Logan Voss
If you’ve recently purchased a property, or plan to, with the intent of renting it out, your success depends on your preparedness. The responsibilities extend beyond receiving a rent check once a month, and they may overwhelm people who are unprepared for the job. Here are four things you may not know about being a landlord. Keep them in mind so that there are no surprises down the road!
You Have To Be Ready and Available
When something goes wrong with the property, you‘ll be the person the tenants call to fix things. You’ll need to be reachable 24 hours a day in order to assist tenants with handling issues such as burst pipes, leaky ceilings, and broken appliances. Hiring a building manager can be a good way to alleviate some of the on-site tasks as long as paying their salary is within your budget.
You’ll Need To Set Up Mail Receptacles
Residents need to receive their mail, so you’ll need to provide a place where the mail carrier can safely leave it. The United States Postal Service (USPS) has strict regulations about what sort of receptacles can serve as mailboxes and how they must be set up. Apartment complexes and other multi-resident buildings require community mailboxes that fulfill USPS requirements. Lost letters and packages and inconveniently placed mailboxes can lead to disgruntled tenants and possible fines from the USPS.
You’ll Have To Screen Candidates
In a perfect world, the first person who applies to live in your apartment or home will be the perfect tenant. Unfortunately, that’s not always the case. The wrong tenant can damage your property and its reputation. Bad word of mouth, other tenants moving out, and actual physical damage to the property are all possibilities with a poorly chosen tenant. Background checks are essential for choosing the right tenants, as they screen potential candidates for red flags such as criminal activity, previous evictions, and bad credit scores.
Evictions Are Never Easy
The last of our four things you may not know about being a landlord is likely the hardest part of the job. Evicting a tenant can be a long, laborious, and expensive process. First, there needs to be a valid reason for the eviction, such as nonpayment of rent, criminal activity on the property, or severe damage to the apartment or house. If there is reasonable cause to evict a tenant, you must serve an eviction notice, and you may be required to give the tenant 30 or more days to leave. However, the tenant may have recourse, especially if they can prove housing discrimination, a breach of contract, or retaliatory behavior on your part. Evictions can get messy, so it’s best to be prepared to consult a lawyer.
Being a landlord can be an exciting and rewarding career. However, like any profession, your success will depend on your ability to handle the unique set of challenges that come with the job. In mastering all aspects of the career, you can ensure your business thrives and your tenants remain satisfied with their rental spaces.
