As a landlord, there are several things that you need to keep in mind so that you can make sure to keep your operations legal and acceptable to your tenants. This should help you avoid landing in trouble over something that you do. From the moment that you rent out an apartment, there are several steps to take so that your new tenants can get comfortable and enjoy their stay in your property. In case of an issue such as an eviction becoming necessary, you should hire a tenant eviction attorney so that they can guide you on the legal way to do this.
Take time and do some research, learning about the things to know before becoming a landlord. If you go into this venture well-informed, you have a great chance of enjoying it as much as the tenants will. You’ll also be prepared for any way in which things could go, knowing what steps to take in case things take an unexpected turn. You can find this information easily enough online by searching for something as general as “a landlords responsibilities include” and check to see what pops up in the results, making sure to refer to credible sources.
Investing in property and becoming a landlord is not a simple process nor is it a career that you can manage on autopilot. Understanding how to work as a landlord is essential to avoid potential pitfalls, fines, and unnecessary fees. When you are familiar with the landlord dos and don’ts for 2023, you will be less likely to encounter issues involving tenants or even government officials. The more you know about landlord dos and don’ts, the easier it will be to maintain your properties and achieve any goals you have in mind as an investor.
Don’t Give Tenants Only One Key
One of the first landlord dos and don’ts you will learn as a property owner and investor is that you should not give your tenants only one key. Anytime you have a new tenant who is moving into one of your properties, it’s important to ensure they are given at least two keys. While there is no guarantee that they will not lose both of their keys, this can minimize an inconvenience or an emergency when they are locked out of their home or dwelling.
Along with giving your new tenants multiple copies of their new house key, it’s also important to have a backup and master key yourself. Having a master key is possible with certain configurations and locks, depending on the type of locks you have installed in your homes or rental units. If you’re unsure about what type of locks are best for your residential or commercial properties, you can turn to business locksmiths to ensure your locks are taken care of properly and professionally.
Benefits of Hiring a Business Locksmith
Working with a professional locksmith around your property is highly recommended as a landlord. Professional locksmiths arrive on-site with the commercial-grade materials, locks, and keys that are necessary to provide maximum protection with optimal features. A business locksmith is not only trained and well-versed when it comes to working with a variety of lock systems and doors, but they are also licensed and insured to work on residential and commercial properties. In most cases, business locksmith providers and companies also offer emergency services. Connecting with the right local locksmith is a way for you to ensure that you have a locksmith available at any time should one of your tenants find them locked out of their own home or property.
Don’t Break Promises to Keep Rent Stable
Another important landlord dos and don’ts that should not be forgotten is that you should not make and break promises just to maintain a steady rent income from tenants. As a landlord, you are responsible for maintaining the property of your tenants. If you need to apply for an additional home loan or if you are working at a local auto parts store to generate a secondary income source, you may need to do so in order to keep up with your responsibilities until your position as a landlord becomes profitable.
Don’t Ignore Your Tenants’ Privacy
A tenant’s privacy is paramount, whether you are intending to rent a home or an apartment dwelling to individuals and families. Some of the most vital landlord dos and don’ts to keep in mind involve respecting the privacy of your tenants at all times. Violating the privacy of your tenants can lead to major issues, including potential lawsuits or the loss of your property, depending on the extent of the privacy violation.
Learning about the laws of privacy when it comes to working as a landlord is essential before you begin renting out homes or apartments to tenants in your local area. If you have homes and commercial properties, you may also want to consider the perimeter of the property itself. From installing wooden and aluminum fencing to additional privacy fence solutions, you can also increase the privacy your tenants receive with additions to a property before renting it out.
Anytime you are thinking of renting a home or apartment to an individual, it’s imperative to clearly understand the ins and outs of property laws and the privacy rights of tenants. Each state, city, and region operate differently when it comes to privacy rights, which is why it’s so important to take the time to get to know the ins and outs of the legal system where you are renting property. Being as well-versed as possible in privacy rights will ultimately help to protect you as a landlord, whether you are building a major empire or if you’re simply looking to rent out houses on the side for a little extra income.
Do Be Courteous of Your Tenants’ Other Expenses
Being courteous to your tenants can go a long way, especially if you intend to establish long-term relationships and contractual agreements with them with regard to their rental. One of the most vital landlord dos and don’ts to keep in mind is that tenants may have other expenses to tend to each month. This is especially important when you are experiencing a downturn in the economy or if one of your tenants has recently lost their job or no longer has a place of employment. If you notice that your tenant is struggling to pay their rent, suggest various solutions such as local tractor trailer towing services or cars for cash that may help them to get ahead financially again.
