What Are The Responsibilities Of A Landlord
Being a property owner comes with its own set of perks and hurdles. A harmonious relationship between the resident and the property manager is critical for a thriving rental business. Hiring a property manager may ease your burdens. But the best technology solution can also do that and guarantee a rewarding return on your investment.
This guide shines a light on the responsibilities of a landlord and provides tips to stay ahead. Let's dive in!
10 Landlord Responsibilities To Be Aware Of
If you are a property owner fulfilling the below responsibilities can save you from getting caught up in non-compliance or the murky waters of low occupancy rates.
1. Perform Property Maintenance
Property owners must provide residents with rental units that are safe and habitable. Additionally, they should ensure that the building complies with all the laws and that everything is in good working order.
In most jurisdictions, they must provide and maintain safety installations. These may include fire and carbon monoxide detectors, deadbolt locks on windows and doors, and fire extinguishers.
A good landlord reacts positively to maintenance requests or explains why they can't accommodate them. Property owners must keep accurate and updated records of all maintenance and repairs to protect themselves from conflicts with residents.
2. Do Tenant Screening
Recent studies show that one in four tenants have a criminal record. Therefore, property managers should perform a thorough screening of renters so they don't inadvertently open their doors to someone who may jeopardize the safety of others.
The U.S. Department of Housing and Urban Development requires property managers to consider the severity of the crime and the last time the resident committed the crime to determine whether they can rent a unit.
3. Constantly Inspect And Repair
Owners and managers must make prompt repairs when a resident complains about issues. This can be crucial, especially if the damage is a significant safety hazard.
Urgent repairs require immediate attention, whereas minor repairs can be addressed later. If owners neglect their inspection and repair responsibilities, they could face the consequences such as rent liens or leg action from occupants.
4. Provide Tenant Services
Owners must always ensure that the home offers essential amenities such as access to heating and cooling, hot water, and well-functioning electrical systems.
By providing these services, your residents will enjoy high living standards and be happy residents likely to renew leases.
5. Deal With Evictions
The law requires property managers to abide by all the state and local laws when evicting a resident. Most courts require the property owner to amicably deal with the situation before resorting to eviction.
Before evicting a resident, the property manager can notify them that they have broken the lease agreement. The notice should state how men and where. If it is necessary to evict the tenant, they must abide by the laws of that state.
6. Stay On Top Of Financial Management
Property managers and owners must manage the property's finances so everything runs smoothly. They must constantly work to budget, keep records of income and expenses, calculate rental income, and fulfill tax-related obligations.
It takes money to keep the units in a desired and habitable condition. So if property managers can't get this aspect right, that's where the cookie starts to crumble.
7. Develop Relationship Management
Relationship management involves addressing resident complaints or setting disputes among residents. Owners must work with reliable communication platforms to stay up to date with the needs and challenges of their residents.
Prompt resolution of issues helps maintain a positive relationship with renters and foster a comfortable living environment.
8. Ensure Compliance Management
Property owners' responsibilities differ from one state-to-another. As a property manager, you must familiarize yourself with federal acts and regulations.
Most housing codes are similar, but there may be essential regulations that property owners need to know and comply with. The property owner and manager should review these regulations before finalizing the first lease agreement.
9. Provide A Legal Lease Document
The property manager must prepare the legal agreement and other paperwork. They should ensure that the rental contract complies with the laws. The lease agreement should include the monthly rental rates, the leasing periods, and the residents' names.
Some states require the agreement to have legal disclosures such as security deposit details. The legal lease should also have appropriate clauses, including the necessary language and advising residents on purchasing renters' insurance.
10. Collect Rent
Rent collection is a vital responsibility of property managers. It ensures the financial stability and success of their rental property. Property managers should make a systematic and timely collection of rental payments from residents. Effective rent collection practices are crucial for maintaining a steady cash flow and meeting other obligations associated with property ownership.
Property owners typically delegate this responsibility to an accountant or property manager. The latter then establishes clear and transparent rent payment policies and communicates the same to residents. They provide residents with multiple convenient payment options to streamline the process and encourage timely payments.
Ensure Excellent Rental Property Maintenance With RentCheck
It's a challenging task being a rental property owner. Suppose you only have time to fulfill some of the above responsibilities. In that case, you can always hire a property manager to represent you. However, if you want to do things yourself to slash costs, you deserve the best solution for rental property management.
RentCheck is a platform that provides valuable assistance to owners in various ways. It offers automated inspections. It simplifies maintenance scheduling and empowers residents to create requisitions and reports.
With this tool, you can quickly fulfill your duty to provide safe and habitable living spaces so you can focus on the aspects of running the business. Get started today!
