Landlords are everywhere, but an outstanding landlord is rare. There is more to being a landlord than just collecting rent. A good landlord knows how to follow rules and is willing to compromise with tenants. Also, a good landlord needs to know how to negotiate and handle tricky tenants. Learning the requirements to be a landlord is important to know.
Good landlords also have good communication skills as they will handle people such as salespeople and repairmen. There are many laws regarding rental properties and it’s better to know these laws to avoid being blindsided at the wrong time.
There are more requirements to be a landlord and we are here to talk about them. Here the things you know before becoming a landlord;
It Can Be Stressful But It’s Worth It
There are times when problems in the property can seem overwhelming. Mistakes are common when you are your boss. Landlords should remember that being able to provide people a home is a big accomplishment itself.
Versatility Is Your Friend
A good landlord knows how to be versatile because there are a lot of things happening in the property and they should know how to deal with each easily. Landlords don’t have to be a professional to acquire these skills. They just need common knowledge so when things go wrong they know what exactly to do in that situation. Here are some of the skills landlords need;
- Counselor / Therapist
- Debt Collector
- “Fuller Than Full-Time”
As a landlord, your time off work isn’t 9-5. Landlords should be flexible with time as emergencies often happen unexpectedly at all times of the day and week. The property is your asset and the tenants are your clients and you need to cater to the clients’ requests.
Experience Is The Key
Landlords’ skills are not learned immediately especially if you don’t have any experience. Landlords should not be afraid to take risks and make mistakes. Having a friend or mentor familiar with being a landlord is a great benefit. In other cases, landlords employ a property management company to learn how to manage their properties.
Follow Legal Laws At All Times
There are a lot of different laws about rental properties not only nationwide but also statewide and landlords should at least familiarize themselves with it. These laws are guidelines on how to successfully run the property without worrying about any legal violations that could result in being fined or worse being sued. Being a landlord in NY is challenging at times due to the laws and regulations.
Landlord-Tenant Law in Liberty
Speaking of laws the landlord-tenant law dictates that the basic responsibilities landlords should do with their tenants.
- Liability Limitation
This law protects landlords from being liable to the property after selling it. They do have the obligation to return the security deposit to the tenants when they’re going to sell the property.
- Control Security Deposit & Prepaid Rent
This is the first and foremost responsibility of landlords should do when dealing when tenants, especially new ones. Security deposits are needed because it acts as a guarantee to the landlord when the tenant fails to pay rent.
- Regular Maintenance
This law dictates that landlords should take the responsibility of maintaining the property. From appliances to common areas to power and water tanks, landlords should have all the vital services available at any time.
- Owner Disclosure
This law dictates that tenants should know the owner of the apartment. This will help them know who to go to whenever they need to pay rent or whenever they have other issues to talk about. The name and address of the owner or the individual who is taking care of the property should be enough to be given to the tenants. It is one of the important requirements to be a landlord.
- Possession Delivering
Landlords must adhere to the lease agreement especially when the tenants are moving at the exact date written in the agreement. Failure to be there might be met by legal actions.
One of the requirements to be a landlord is that tenant’s housing should always be maintained. Landlords should provide tenants with a safe, quiet, and clean environment so that they may stay at the property for a long time. Landlords should also advise tenants to get renters insurance and landlords must properly store their deposits.
Landlords should remember that their property is their asset and they need to protect it from harm at all times. It is their responsibility to follow safety codes, maintain insurance, pay mortgage and taxes, and lastly, take care of utilities and repairs.
A good landlord also reaches out to the community. A thriving community is the best place to be a property owner and will increase the chances of tenant applications.
A good landlord will always adapt to things and will set a high bar. Being your boss property owner can be very rewarding.
Landlords are like small business owners. What they should remember is that there are learning curves in being a landlord and you can’t know it all. It’s better to learn the basics and step-by-step achieve your dreams. It’ll be tough but you’ll get it eventually. If you want to skip the learning curve and have your property managed professionally – Teso Management Services is here to do that.