If you have extra properties you have invested in, but one necessarily lives there, chances are that renting it out could give you a consistent source of income. Renting out a property involves a lot of work – you have to meet potential renters, ensure their needs are met and make sure everything is in working order in the property in question. You need to know the ins and outs of the property, right down to where every single light switch is. You need to know how to fix things if something breaks, and always provide the highest quality you can to the people that choose to rent there.
What is a landlord expected to do?
A landlord’s life is never easy – from attending to the needs of the renter, to having to hop out at a moment’s notice should something go wrong, a landlord is the lifeblood of the rented place.
- Main port of call: Being a landlord is much like a day job. You may have to work long hours, even when there is no one renting the property. Every home needs regular maintenance, and it is up to you to take care of the property come rain or shine. From going to collect rent, to ensuring that everything is in working order, you never know when you might be called out. A broken light, a leaky faucet, a refrigerator that will not work – the renter will always come to you as their first port of call. Depending on whether you choose to fix any household repairs they require yourself, or employ a professional – the decision is always up to you.
- Job description: A landlord’s job is best handled by someone who is self sufficient and resourceful. You may have to negotiate, be a gardener, a plumber, a mechanic, a therapist, a supervisor and sometimes even a guardian. A point that becomes extremely important when you are renting out to students – they will usually look to you for advice. Students and first time renters who do not really know what to expect are more likely to depend on you, turning your role into one that requires social intelligence and understanding. On that note, you would need to be aware of the kind of people you are renting to – always make sure you ask for documents and if possible, do a background check on prospective renters.
- Rules and regulations: To prevent people from arbitrarily doing whatever they please, such evicting renters without prior notice, the government has instituted legal guidelines that must be by landlords at all times. From rules on how to handle the renter’s security deposit, to conditions under which you can evict them, legal guidelines also demand a clean, livable environment free from insects and infestations.
- Learning as you grow: There are tips and tricks to being a landlord that may not be known to you immediately, but that you will grow to understand as you keep working. From knowing what kind of people make proper tenants to developing personal relationships with them, each landlord is different. The experience of the renter in your property is largely dependent on you, and you may have to learn a lot more about cleaning and modeling a house than you initially expected.
A landlord’s life can be a very happy and satisfactory one. If you take pride in providing a home for a person, and knowing that they are able to enjoy a sense of security and peace of mind because of you – then you will know for sure that a landlord’s job, though not easy, is extremely gratifying.