Being a landlord might seem like an easy task from the outside. But those who have ever experienced investing in rental properties know that the job can entail serious responsibilities. You always have to be alert about possible problems arising in your apartment building. If you fail or lag behind with your duties, you can cause real inconvenience to people and families. For first-time landlords, the idea of managing rental properties may be overwhelming. But if you do it successfully, you can easily earn upwards of 40,000 dollars a year just from rentals. To make the process easier for you to manage, we break down some of the top duties of a good landlord.
Producing a clear and exhaustive lease
The lease is the cornerstone of your landlord-tenant agreement. Although templates of leases are widely available online, your job involves customizing the lease to fit the purposes of you and your tenant. Your tenant should get a clear and exhaustive lease, which is written without technical jargon or confusing language. If there are any specific concerns that you have discussed, this should be put into the lease.
The terms of the lease need to be laid out in a way that is not purposefully confusing, as this can later be grounds for a lawsuit. Dates for moving in and out should be mentioned, along with whether there are going to be routine checks, cleaning details, and conditions about pets. If you get involved in a legal dispute, your lease will be your most important document.
Making timely repairs
No one likes a landlord who doesn’t do repairs on time. It is your duty and legal obligation as a landlord to ensure that your building is livable. This involves routine maintenance, such as fixing leaks, taking care of heating and insulation, plumbing repairs, and pest control. You should also fix problems such as loose steps, doors that don’t close properly, or broken appliances that are not the fault of the tenant.
If an accident occurs, which is a result of your neglect of duty, you can face lengthy lawsuits. Try to be as timely as possible with repairs. Leaving tenants with hanging repairs can cause a huge inconvenience in their day-to-day lives.
Being available
Many unforeseen issues can arise in a house or apartment at any moment. Even if it is not your fault or you are not directly responsible for a problem, a good landlord will be available for their tenants’ concerns and needs. Give them contact details, and try to at least be available during office hours.
If you wish to take your landlord-tenant relationship further, you can always reach out to your tenant and come to visit from time to time. Establishing good rapport will mean that your tenant feels ownership over the rental property and takes good care of it. It will also make it possible to replace unnecessary and time-consuming lawsuits with negotiations. This is possible through taking care of these key duties as a landlord.