Have you been thinking about becoming a landlord and renting one of your properties out? One of the first things you will need to decide is whether you want to be a landlord or whether you want to hire a property manager. We will be going over some of the responsibilities of being a landlord.
What does it mean to be a landlord?
- If you decide to be a landlord you must think of it as running a small business. You will have to step into the roles of repairman and realtor; make sure you are ready for these responsibilities.
- You must try to pick the right tenant to rent to; you will want someone who is respectful of your property and is financially capable of paying rent. This can be very time consuming and you might have to go through several applicants to find the right fit; renting to the wrong tenant can be devastating. This can range from severe damage to your property, paying their rent late or not at all, bringing unsavory characters to the neighborhood, or even pest infestation. In the end, all of these can be very time consuming, costly, and in some cases you will need to take legal action.
- Since being a landlord is like being a business owner, your tenants are like your customers. You must work to make them happy but at the same time make sure that they pay for your services (their rent).
- You will be legally and morally responsible for the upkeep and repair of the property. This means you must performing maintenance to the property, make sure that the property meets safety codes, and that the bills related to the property are paid.
If you feel that you would like to go the route of having a property manager instead of being a landlord, we can help. Pro Edge Property Management can help you figure out how to make your property work for you. Give us a call today at 831-438-3343.