name can be trademarked with the United States Patent and Trademark Office (USPTO). You need to obtain an application from the said office. Once you have completed an application form and complied with the requirements given by the office then you can submit it for evaluation.  

The evaluation may take months after you will be given a result. As you wait for the decision, you may temporarily use the TM symbol to notify the public that you have rights over the domain name. Once the decision has been out and your application was approved then you can now lawfully use the trademark symbol, "Æ". 

Once you have registered for your domain name as a trademark, you will have ten years protection. However, during the fifth or sixth month you will be asked to file an affirmation to continue the registration. If you do not file within the specified time, then your registration may be withdrawn. 

There is no problem if you want to trademarked your domain name; all you need to do is undertake the necessary steps to fulfill your goal. After all, there are many posed benefits if you own a trademarked domain name.

For Your Business

Patent and Trademark Attorney: What They Do and Why You Need One

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Have you ever had a brainstorm where you had a really great idea that can sell? If you did, the first thing that you would naturally do is to turn that idea into a reality. Besides, it's the most natural thing in the world. If you had an idea that can definitely sell, then you will take the necessary steps to turn it into a reality in order to make some money.

However, you have to consider that it is more complicated than that. Turning your ideas into a reality right away is a very risky thing to do. You have to consider protecting that idea so no one else can copy that idea and get competitors. For example, if you notice that a company has certain products and no other company sells that same kind of product with a different name, then you have an idea on how to protect your ideas.

As an entrepreneur, you should also think of a trademark for your product. The trademark symbolizes your company and will guarantee that the product is from your company. You also need to protect that trademark in order to protect your company from piracy or from illegally using your trademark by other companies. However, you have to consider that it is still legal for other companies to use your unique trademark if you did not protect it.

So, how can you protect your trademark and your ideas from being copied by other people? To do this, all you need is an attorney that specializes in patent and copyright. By patenting and copyrighting your products and your trademark, you will protect your business from piracy and it will make it illegal for other companies to sell your product and use your trademark without your permission.

The attorney will be the one who will take care of the legal maze in the US Patent Office. They will take care of all the necessary paperwork and they will also help you in patenting and copyrighting your product and your trademark. You have to understand that there are quite a lot of requirements that you need for you to be able to patent your product. The patent attorney will be the one to help you with all these requirements and advice about the different steps you have to take in order to get you product patented.

Patenting can be very expensive not to mention that attorney's fees for his or her services. This is why you have to consider if the whole idea is worth patenting. You have to study your idea and make sure that it will sell in the market. By doing this, you can determine if patenting your idea and your trademark is worth the trouble.

If you decide that it is definitely worth your time and money to get your product and trademark patented and copyrighted, it is also important that you should choose your patent lawyer carefully. Find a patent lawyer that you can trust and also a lawyer competent enough to do their job in assisting you when patenting your products.

These are some of the things that you should always remember in patenting your product and trademark. By knowing all the necessary steps in patenting and copyrighting and also by knowing how to choose a patent lawyer, you will be able to patent your products and trademark as soon as possible.

Always remember that when choosing your patent lawyer, you have to make sure that you can trust them and that you are comfortable working with them. It is always a good idea to call a few around and interview them about their experiences in life. Look for a patent lawyer that provides straight answers and are confident with their skills. You also need to consider that when someone copies your product, the patent lawyer should be able to defend your rights and also have experience in this kind of things.

Look for a patent lawyer with the best skills and experience and also look for a lawyer that you can trust. Remember this and you will protect your business from piracy. Always consider the fact that your idea is also considered priceless and protecting it from piracy is one of the best things that you can do.