Earlier in 2022, over 13,000 single-family homes entered the rental property market signifying a large jump in new landlords entering the landscape. When it comes to being a landlord, there are a lot of responsibilities that come with the territory. In this blog post, we'll take a look at some of the most important ones.
Keep in mind that this is a general overview. Specific laws and regulations may vary depending on your area. So if you're thinking of becoming a new landlord, be sure to do your homework and know your tenant laws! Here are the top 5 landlord responsibilities you need to know.
1. Safe and Secure Property
A landlord's number one responsibility is to ensure that the rental property is safe and secure for tenants. This means that you need to inspect the property often. Regular Inspections ensure that you take care of any potential safety hazards.
You should also have a good working relationship with your local law enforcement. This ensures that you are aware of any crime that is happening in the area and can take steps to protect your tenants.
2. Maintaining The Property
It is the landlord's responsibility to maintain the property and keep it in a good condition. This means that you need to inspect the property and make sure that repairs happen on time. The property must remain livable and well-maintained at all times.
This is important because it protects the value of your investment and ensures that tenants are happy living in the property.
3. Collecting Rent
Another responsibility is to collect rent from tenants on time. A clear and concise rent collection policy must be in place. This allows the tenants to know when and how they need to pay their rent.
There must also be a system in place for dealing with late or non-paying tenants.
4. Laws and Regulations
Complying with all relevant laws and regulations is another responsibility. The rental property must:
- Meet all local zoning requirements
- Have the necessary permits and licenses
- Follow all fair housing laws
5. Up To Code
As a landlord, you are responsible for ensuring that your rental property is up to code and compliant with all safety regulations. This includes things like
- Make sure that the electrical system is up to code
- The plumbing is in good working order
- There are no potential safety hazards on the property
You should also have a good working relationship with your local building inspector so that you can address any issues that arise.
Know Your Landlord Responsibilities
As a property owner, it’s important to know what your landlord responsibilities are. This helps you provide a safe and secure home for your tenants. You must keep up with repairs and maintenance, and stay compliant with local laws and regulations.
If you need help with property management, Home River Group is here to help. We’ll take care of everything from rent collection to repairs and maintenance. Contact us today to find out about our full-service property management services.
