What You Need To Know About Your Obligations As A Landlord

What You Need To Know About Your Obligations As A Landlord

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Real estate is one of the best investments that you can make if you want an investment that can give you a steady stream of passive income. It can help increase your capital and wealth. A multi-tenant residential property is a great real estate investment. A multi-family can give you a stronger and steadier income stream compared to a single-family real estate investment.

A multi-tenant residential investment property may seem more expensive at first. However, it is easier to finance. Lenders are more likely to approve your loan because income is steadier, despite some possible vacancies. Another benefit of acquiring multi-tenant properties is that it allows for quicker growth in your portfolio.

If you own a multi-tenant residential property, you have responsibilities as the landlord to your tenants. Your tenants have an obligation to pay for the monthly rent, and they will have their expectations from you as their landlord. Here are your obligations as a responsible landlord.

Keep Their Homes Safe

As a landlord, you must ensure your property’s safety and everyone who lives under its roof. They should feel safe and secure in their respective apartment units. You should ensure that the doors and windows are secured. All locks should be working, and the main front door should have an extra lock for protection.

No previous tenants should have copies of the keys. Remember to change the locks whenever a tenant moves out. No one should have access to the same unit when a new tenant moves in.

Whenever you call repairers to service or fix something, do not leave them unsupervised. This can lead to claims of theft from your tenants.

Monitoring your property is important to ensure its safety. Investing in reliable and efficient security systems such as EZ Switch is a must. CCTV and surveillance systems let you oversee the situation in the critical areas of your property even if you are away.

A virtual doorman service increases your property’s security by screening the people on your door. This will also help keep your property safe from the coronavirus. You should limit visitors to your multi-tenant property to reduce the risks of your tenants getting infected. Your property and tenants can also benefit from a flood and frost alarm system to help prevent property damage and even save lives.

Ensure To Keep The Property Clean

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A clean property is not only pleasing to the eyes. Cleanliness ensures that the property is a safe and healthy place for everyone. You should take this task more seriously to protect your tenants from the threat of the pandemic as well. Aside from cleaning, you should add disinfecting the place to your responsibilities. While it’s not your responsibility to clean their respective units, it’s your responsibility to ensure that the common areas are clean and disinfected.

There must be a specific place for the trash, and you have to ensure that the trash is taken out every day. Taking the trash out daily can help reduce the risks of a pest infestation.

If your tenants report a problem with rodents and other bugs and pests, call a professional to immediately deal with it. Do not try to put insecticides on your own. You may be held liable if something goes wrong and someone gets sick because of the insecticides you applied.

Reduce The Risks Of Contracting The Coronavirus

As the landlord, you should ensure your tenants’ safety, and that includes reducing COVID-19 risks in the property. Start by limiting visitors to the property. Enforce the wearing of face masks to reduce the risks the transmission. You should also ensure that high-touch surfaces, such as doorknobs, railings, and switches, are disinfected regularly. You can also install a hand sanitizer dispenser and footbath by the entrance of the property.

Attend To Repair Requests

As a landlord, it is your responsibility to take care of repair requests. There are repairs that you should not put on hold, such as heating problems. If you have multiple repair requests, you can address them based on their severity. A problem with the windows’ locks may be more urgent than a cabinet door that went off its hinges.

Being a landlord can have financial perks, but it also entails some responsibilities on your end. Doing your landlord obligations will ensure a happy and harmonious landlord-tenant relationship, which can be good for your real estate business.

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