Once a person decides to invest in a property and convert it into a rental, he must realize the significance of his decision. Being a landlord takes a lot of patience. People who wish to enter the rental business should know what the job entails. It is more than buying real estate, finding tenants, and receiving money.
Landlords are responsible for providing safe and comfortable homes for the tenants. The job also includes liabilities and is one of the crucial parts of being a property manager. Accidents, losses, and damages may happen inside the property, and landlords can be held responsible for some of them. They should know the different liabilities before venturing into property rentals. And I will discuss four of them.
I know leasing agents may not always get involved with liability issues, but we cannot predict what will happen. One of your clients may get injured inside their rental, and they don’t know who should take responsibility for the incident.
Liabilities associated with tenants, guests, and third parties
As I’ve mentioned, landlords must provide a safe place for their tenants. To achieve this, they should give importance to maintenance and upkeep. Or else suffer the consequences because a tenant or guest got injured due to property neglect. I will cite some examples for you.
Picture this. The tenant reported that they noticed a few cracks on the ceiling. However, the landlord failed to check and have it repaired. An unfortunate thing happens, it falls and injures someone. I will give you another one. The walkway outside the rental is uneven, and the property manager did not have it repaired. Eventually, someone will trip and fall over because of it.
If you noticed, they were accidents caused by the landlord’s negligence. Maintenance and immediate responses should become a priority.
Liabilities associated with maintenance people
As long as the injury occurred inside the property, disregarding whether they are tenants or not, landlords can get involved. For example, the affected person is a maintenance worker doing repairs. Although, it depends on what caused the accident in the first place.
The landlord is liable for it if they supply faulty tools and pieces of equipment. They may also hire an untrained non-professional to do the job, causing more harm than good. They may see it as a cheaper option without thinking about the repercussions. Some landlords who interfere with the maintenance work can also cause injuries.
Liabilities associated with the wrongful sale of distress
These incidents usually occur to commercial landlords. In some cases, landlords have to evict their tenants because of non-payment of rent. Sometimes renters would leave a few of their possessions behind, and the landlord would have to deal with those.
The law provides a specific number of days for the tenants to get their belongings. It also depends on which state the rental exists. The landlord may have the items appraised and sold once the tenant fails to retrieve them. The profit gained from the sale will cover the tenants’ unpaid rent. Landlords should follow the to avoid being liable for the renters’ assets.
Liabilities associated with damages and loss of the tenant’s properties
Tenants cannot blame the landlord for every unfortunate event inside the rental. Sometimes they are at fault, and sometimes not. It depends on the primary cause of the problem. However, damages or loss of tenant property are subject to investigation.
For instance, a fire broke out and damaged the house. Once the cause is faulty wiring done by an unqualified electrician, the landlord is accountable. Another example is when a break-in transpires because the property owner did not change the broken locks. Again, they should provide security measures.
Not everyone can become a landlord. Good landlords take protective actions to ensure their tenants’ safety. I know accidents arise unexpectedly, but we can prevent them.
As a leasing agent, you should also offer a safe home for your clients. Because once you post your property listings online, potential tenants will rely on your word about the rental. Once you’re confident that you have a top-quality property in your hands, you can go on Padleads to advertise it. You can even syndicate your listings to more and more places.