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Landlord/Tenant Course Navigation
Landlord/tenant life
Have you ever considered being a landlord? This course is for landlords and tenants. The relationship between the two can be strained at times, but there is no doubt one cannot exist without the other. When both adopt a cooperative attitude from the beginning, the relationship can last for many years. Sometimes it may seem that each has competing goals, but these are only interim goals. The main goal for each is to have a successful landlord/ tenant relationship for as long as possible. The definition of what is a “successful relationship” may vary slightly between the two. This is where clear communication is key. When each fully understands their rights and responsibilities, there is far less chance of a misunderstanding. Misunderstandings can quickly deteriorate into disaster, so best to understand each other from the beginning.
The First Step is Self Analysis
Landlords: You're interested in owning residential rental real estate. Are you up to it? It's not for the faint-hearted. not everyone is cut out to be a landlord, so think it through carefully. Make sure you can stand the idea of a stranger living in your house. The house you worked so hard to purchase and maintain.
The first step is self analysis. Before putting any financial effort into rental property, ask yourself if you are prepared to commit to everything the job entails. What is your temperament? Can you handle emergencies? The call in the middle of the night? Can you stay calm when your tenants don't have the rent? Are you a good judge of character? Can you spot troublesome potential renters? Are you too trusting? Are you too suspicious? Can you learn and follow the rules surrounding rental property? These and other questions should be addressed to make sure you will be able to manage each rental situation.
Tenants: Whether you're renting out of necessity or choice, be sure that you are comfortable with following someone else's rules. Accept the concept that the rental unit, whether its a house, a condo, a trailer, or an apartment, belongs to the landlord, not you. And the landlord sets the rules for the landlord/ tenant relationship. There are laws that protect tenants from unfair or unscrupulous landlords, but the day to day rules are for the landlord to make and enforce. Such things as whether or not a tenant may have a pet, and what type of pet, are up to the landlord, and should be clearly laid out in the lease or rental agreement.
Open Communication is Key
The best way to establish a good landlord/ tenant relationship is to create a positive relationship right from the beginning. Both tenants and landlords should screen the other. Tenants might want to know whether the landlord is hands on, collects the rent personally, whether the landlord does his own maintenance, whether there is a rental company or manager involved, and also may want to know how many other rental properties the landlord owns, and how long the landlord has been a landlord. Landlords might want to know about the tenant's background, including rental history, credit history, and criminal history if any. Historic behavior is generally a good indicator of future behavior. Most landlords also want to know about the tenant's current employment, how long on the job, job title, and income.
All of these questions should be asked and answered before any money changes hands, and before the lease is signed. Open and honest communication between tenant and landlord is the key to a long and happy rental relationship. We encourage landlords and tenants to educate themselves about their mutual rights and responsibilities.
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