Investing in rental properties is one effective way of earning extra income. However, owning rental apartments takes a lot more than collecting rent. When tenants are looking for the best apartments, they want those with excellent conditions like those of Hanover Rice Village. However, one thing you should know is that the duties of a landlord do not involve the tenants only. In short, being a landlord requires a lot of effort and time. Actually, this is a full-time job when you don’t have property managers. Here are five responsibilities of a landlord.
Keeping the Environment Safe
The home you provide to the tenants should be a safe place. Therefore, as the landlord, you have the responsibility of ensuring the environment is safe. Invest in the best doors and windows and make sure they all have locks. It is crucial to ensure the locks are replaced whenever an old tenant moves out. Ensure you have a security guard at the entrance and enough CCTVs. The outside, including the parking and front door, should also be well-lit. never allow people like electricians or plumbers in the tenant’s house unsupervised. It may be risky and your tenant may feel uncomfortable.
Handling Maintenances
Maintaining your property and handling repairs is one crucial thing to keeping happy clients. Tenants believe that a landlord has full responsibility for maintaining their property. A tenant is responsible for fixing the things they break in the apartment. However, the landlord’s responsibility is to fix things like broken pipes, cracks on the walls, and anything involving the structure.
Paying Utility Bills
In most cases, utility charges are included in the rent. However, the landlord has to make sure that all the bills are paid and the tenants have access to electricity, gas, and water. If the bills are not inclusive of the rent, the landlord must honor this agreement and pay them on time. This is an ethical and legal responsibility of the landlord.
Maintaining Insurance
A landlord also has the role of maintaining insurance to protect their property from disasters like fire, slips and falls, and others. They must pay for the insurance per the requirements to keep it valid. This ensures that their property, together with their tenants’ can be compensated should anything bad happen.
Maintaining Cleanliness
Besides safety, the landlord must also ensure the environment is clean and peaceful. Whether it is a single unit or multi-family unit, it is crucial to have some rules. Have rules about loud music, pets, trash, and others. You will get different kinds of tenants, and the only way you will create a peaceful environment is by having some rules. Ensure the stairs and hallways are properly cleaned and have a trash day. Provide garbage bags and mow the lawn often. Another critical thing you must do is screen your tenants before they occupy your apartments. Make sure you don’t bring potential criminals to your complex.
Conclusion
If you are considering becoming a landlord, you should know that the venture is more than just collecting rent. You have responsibilities toward both the tenants and your property. It can be a challenge, but knowing what you are expected to do will make things easier for you.
