Landlords do much more than just collect rent. They play many roles and have various responsibilities. Here is everything you need to know about the duties and obligations of 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.
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.
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.
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.
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.