What A Landlord Does

Whether landlords do the work themselves or hire others to do it, they are all accountable for completing a long list of tasks.

Here’s a quick rundown of the landlord’s responsibilities:

• Advertising for potential tenants: There are numerous methods for finding and advertising for new tenants. However, today’s online platforms that provide local classified advertising are frequently cost-effective.
• Showing property to prospective tenants: This is primarily a sales opportunity that can help reduce the time between tenancies. However, it is also a method of weeding out prospective tenants who are obviously unsuitable.
• Completing legal agreements: For each rental, you must have a signed, watertight lease or rental agreement (they are interchangeable). You can have an attorney draw one up for you, or you can use a template from a reputable publishing company or blog.
• Renter screening: Several companies, some of which are available on the internet, provide credit and background checks to landlords.
• Collecting deposits and rent: You are responsible for ensuring that tenants pay their rent on time and in full. Keep in mind that this is the source of your cash flow.
• Setting and enforcing rules: Most successful landlords believe that strict adherence to the rules is preferable. And tenants appreciate the security that comes with knowing that all tenants must follow the same rules.
• Avoiding problems with equal housing: These can arise when advertising to and selecting prospective tenants, as well as enforcing house rules. As a landlord, make sure you understand how the laws apply to you.
• Taking care of repairs: There’s always something that needs to be done. Almost always, because you want to keep your properties in good condition.