Basic Tips for Landlord: Duties and Responsibilities
Being a landlord requires much more work than simply collecting rental income every month. Landlords must adequately maintain their real estate, pay property taxes, obtain insurance policies or homeowners insurance, manage finances, and make sure good tenants send in rent payments on time to avoid late fees. They must also handle disputes among renters and navigate the various laws and regulations that define the landlord-tenant relationship.
First-time landlords will find that navigating the waters of local law and understanding the intricacies of landlord-tenant laws, housing laws, and real estate investment can be very complex. Some property owners avail themselves of property management companies to screen tenants, conduct background checks, fill vacancies, collect rent, and maintain full occupancy by continuously marketing to prospective tenants and new tenants. Property management companies can also be helpful in the collection of security deposits and eviction of bad tenants.
New landlords should take particular care in educating themselves on state laws before potential tenants move in and enter into a new lease agreement. Other than using a proper rental application, conducting credit checks, and obtaining landlord insurance, landlords should take care of home upkeep and renovations to ensure the habitability of the premises.