Do You Have What it Takes to Be a Landlord?
Landlord Duties and Responsibilities
Landlords have many roles and responsibilities. Their duties involve much more than just collecting rent. Landlords are often conflict solvers, repairmen, salespeople, and negotiators. They have to know how to handle tenants, how to deal with irate neighbors and how to charm property inspectors.
Being a landlord also involves following the law. There are national, as well as statewide landlord-tenant rules that every landlord must follow. This includes rules for collecting security deposits, following health and safety standards, being a live-in landlord, and evicting tenants. Here is what you need to know about being a landlord.
There is a marked difference between what people believe a landlord does and what a landlord actually does. Those considering a career as a landlord would benefit from understanding the challenges and the rewards that life as a landlord can bring. Having this understanding will allow you to be better prepared and hopefully increase your chances of success.
The Roles of a Landlord
Landlords are small business owners. They are in the business of renting out housing. Since they are often the only employee, they must play multiple parts for their business to succeed. There is sometimes a negative connotation associated with the term landlord, but, in actuality, the majority of roles a landlord plays are positive ones. Take a closer look at the roles a landlord plays, from Realtor to repairman.
Landlords are legally required to perform certain activities. While the actions they are responsible for will vary based on the state in which the rental property is located, there are certain basic obligations every landlord has. These obligations include managing the security deposit, keeping up with property maintenance and delivering a vacant unit upon tenant move-in.
One obligation a landlord has to their rental property and to their tenants is to keep up with property maintenance. One of the most basic requirements is to make sure tenants always have access to running water. Landlords must also maintain common areas, keep up with repairs and follow all health and building codes.
A landlord's tenants are their customers. A landlord expects their tenants to pay their rent on time and to be clean and respectful of their neighbors. The tenants have expectations of the landlord as well. Tenants pay rent to the landlord with the assumption that the landlord will provide them with certain services. Learn what a landlord's responsibilities are to their tenants.
If a landlord allows their property to fall into disarray, their career will soon follow. A landlord has both legal and ethical responsibilities to their property. These obligations include adhering to safety codes, performing maintenance and paying bills related to the property.
Landlord's Responsibilities to Themselves
Every person has a different reason for becoming a landlord. However, every landlord has a responsibility to fulfill the personal goals they set for themselves when they chose this as a career or side business. Learn the obligations a landlord has to themselves.
Landlord's Responsibilities to Their Community
A landlord should do their part to help improve the community where their property is located. A thriving community will help increase a landlord's chances for success. Here are some of the responsibilities a landlord has that can help their property and neighborhood prosper.