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What is a Landlord?
Landlords are people who own houses, apartments or other dwellings that they rent to tenants on a monthly, quarterly or yearly basis. Landlords must understand all of the laws and regulations regarding rental properties and tenants. Generally, they must provide safe and habitable shelters, perform necessary maintenance and make crucial repairs. However, not all scenarios require them to rectify the problem. For example, damage caused by a tenant’s pet or guest is usually considered the tenants’ responsibility and is often covered by a security deposit.
What are the typical duties of a Landlord?
Landlords have many roles and responsibilities. Their duties involve much more than just collecting rent. Landlords are often conflict solvers, repairmen, salespeople and negotiators. They have to know how to handle tenants, how to deal with irate neighbors and how to charm property inspectors.
More specific Landlord responsibilities may include:
- Oversee all finances of the property, including rent collection, mortgage, taxes, payroll, insurances, vendor costs, and association fees.
- Manage support staff, maintenance and groundskeepers; prepare lease agreements and other contracts, including insurances where applicable.
- Routinely inspect the grounds, facilities, units and various equipment.
- Determine policies such as parking, pet restrictions, and use of available facilities.
- Arrange showings for prospective tenants.
- Provide sources for utilities to the tenants.
- Work with a wide variety of outside sources such as real estate agents, tax collectors, service people and organizations, insurance agents and adjustors, contractors, and more.
- Landlords must handle complaints and resolve issues regarding leases, repairs, late or non-payment, and legal proceedings.
What skills do I need?
- Have a firm grasp of mathematics to handle accounting duties.
- Know local, state and federal guidelines and building codes.
- Have mechanical abilities or contractors and repair persons to handle maintenance and repair.
- Good negotiation and communication skills and knowledge of rental agreements and contracts.
- Business experience in areas such as administration, finance, or real estate will be useful.
What qualifications do I need?
- Many employers will desire a Bachelors degree in a related field such as Hotel Manager or a Hospitality related field
- Potentially a Masters degree in a relevant field
What hours will I work?
The job of Landlord is usually a daytime role, working an average 40 hours per week.
What can you expect to earn as a Landlord? The position of a Landlord is an important role. Salaries will of course vary depending on your experience, qualifications, the organisation and sector plus whether you are employed on part-time or full-time.
According to Payscale, a Landlord earns an average salary of £23,275 per year. People in this job generally don’t have more than 20 years’ experience.