Part 1: Basics You Should Know Before Becoming a Landlord
Part 2: Financial Benefits of Landlording
Part 3: Responsibilities of Rental Property Ownership
Part 4: Legal Side of Successful Landlord
Part 5: Attracting Dream Tenants
Part 6: Building Win-Win Tenant & Landlord Relationships
In tenant & landlord relationships, the lease establishes the terms of a relationship.
Building win-win tenant & landlord relationships is easy when you know the rules of the game and how to play playing by the rules as a landlord will make your real estate investment business a lot less stressful day in landlords who develop negative relationships with their tenants.
The tenant receives legal rights to possess the property through a lease, while you, the landlord, receive rents in exchange. Leases will usually spell out details concerning rent payments, the length of the agreement and terms for extending the agreement.
In a lease contracts, both the tenant and the landlord has duties. These duties come from the relation to traditional property laws as well as duties related to the contractual promises many in the lease.
In most states will also find laws created to protect the rights of residents, including eviction rules and fit housing regulations. As a landlord, you should check your local and state housing laws for details to help you stay in compliance.
Tenancy for Years
Probably the most common type of tenancy, a specific time frame is usually defined in this agreement. It could for a month, a year, or longer specified time frame. Once that specified time frame is reached a contract in without notification needed. Another name for this type of tenancy is fixed term tenancy.
Other types of tendencies in tenant & landlord relationships include: Tenancy at Will, Tenancy from Period to Period, and Tenancy at Sufferance.
Landlord Responsibilities in Tenant & Landlord Relationships
As a landlord, you have to be sure that you are compliant with the local, state, and federal laws in tenant & landlord relationships. These stipulate that you must provide habitable and safe housing for tenants.
Some of the areas you must specifically address include:
- Housing and building code compliance
- Repairing and maintaining a well functioning and habitable property
- Maintain proper functioning of housing systems, which include plumbing, HVAC, electrical, sanitary, appliances, and other systems
- Provide safe conditions for all common areas which include parking spaces, always, stairs, and more
There are other important rules to follow as a landlord, which can be found in local and state statutes.
Tenant Duties
One thing a landlord needs for tenants is to pay rent on time and in full. In addition, tenants should follow the terms of lease agreement. Here’s some of the additional rules that tenants are normally asked to follow:
- Keep the unit and surrounding area in good working condition and clean
- Park vehicles in designated areas
- New property for residential and legal purposes
- Dispose of trash regularly and hygienically
- Provide notification to landlord of repairs, the damages are not functioning appliances and other systems of the property
- Communicate landlord and the tenant plans to be away for an extended amount of time
In most cases, you can ask tenants to not:
- Disturb other residents with loud noise
- Modify or remodel the property in any way without asking permission
- Add roommates
- Smoking in non-smoking areas
- Have certain types or sizes of pets
- use barbecue pits our grills on balconies or porches, which could be a fire hazard
Rent Collection
The lease contract you sign with the tenant needs to present the rent amount and time it should be paid clearly. She also spell out how you collect rent as well as share procedures for late payments.
You can charge late payments or rent it is not paid, for bounced checks, and for insufficient funds on credit cards. Still, it’s important that these are “reasonable.”
Local laws may require you to provide a receipt to tenants whether they pay by credit card, check, or in cash. That’s why it’s important that you thoroughly review your state and local laws to ensure compliance.
Certainly, there is a lot involved in managing the tenant and landlord relationship. Direct, clear and upfront information regarding all rules of the tenancy are of the utmost importance before the tenant signs on the dotted line become your new tenant.
One of the best ways to ensure that this doesn’t become a legal nightmare for you as a landlord and to ensure win-win tenant & landlord relationships is to simply hire a great property management company to liaise the relationship between you and the tenant and maintain your property at the highest level of service.
Why not hire Utz Property Management to take care of the job for you?
You can start by scheduling your PROPERTY PROFITS STRATEGY SESSION.
In This FREE 1 Hour Session, an expert real estate investment coach from our team will work personally with you to…
- Examine your current real estate investment portfolio/plans to see what’s working and what’s hurting. Discover where you’re making money and losing it.
- Search for the diamonds in your backyard, the low-hanging profit opportunities that can be made with minor tweaks.
- Diagnose the biggest roadblock to scaling your business fast and profitably.
- Present the best path for tweaking your investment game-plan so you can build wealth faster, with more predictability and stability.
