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Understanding Your Responsibilities as a LandlordPosted by Guest Blogger on Wednesday, August 29th, 2012 at 4:54pm.
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If you have decided to get your feet wet with commercial real estate you'll first have to learn about your responsibilities as a landlord. While it may seem like an easy task and you'll be able to allocate most of the tasks to a property management company, you will ultimately be the one who has to take on the responsibility of ownership.
Your first responsibility will be to provide a secure and safe environment to the tenants occupying your rental. All building codes must be in place and you need to ensure that you are looking for the best people as renters. When you establish a building that is safe and inhabited by responsible people, your tenants will enjoy a better atmosphere and you will have less on your plate to handle.
The Property Management Company
In many cases you'll be handing the responsibility of repairs over to your property management company. What you need to understand is that the company you hire needs to represent you as a landlord so you must pick it well. This company will be a direct reflection of who you are and the standards you maintain. You should only choose a company that you feel completely confident using after having scheduled several interviews to make sure that you're a match.
You'll want to be certain that all of your tenants are treated with the utmost respect that they deserve. Some management company employees assume a superior air that does not relate well with good tenants. The tenants you have that are paying their rent, respecting the property and their fellow building inhabitants should be treated like gold. They are the ones that you want to stay for years and feel welcome.
Make sure that the management company you're dealing with plans on handling repairs as soon as they come up. It is a lot easier to fix a small leaking pipe than it is to handle a flooded basement in your unit. It doesn't take long for smaller repairs to grow into larger ones that cost thousands of dollars to fix up. Make sure that your property company understands this right from the beginning.
As the landlord you need to be responsible for all decisions made. This means that you need to hire the right company at the beginning. If they make mistakes, it will come back on you and you won't want to have to lay the blame on someone else. This is your building and as long as you remain fully responsible for it, it can flourish.
About the Author:
The views expressed by Guest contributors to this blog do not necessarily reflect the views of 2M Realty Advisors, LLC, it's broker, agents, employees or affiliates.
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