Owning and operating rental properties can seem like a full time job. Between finding the perfect outlet to list rental properties, developing relationships with potential tenants, showing the property and insuring deposits and payments are received as promised, who has time to do anything else?
If the unit is not approved for rental renewal and the Tenants have to move out, the Landlord has to refund the deposit as well as the pro-rated rent already paid by the Tenant.
Do you have what it takes to be a Landlord? The responsibilities of a Landlord are considerable. It’s not just about providing a space for your Tenants. There are rents to collect, repairs to attend to and maintenances to deal with. You also have to handle unsatisfactory Tenants and consider the relevant laws.
Apart from not treating their tenants as valued customers, most small apartment building owners also take it personal when a tenant or tenants do not pay their rent in time. This is where they go wrong. It is easy to consider the fact that a good number of tenants can sometimes cause headaches with noise complaints, late rent payment and other issues which may be a thorn in the side of the small apartment building owners.
I am planning to look at why tenant rules are important, why exactly I have rules and how I enforce them without making them painful. When I was coming up with the rules, I went to the internet and simply downloaded a list of rules. I then made a few additions which were relevant to me then made my own set of rules.