Being LandLord of Your Own Manor Isn’t Always What it’s Cracked Up to Be!
If you decide you want to be a “landlord” for your own rental property, you may want to consider that this decision may involve a lot of hidden responsibilities that you may be unaware of.
In fact, by choosing to rent out your property, you have created a small business for yourself. This means new obligations to the property, the prospective tenant, and the tenant you eventually choose. Have you read the civil codes? Considered the State and Federal Fair Housing Laws? Looked at your obligation to local housing authorities who may also have a say in how you perform these landlord duties?
It begins with marketing the property correctly. Did you know there is a WRONG way to market property for rent?
Then there is:
screening and selecting qualified tenants
accounting of the rents and deposits (that would pass an audit)
maintaining the property to “Habitability Standards”
helping with emergency situations when the tenant calls for help
How about unexpected developments like:
- Your tenant loses their job?
- What if there is a break-up or divorce?
- What if your roof starts leaking or the septic tank backs up? And there is only ONE bathroom?
- What if your furnace needs to be replaced?
- Tenant doesn’t pay the rent? Or pays late repeatedly…
- Tenant decides to buy that cute puppy out in front of the grocery store….
- Tenant takes in a roommate to help with the rent…
The old adage: “Expect the Unexpected” applies to Property Management experiences every day. Don’t try to do this yourself. Hire a Professional. Save yourself the Risk and Worry.