Study information to help advise strategic decision making.
As a Landlord, you own property—be it a house, an apartment, or an office building—which you lease or rent out to tenants. Being the Landlord, you’re the one who collects rent checks every month, does basic upkeep, and handles any problems that might come up with the property.
The responsibilities of being a Landlord include finding renters, drawing up leases, making sure smoke detectors are working, and replacing faucets when they break. Depending on the lease agreement, you might also take care of the lawn, or keep well-maintained furniture in the apartment. You evict bad tenants, clean the place in preparation for new tenants, and, in general, handle any problems that come up.
In many ways, your responsibilities are the same as any other homeowner’s. The only difference is you don’t live in the house. If this sounds a lot like the job of a Property Manager, it is. In fact, Landlords who don’t want to handle the responsibility hire Property Managers to do it for them.
In exchange for living in the house, your tenants pay you rent. You set the amount you want for the place, and then create a legal agreement (a lease) about what you’ll do in exchange for what your renters will pay. There are strict laws that outline what you and your tenants are required to do. For example, you have to fix problems within a certain time frame, and your tenants aren’t allowed to trash the place and should pay rent on time.