The roles of landlords and tenants: Part 1
The role of the landlord.
The role of a landlord can be very diverse and challenging. Landlords are small business owners and in the businesses renting out apartments and properties but they must also perform many other roles to maintain a successful business. Here are some of the roles that a landlord plays.
- The Realtor: The landlord has the responsibility of renting out their apartments and properties. This consists of filling vacancies by advertising and setting up appointments with prospective tenants.
- The Debt Collector: The landlord acts as a debt collector by collecting rents from their tenants each month and by enforcing late fees. If the tenant defaults on their rent, the landlord will start the eviction process.
- The Maintenance Person: The landlord may be required to perform basic maintenance. Repairs are inevitable and maintenance is the only way to keep properties in good condition. Landlords are responsible for any maintenance issues that may arise. By performing regular maintenance, the landlord is able to save money, time and effort in the end.
- The Salesperson: The landlord acts as a salesperson by persuading prospective tenants to rent their apartments and properties by explaining why their property is more desirable than others. They will use different marketing strategies to make the sale.
- The Supervisor: The landlord will take on the role of supervisor by supervising the units and tenants. They are ensuring that tenants are safe and the property adheres to health regulations and government building codes.
Remember: Landlords do much more than just collect rent. They play many roles and have various diverse responsibilities. In Part 2 of this series, we will cover the roles of a tenant.
Michigan State University Extension offers financial management and home ownership education classes. For more information about classes in your area, visit either the MSU Extension Events feed or MIMoneyHealth.org.
Other articles in this series: