What Are Landlord Responsibilities?

What are landlord responsibilities? Depending on the lease, most types of property maintenance are the responsibility of the landlord or property management. Other landlord responsibilities include fiscal and marketing management, rent collection and accounting.

There are basically the fiscal and the marketing sides of the properties. The management of the fiscal side depends on size and types of properties.

With larger property, you are going to need a staff that works at the property. Part of the fiscal management process is to hire, train and monitor the performance of those people who are working on site. Those people can be maintenance people, they can be management level people, they can be accounting people, depending on how large the property is.

There's also the physical side, which is the maintenance of the building and the grounds itself, seeing to it that the janitorial work is properly done, and the repairs are done. We always talk about repairs in different categories. We have "responsive maintenance," which means a tenant or a resident will call requesting that something be fixed. Then there is "routine maintenance," which is more janitorial, like lawn mowing, snowplowing and those kinds of things. Finally there is "longer term maintenance," which involves putting money away to be sure that there is money available when you need to replace things that wear out within 10 years or any of the major components of a building. That all falls into the physical components of running the property.

The management individuals, the people who have to make those particular tasks happen, take care of the physical repairs of the property and they make sure that all the safe services are being done. They also monitor the amenities of some residential properties, swimming pools, health clubs and others that need to be monitored. We also have some resort condominium properties where you have beaches to maintain. So property management also involves supervising those onsite people and making sure that they have the proper types of task lists of what they need to do.

It also requires monitoring to be sure those things are being done on an ongoing basis under the standard that you have created for the property.

Then the fiscal side depends both on the management company and on the property's particular characteristics in terms of size. One way or the other, rent has to be paid to someone, it has to be accounted for, bills have to be paid and they have to be accounted for. How money is spent has to be monitored and this goes into a budgeting process. A professional manager has to create a budget for a property and they are going to monitor their property on a regular basis to see if it is performing according to their budget. They then report it to the client on a monthly basis. This is generally what we call the performance report of the property.

Professional managers have a great deal of expertise with all these things. It's one place where owners find our expertise particularly valuable because it does show that you are running something according to plan.

The fourth component is the marketing side, which is management of your leasing activities and attracting people to the property.

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