5 Things One Should Know Before Becoming a Landlord

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The role of the property manager isn’t the only important thing in a property management business. The responsibilities of a landlord are also as important as that of a property manager since they get to personally deal with some of the complaints of the tenants.

So if you happen to be thinking of pursuing a career same as that of a landlord then there are few things that you might need to know first. The things that you need to know are as follows:

1. The job of a landlord is not scheduled

Your job as a landlord is much more of a spontaneous one, which means that your job isn’t the type wherein you work starting 9:00 A.M. and leave at 5:00 P.M. As a landlord in Singapore, there will be days where you will only get to work for an hour throughout the day, or work for not less than 15 hours the next day.

Aside from a spontaneous schedule, your duties can also change in a matter of seconds. Your obligation for the day might just be to collect the payment of your tenant but that can change if we say that your tenant would ask you to take a look at the leak that they’re experiencing in their place. Depending on how you’ll act on your tenant’s request, your 10-minute task can eventually turn into an hour of ordeal.

2. You have to play different roles

Delving into property management Singapore doesn’t mean that you’ll only play the role of a “landlord” only because the truth is landlords get to play different roles and carry out different tasks. If you want to become a successful landlord, then you should be able to become accustomed to each role that you will be playing. Else, you should look for property management services in Singapore to help you out. Some of the roles that landlords play include becoming a realtor, a salesperson, a negotiator, a debt collector, a repairman and a supervisor.

3. You need to follow legal rules

Being a landlord isn’t as easy as it seems since landlords need to abide to legal rules in Singapore like being conscientious about the things that they’re going to ask the potential tenants. Aside from that, you also need to abide to certain housing safety codes such as putting up smoke detectors in your property. Landlords also need to follow some health codes which include functional plumbing systems and being free from any insect or rodent infestation.

4. You get to learn new things as a landlord

The good part about becoming a landlord is that you get to learn based on experience and not just by simply reading some manual that tackles your responsibilities and such. Learning through experience is actually an important thing in the field of property management.

As a landlord, you’ll also learn how to properly choose the right kind of tenants that you would want to occupy your property and also develop methods which can efficiently deal with their future problems.

5. It’s a very rewarding job

Aside from the monetary reward that you’ll get from the job, you will also feel the reward of having a personal freedom since you, yourself is your own boss. As a landlord, you’ll also get to develop some personal relationship with your tenants and you’ll eventually feel good that you have provided them a home.

The job of a landlord isn’t just as simple as collecting rents and attending to the needs of the tenants but it’s also about ensuring that the people who occupy and will occupy the property will get to experience that “my estate” feeling while staying in the place and hopefully create good memories there.

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