Do Ground Yourself With a Side Job
Working full-time as a landlord is not always a viable option, especially if you are just getting started for the first time. If you are working as a landlord but you are hardly making even or generating a profit yet, you may want to consider taking on a side job. From working at a local retail store to assuming the role of a professional jewelry appraiser, accepting a side job can ensure a steady income as you work to build your real estate industry.
Why Obtain a Side Job as a Landlord
When you are working as a landlord, expenses can add up quickly. From missed rental payments to sky-high water bills and unexpected repairs, there are many different investments that go into working as a full-time landlord. If you are just getting started as a landlord, you may be limited in terms of the number of properties you currently own and are renting out. If you are working as a landlord in a poor economy or in a seller’s market, you may find it challenging to rent your units or collect rent, depending on where you live and the surrounding demographics. By having and maintaining a side job, you can minimize the stress that is commonly associated with not having a steady or stable income source.
Do Stay on Top of Renovations
Staying on top of renovations and repairs at all times is another landlord dos and don’ts to remember, even if you have been in the business of working as a landlord for some time. Renovating properties will not only help you to keep them up to city code, but it will also increase the property’s intrinsic value, worth, and curbside appeal over time. Renovating homes, apartment buildings, and even entire commercial properties can be taxing and expensive, but they can also be worth the investment once the renovation project is complete.
How to Plan for a Property Renovation as a Landlord
If you’re a landlord but you want your property investments to stand out, you may need to take the time to consider what type of renovations are needed or can add value to your home or commercial space. Setting a budget ahead of time will also help you to determine your limits and the type of renovation projects that are suitable for you to take on at the time. When you are thinking of taking on a new property renovation project, it’s also important to keep the current tenants in mind. The best time to complete a renovation project in and around any property you own is when the property is empty or in the process of being transferred into the name of someone new.
Once you have the renovation project you envision in mind, you can then get to work by hiring the right local professionals and/or contractors to assist. From hiring local home builders and construction companies to seeking out a construction dumpster rental service, there are many different resources and trusted professionals you may need to turn to in order to ensure your renovation project goes over as smoothly as possible.
Advantages of Hiring Professionals
When you are renovating a home or commercial property you own, it is always best to turn to professionals to get the job done right. Professional contractors and service providers are well-versed, trained, licensed, and insured in their specialty area and area of expertise. Working with local contractors and companies that are trusted by your community is also a way to streamline any renovation projects you have in mind, especially before moving a new tenant into the building or home.
How to Hire Professional Contractors and Local Companies
As a landlord, you will need to learn how to network with other business owners, investors, and service providers, especially if you own properties in many different cities, states, or even in different countries. Familiarizing yourself with local service providers and resources where you currently rent a property is extremely beneficial as a landlord. The more well-connected you are, the easier it will be for you to determine what service provider you should hire any time you are interested in completing a new renovation project, big or small.
Once you make the decision to hire a local contractor or service provider, you can ask for recommendations and referrals from other landlords and property investors you know. Visit local businesses in your area to ask about contractors and local service providers that are trustworthy and reliable. If you choose to research your options online, take the time to read reviews and testimonials before finalizing your decision. The more familiar you become with local service providers and the companies near you, the less likely you are to run into problems, delays, and costly mistakes once you choose the contractor or company to hire that is right for your next renovation project.
Do Fix Any Broken Appliances
Another one of the most important landlord dos and don’ts to remember as a landlord yourself is that it is essential to tend to and fix broken appliances for your tenants at all times. Whether your tenant is a heating oil supplier or offers a refrigerated truck rental service, the appliances in their rented home or apartment must remain in working order at all times. As a landlord, setting aside funds for new appliances, repairs, and upgrades can help alleviate the stress that is associated with appliance emergencies, which can happen at any time.
Whenever you are renting a home or apartment building, it’s important to invest in appliances that are not only reliable, but ones that also come with warranties, especially when you are purchasing the appliances as brand-new. Tenants of both residential homes and apartments alike are entitled to working fixtures and appliances at all times. If an appliance should stop working when a tenant is renting an apartment or home from you, you will need to tend to the appliance as quickly as possible.
Fixing an appliance for a tenant as quickly as possible will not only prevent the tenant from becoming upset or unable to live properly in their home, but it can also mitigate damage. The quicker you address a potential issue with a tenant’s appliance, the less likely you will require a complete replacement of the appliance itself. Tending to appliances immediately will keep your tenants happy and content, which can also motivate them to keep renting from you in the future.
Understanding the basic landlord dos and don’ts for 2023 is essential whether you’ve been a landlord for decades or if you’re just getting involved with the industry for the very first time. The more you understand about typical landlord dos and don’ts, the less likely you are to find yourself inconvenienced down the road and in the near future. When you know which laws and regulations to abide by you can move forward with your investments and rentals feeling comfortable and confident in any of the decisions you make.
