According to Merriam-Webster, what defines a landlord is “the owner of property such as land, houses or apartments that is leased or rented to another”. But while it’s assumed that landlords only have the standard responsibilities of maintenance, collecting rent and finding tenants, it’s more than that.
It’s accurate, but also inaccurate at the same time. A landlord wears many hats and has many roles, and these are some of them.
Let’s face it, this role can’t be avoided when you’ve taken up this role. To get interested tenants to rent your property, you have to sell it. Not in terms of money but in terms of image, perception and condition of the house. You have to be able to attract the prospective tenant’s interest and give them reasons on why they should rent your place.
This type of selling takes place when you show them your property during the viewing appointment as you have to talk to them and interact with them.
You also have to advertise your properties, set appointments with interested tenants and attend the appointments yourself.
For advertising your property, you can consider listing on websites or social media groups like Facebook or spread the word by word of mouth through WhatsApp. For Facebook or other social media groups, you can filter the location for more accurate results.
Another unavoidable role. The role that gives many a landlord headaches, especially for those who aim to find good tenants for their property and minimise the risk of getting tardy or bad tenants. This is because if they want to ensure that their prospective tenant is good, they have to gather information about their tenants. It’s highly recommended to run a credit or background check as well. This is to ensure that your prospective tenant has a good credit history and are timely payers. There’s multiple factors that affect the credit score, so it’s better to familiarize yourself with them.
After the information gathering, comes the part of analysis. You have to interpret and analyse the information. Of course, it’ll be down to you to decide if you want to rent out to the tenant.
This role also comes into play if there is conflict and you need more information before having to make a decision. Or digging into maintenance problems.
It’s not surprising that landlords have to negotiate at some point. Whether it’s a simple dispute or about the tenancy agreement, you have to negotiate to resolve the conflict. This also goes for outsourcing contractors or hiring repairmen to maintain your property. For instance, if you’re buying furniture or appliances like stoves or basins to furnish the place, it’s reasonable to ask for a discount if you are buying in bulk.
From contracts to materials, you’re in charge of getting the best prices and deals.
Having to collect rent from your tenant, this role is pretty much inevitable. If your tenant falls behind in paying the rent or deliberately delays from paying, you have the right to enforce a late fee or evict the tenant.
To save cost, it’s best to educate yourself in basic maintenance or repairman skills. This is so that you don’t get caught off-guard when or if your tenant calls you about a leaking roof or something.
A landlord wears many hats, and may look fabulous doing it, but it’s a lot of work. So make sure that you cover your bases before heading on.