Landlord is a familiar word in housing and real estate sector. People usually think that a landlord does only the jobs like selecting a tenant. Signing an agreement, and collecting monthly rent are other. But unlike to this, landlords hold the responsibility of their property as well along with their tenants. Do you have plans for putting your property for rents? Yes, there is no doubt in this that by renting your property, you generate revenue. And perhaps it is the best ways of making money in the real estate sector. But you should also be prepared to face all the challenges of being a landlord – especially if you are naïve and have never done it before.
Long story short, we can say in simple words as a landlord is a full-time job. With the job, there come a lot of different duties that you must have the knowledge of.
Role of Landlord:
A landlord’s role is not limited to a particular role. Or in other words “A landlord wears many hats”. But the primary role that landlord has is to provide the tenant with decent accommodation in exchange for a fair amount in monthly rent. No one rents the house that has insufficient facilities, so a property owner must make sure the space is clean and secure. Owner should also ensure that building structure is sound, the interior is in good state. A landlord has also to maintain a peaceful environment for their tenants and assist resolve their any issues like property tax payment, insurance etc.
There is no end here. As he/she also performs the duties of a negotiator, a realtor, and a repairman. They also screen tenants, ask them about their rental history, finalize the rent and the amount for a security deposit, and register the rental agreement once both parties sign to it. A landlord also aware the tenants about their duties being tenant or resident.
The responsibilities that landlords have to perform for their tenants include: Ensuring a safe environment, maintaining peace and cleanliness, Responding to maintenance requests etc.
- Safe Environment:
A home is where you feel yourself safe and secure. Being a landlord, you should, too, let your tenant the feel same. So, it is your responsibility to provide security to your rental property. If multiple tenants share the same building, then you should make sure that everyone has been provided their keys and locks. And a landlord should also ensure that there is no conflict between different tenants in case of shared building.
- Maintenance and Cleanliness:
Maintenance and cleanliness is one of the responsibilities that a landlord holds. Whether the building is multi-storey or single story, maintenance and repair is necessary in every case. Also being a landlord, you should formulate some rules and share with the tenants so that they do not cause any loss to the property.
Responding to Maintenance Requests:
There is often need for the repair and maintenance, so a landlord should be receptive of their requests . A landlord is responsible for repairing any cracks in the walls, replacing burst pipes, fixing steps and other dealing with structural damages.
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