Property ownership can be a great long-term investment. For the most part, being a landlord can be a fairly easy and enjoyable process if you use the proper procedures, screen applicants to find the best tenants in order to avoid issues, and are educated about the rental market. Every landlord hopes they have a problem-free rental experience with the best renters who they won’t have to evict. But that can’t be true if you lack some of the basic knowledge of a landlord.
Having this expertise will set you apart and help you stay afloat in the industry. For both new and experienced landlords, here are five things you must know!
Fair Housing Act
Born during the Civil Rights Movement of the 1960s, this is arguably the most well-known and also the most detrimental law landlords absolutely need to be aware of. From the U.S. Department of Housing and Urban Development itself, “Fair Housing Act protects people from discrimination when they are renting or buying a home, getting a mortgage, seeking housing assistance, or engaging in other housing-related activities.
Basically, this Act prohibits any kind of discrimination based on race, color, national origin, religion, sex, familial status, and disability. Knowing this law can be crucial in your experience as a property owner, as you will most likely come across instances where you will have to apply it.
Eviction Rules And Procedures
Every state has different eviction rules and procedures you have to obey, so you need to make sure you read the specific provisions for your area or state. You should also know as a baseline that you can’t just automatically evict a tenant out of the blue since most evictions ask for specific notices before court proceedings. Some even require mediation before the court is even an option.
While these are only a few laws landlords should be aware of, don’t forget to do your research on others too, as well as your local regulations. Being as prepared as you possibly can when it comes to landlording will help you avoid legal challenges and save money in the long run. Having that said, being educated as a landlord can only benefit you, your rental property, and your business as a whole.
Know Your Rights
As we’ve mentioned above, knowing your rights and responsibilities as a landlord can help prevent legal issues with your tenant from arising and when legal problems do arise along the way, having an understanding of the law can help resolve them as smoothly as possible.
For example, landlords have control over lease terms, including which rental units are available, how long a tenancy will last, who pays the utility company for services, and the use of common areas, they are also entitled to sell their apartment or rental housing property at any given time if they wish. So if your tenant decides to take a spin on the rental agreement and not respect it, it’s your right to sanction that in a legal way.
By knowing your rights as a landlord, you can stay protected and remain stress-free if any issues arise as time passes.
Expect The Unexpected
It’s safe to say that by now we’ve learned how unpredictable tenant behavior can be, even if you try to get the best-behaved occupants possible. You’ll need to be ready to face unpleasant surprises as well from time to time.
Even if you hire a management company to run the day-to-day affairs, there will still be decisions that only you as the owner can make, tasks, and landlord-tenant interactions you will need to take part in. Don’t be scared of these things, stay ready and always be one step ahead so this way you can ensure smooth sailing through the tenant handling process.
Know When To Ask For Help
Taking on the responsibility of renting or managing a property by yourself can be overwhelming if you’re not considering all that comes with it and is required. Hiring outside vendors to assist with maintaining the property, making repairs, collecting rent, or other tasks may be your best choice and extremely helpful to you and your business.
However, as with any entrepreneurial venture, there will be wins and lessons you will learn to run your business. One of the key responsibilities is keeping up with your accounting and rent payments. If your tenants aren’t paying their rent on time, neglecting that responsibility could add up quickly. This can be achieved by hiring a property manager to do it for you in the most effective way. You don’t need to manage the entire business by yourself, learn when to ask for help and when to take a rest in order to let someone else take over.
Landlords are individuals or businesses that rent property to tenants for payment. If you’re a landlord, you have several important rights as well as responsibilities towards your tenants and your business. We understand that it can sometimes get overwhelming especially if you don’t know if you are doing things the right way. But, by following this short guide on 5 things you must know as a landlord, you can have a headstart on running your business efficiently and ensuring profit.
A property manager is a skilled professional who can guide you along the way. You can leverage their expertise in order to make your life easier and have a flourishing business at the same time.
Get in touch with us today and learn more about our services.