Responsibilities of Landlords: What You Need to Know
As the leading property management company in Las Vegas, Triumph understands precisely what’s required to sustain both the property and the needs of tenants. Here, we go through some of the responsibilities of landlords, and how landlords should respond to them.
Landlords are obliged to take great care of their property. They must sustain the property, keeping it nourished to a level where tenants remain content and happy and fulfilled. These are not just moral obligations but also legal obligations, too.
Think about things from a tenant’s perspective. Tenants need to feel secure in the property, knowing full well that all health and safety regulations have been adhered to. It’s up to landlords to ensure that these regulations are upheld at all times.
Landlords are also obliged to ensure that the property is habitable, that every necessity – such as structural necessities – is in good working order. Failure to provide such a hospitable environment renders void any contract between the landlord and future tenants.
Knowing what to follow
Many landlords find it difficult to adhere to property legislation. Many investors also assume that property management is somehow easy, something that simply involves throwing any old tenant into the property for the sake of profit.
Things aren’t quite so simple.
First and foremost, landlords must follow local, state, and federal legislation – a complex nexus of three layers of legislation. This legislation also evolves over time, meaning landlords need to keep abreast of new regulations as they develop.
Landlords should also consider the eviction process, something which – if improperly implemented – can result in considerable legal costs as well as a sharp loss of income. Landlords need to act rationally, not irresponsibly, when dealing with unscrupulous tenants.
Legislation can also come under the rubric of health and safety. For example, landlords must understand that fire detectors not only need to be active and working, but also present in sufficient numbers.
There are also regulations on lighting, the presence of mold, the use of certain paints (such as lead-based paints), number of tenants permitted per room, and many other smaller though no less significant issues.
Landlords should also insure their property as required. But the insurance cover must adequately reflect the rental status of the property in question. Some insurance covers, for instance, do not cover rental properties.
Other types of insurance which may be required include fire insurance, water coverage, and flood insurance. As property owners, landlords may possess a mortgage. Landlords should pay their mortgage payment as required, in the way they would expect tenants to act.
There are also property taxes worth considering. These, too, need to be paid on time. Landlords are also obliged to pay tax on the rent they receive, something which aspiring landlords fail to factor in.
And we still haven’t mentioned maintenance costs. One of the most cost-effective ways of maintaining properties is to hire a Las Vegas property management firm. Such firms deal effectively with maintenance issues before, and when, they arise.
Above we have detailed many of the key responsibilities of landlords, though there are others we could have mentioned. The point here is to shine a spotlight on real estate, on what prospective landlords should think about before taking out that next investment.
If you’d like to learn more about Las Vegas property management, check out this page for more information. Property management is about streamlining costs, finding quality tenants, and maximizing the income potential of rental investments in an affordable manner.