If you manage rental properties, then you have to provide certain services to your tenants. The Balance Small Business states that landlord-tenant laws are intended as a general roadmap that leads to the particulars of each property. These laws vary from state to state, and they can even vary at the municipal level. However, there are certain responsibilities you have for tenants in any market.
Disclosing Who the Owner Is
Tenants don’t always have to know who the actual property owner is. Many property owners utilize property management services or landlords so they don’t have to deal with such matters on their own. However, tenants do need to know who to pay rent to, how to do it, and who to call about maintenance needs.
Managing the Security Deposit
Property managers are often allowed to collect a security deposit from tenants prior to their move-in date. They can even usually set the amount of the security deposit. However, landlords never actually own the funds in the security deposit. They have a legal obligation to set aside accounts specifically for security deposits and then manage them responsibly until such time as they are applied to damages during the lease or refunded to the tenant.
Delivering the Unit
Landlords have an obligation to deliver a rented property to the tenants by the date specified in the rental contract. The unit must also be ready to be moved into by that date, or there can be legal consequences if the tenants pursue such actions.
A great deal of the responsibilities of upkeep does fall on the tenants. However, property managers do have to make sure the plumbing, electrical, and HVAC systems are all safe and functional. They also need to be ready to respond to maintenance requests and emergencies.
They might also need to handle exterior issues, ranging from landscaping to snow removal. Roof repairs and pressure washing might also be things that need to happen outside from time to time.
If you manage rental properties, then you have responsibilities to the tenants you lease out to. These can include:
- Ownership disclosure
- Properly managing the security deposit
- Delivering the unit ready and on-time
- Providing required maintenance
Failing to do any of this can result in legal liabilities, but doing it all well can mean tenant retention and good reviews.