9 Landlord Responsibilities Every Landlord Should Know
Successful property management involves knowing your responsibilities as a landlord. However, not everyone knows the best practices regarding them. We’ve put together a list of nine unique landlord responsibilities that every landlord should know, no matter how long they’ve been managing a property.
1) Comply With Anti-Discrimination Laws
It’s paramount that you understand fair housing laws and that you follow them when selecting tenants. This includes what you’re able to ask potential tenants, how you’re advertising a property for rent, how you deal with those who rent from you, and more. Failure to follow anti-discrimination laws may lead to costly lawsuits and other issues.
2) Follow State Renting Rules
All landlords want tenants that pay their rent on time and without hassle. If you need to increase the rent or evict a tenant who hasn’t paid within the agreed time period, you’ll want to make sure you’re in compliance with your state and local laws.
3) Meet State Security Deposit Limits and Return Rules
Security deposits are some of the biggest matters of dispute between tenants and landlords. To prevent problems from occurring in the first place, make sure you know your state’s laws regarding how much deposit you can demand, when it must be returned, and when you can use it to address damages.
4) Provide Habitable Housing
You are legally responsible for keeping your rental property livable. If you don’t take care of critical repairs like fixing a broken heater, then tenants might have legal rights against you. Having a professional property management company handle repairs and maintenance for you will greatly reduce this burden.
5) Prepare a Legal Written Rental Agreement or Lease
The lease or rental agreement that you and your tenant sign lays out the contractual basis of your relationship. This document is full of critical details that a tenant must follow and the responsibilities they have to the property. You must do your part to follow through on your own obligations that you’ve signed off on. The more detailed the document, the better protected you will be, and the more your tenants will be informed.
6) Make Legally Required Disclosures
Certain pieces of information must be made known to your tenants before they can move in. This changes from state to state, and there are federal disclosures, such as notifying tenants about the presence of lead-based paint, that need to be addressed.
7) Never Retaliate Against a Tenant Who Exercises Their Legal Rights
Attempting to raise the rent or evict a tenant for complaining via a legal means and taking action regarding unsafe living conditions or unmet obligations from the legal property maintainer is illegal. To protect yourself from false claims, establish good record-keeping that holds up in court should you need to take things that far. A reputable property management company nearby will be able to handle the entire process for you.
8) Follow Specific Procedures for Terminating a Tenancy and Evicting a Tenant
There are specific state laws that dictate when and how a landlord can terminate a tenancy and pursue an eviction. Failure to comply with these laws could result in heavy legal damages against you.
9) Take Advantage of a Professional Property Management Team
Keyrenter takes the headache out of renting properties to tenants, no matter if it’s large or small. If you’re sitting on property that could otherwise be put to work making you money, choosing Keyrenter will help your asset generate an income. If you’d like to learn more about how working with Keyrenter’s team of local property management professionals can help make you more money without the hassle, call or email us today!