What is a Private Landlord?

Are you thinking of offering your property to renters? Then you may be taking a step towards becoming a private landlord. Any individual who works outside of a management company to offer a rental unit is a private landlord. And while managed complexes can offer various luxuries and amenities, there’s not much that beats the flexible partnership a private landlord can develop with his or her renter.

Among the factors that make renting from a private landlord attractive are the following:

Private landlords can often attend to renters’ needs with a more personal touch
There may be flexibility in choosing a date for rent to be paid

Renters can put a face to the name of the person attending to the property

Working one-on-one with your residents lends well to building trust between both parties. For instance, allowing a renter to pay the rent on a payday, as opposed to the first of the month, can be extraordinarily helpful to that person. And immediately calling a repairman when a problem arises helps maintain the property and keep the renter satisfied.

And much like an apartment complex, it’s in your best interests as a private landlord to write out a detailed lease. Make sure you establish details with your renters such as:

Rent/utilities rates and deadlines
Deposits and whether or not they’re refundable

Whether or not pets are allowed on premises
The circumstances under which the landlord is allowed to enter the property without consent
Security on the property
Any available amenities and prices if they cost extra

With a thorough understanding of expectations upfront, there’s a much greater chance for a successful partnership between you and your renters. And remember, landlord insurance is crucial for protecting your property.

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