Are you aware that there are around 11 million landlords working in America?
Being a landlord can be a rewarding job, but there are tons of misconceptions about this work. If you're considering becoming a landlord or you'd like to understand the industry better, then it's worth doing a little research.
Do you believe any of the top landlord myths? Read on for the ultimate landlord guide to get the facts straight.
1. Landlords Have to Do Every Job
Lots of people wonder, "What is a landlord's set of responsibilities?" The truth is that their job description can vary depending on how much work they'd like to take on.
Many landlords choose to outsource lots of tasks to a competent property management company so they can free up their time. As a result, they can focus their energy on more important jobs.
2. Landlords Are Greedy
Renting may be more expensive than a mortgage only when you compare those specific costs. In reality, there are so many other fees that homeowners have to cover that cause the final bill to increase drastically.
Landlords do extensive research to keep up with the rent of surrounding properties and ensure that they can cover repairs and other issues.
3. Landlords Can Invade Your Space Whenever They Want
When people become a landlord, one common concern that they have revolves around whether or not they can enter their tenants' units. Landlords can enter, but they need to provide at least 24 hours' notice and a reason for their visit.
The only time that a landlord can barge in unannounced is when there's an emergency that must be addressed right away.
4. Landlords Can Raise Rent at Any Time
Many renters don't feel secure with their living arrangements because they're afraid of their expenses rising at any moment.
Landlords provide potential tenants with contracts when they want to move into a unit. This contract locks in a set rent for the lease that both parties agree to. Once the lease expires, only then can a landlord increase rent.
5. Landlords Can Ignore Maintenance Requests
Landlords have a duty to keep their tenants' living spaces safe at all times. In emergency situations like a broken air conditioner, they have a limited amount of time to address the repair before they break the law.
Landlords don't have to fix certain repairs if the tenant is at fault. This information should be described in detail in the lease.
Did You Believe Any of These Landlord Myths?
Landlords do important work, so it's great to paint an accurate picture of their position. After reading this guide, you can have a better understanding of their role and the industry as a whole.
One of the best landlord tips is to team up with a high-quality property management company. If you rent out properties in the Washington D.C. area, then HomeRiver Group would love to take care of you. Contact us to learn how our services can help you.