Understanding Your Role and Responsibilities as a Landlord

When you make the decision to welcome tenants into one of your properties, you immediately transform into a landlord. Unfortunately, this role revolves around more than simply collecting rent each month. 

There are various landlord duties and responsibilities that you need to be aware of. 

Here are some of the main ones with which to familiarize yourself as a matter of urgency. 

Adhering to various safety codes

It is up to the landlord to ensure that the property is safe for the tenant. Ultimately, this means knowing and keeping up with various safety codes. For example, it is important to keep the property free from mold and other harmful substances. 

If the tenant notices the growth of mold anywhere in the home, it will be up to the landlord to have it cleaned and removed at their own cost. Furthermore, the landlord will be responsible for ensuring that each room within the property has been properly fitted with smoke and carbon monoxide detectors as per the law. 

Remember – these laws may vary from state to state and from country to country. 

Property maintenance 

While the tenants will be required to conduct small maintenance jobs, such as changing light bulbs, it’s the landlord’s duty to conduct the bigger, more important jobs. This includes unclogging gutters and drains, dealing with peeling paint, and repairing any faulty appliances in a timely manner. It is the responsibility of the tenant to notify the landlord when property maintenance is required. Alternatively, you can hire a property manager to deal with these issues on your behalf. This is useful if you own a large portfolio of properties that would be impossible to manage by yourself. A property management company Montreal (or similar company in your area) can be used as the first point of contact for tenants, allowing you to get on with other jobs. The tenant should never allow an issue to stand and worsen to the point of being costly or difficult to fix. 

Paying the mortgage and monitoring utilities 

Obviously, it will still be up to you to continue paying your lender your mortgage every month. Whether you use the rent from your tenants to do this will be your choice. It is also important that you refer to the rental agreement to check who is responsible for paying the various utilities owed. 

Some rental agreements state that water is included in the rental fee, for example, while others will require that the tenant settles all of their own utility bills. In order to avoid any issues in the future, it can be wise to follow up with the various authorities from time to time to ascertain whether or not your tenants are, in fact, keeping up to date with their payments. Remember – it is imperative to look into a tenant's financial history before handing over the keys. This is usually the best indicator in terms of whether or not they are going to be reliable tenants who pay their dues on time and in full each month. 

By keeping up with your own responsibilities as a landlord, your tenants are likely to do the same, leading to mutual happiness and a long, beneficial relationship for both parties. Be sure to contact a property management company if ever you have doubts in terms of landlord duties and liabilities. 

These professionals will be able to point you in the right direction, or even shoulder the responsibilities on your behalf.

Have a listing you think should be featured contact us or email at Jeremy@offthemrkt.com to tell us more! Follow Off The MRKT on Twitter and Instagram, and like us on Facebook.