Many people underestimate what it takes to be a successful landlord. Being a landlord is more than purchasing a property, renting it out to tenants and collecting steady profits from rent. If this is all it took, everyone would be a landlord. Whether you’re looking into renting a home or apartment building, there are many things to consider before becoming a landlord.
You are not alone if you think being a landlord can be a part-time job which requires little time and effort. However, being a landlord is not your typical 9-5 job. Landlords have inconsistent schedules which often include having to attend to unforeseen crises. On one day, a landlord can have an hours’ worth of work and the next day, have to drive around from unit to unit, working upwards of 14 hours.
Landlords also have legal obligations to follow and it is crucial that they are aware of the responsibilities set for them by the state. Legally, there are things landlords can and cannot do. For instance, landlords are given the power to set rent prices, as well as conditions in which tenants must follow to reside in the unit. However, the law states that landlords cannot discriminate upon selecting tenants, nor can they evict tenants without a reasonable cause. As a landlord, you are bound to the lease agreement of your rental and are legally responsible for your tenant’s safety and maintenance of the property. Landlords must also keep in mind that their tenants have legal protections and have the right to bring a lawsuit against them if their rights are infringed upon.
Another thing prospective landlords must be aware of is that they the entire monthly rent amount is not pure profit. Many prospective landlords think rent paid by tenants goes directly into their bank account. The truth is that some, if not most of the money landlords receive each month in rent goes to taxes and costs associated with the maintenance of the rental property. For landlords who do not have the time for property maintenance, consider help form a professional property management firm.
Finally, prospective landlords must know they do not have the right to simply evict troublesome tenants. As a result, it is important that prior to signing a lease agreement with a prospective tenant, you put in time and effort to make sure you select the right tenants for your rental. Tenants have legal rights and protections which keep you, as the landlord, from evicting them without a rightful cause. Eviction is only possible in extreme circumstance, like when a tenant doesn’t pay rent or they repeatedly break the conditions of the lease.
Have other questions about landlord responsibilities? Contact Harland Property Management at 858-367-0343. As a professional and full-service property management company that specializes in apartment and condo management, residential management and commercial management, we are knowledgeable about local laws and are happy to answer any of your questions.