Career Development

What Does a Landlord Do?

Find out what a landlord does, how to get this job, and what it takes to succeed as a landlord.

Landlords are responsible for the day-to-day management of their properties. They have a wide range of responsibilities, including ensuring that their tenants are happy and satisfied with their living conditions, handling maintenance issues as they arise, collecting rent payments on time, etc.

Landlords may also be responsible for marketing their properties to potential tenants. This might include advertising the property online or in print, showing it to prospective tenants, negotiating lease terms, etc.

Landlord Job Duties

A landlord typically has a wide range of responsibilities, which can include:

  • Providing maintenance services such as repairing appliances, replacing light bulbs, or shampooing carpets
  • Collecting rent from tenants on time, including utilities if they are billed separately
  • Keeping an accurate record of all incoming and outgoing payments for rent, security deposits, and other fees related to the property
  • Collecting and submitting paperwork to state agencies regarding rental applications, evictions, and occupancy permits
  • Inspecting the property regularly to identify any maintenance issues that need to be addressed
  • Providing 24-hour notice before entering rental units unless there is an emergency situation that requires immediate attention
  • Responding to tenant requests in a timely manner to ensure they are happy with the condition of their unit
  • Improving the property’s appearance through regular cleaning and landscaping services
  • Screening applications to ensure applicants meet minimum standards such as income requirements and employment history

Landlord Salary & Outlook

Landlords can earn income in a variety of ways, including charging rent and fees for services. Some landlords may also receive compensation through the rental property’s appreciation over time.

  • Median Annual Salary: $66,500 ($31.97/hour)
  • Top 10% Annual Salary: $122,000 ($58.65/hour)

The employment of landlords is expected to grow at an average rate over the next decade.

Renters are expected to continue moving into cities, which will require new housing to be built. However, the supply of housing may not keep up with demand, leading to higher rents and more expensive housing.

In addition, the aging of baby boomers may lead to an increase in the number of households renting single rooms or spaces within a home or apartment.

Landlord Job Requirements

To become a landlord, you may need to satisfy the following:

Education: Landlords are typically required to have a high school diploma or GED certificate. However, many landlords choose to pursue a college degree to increase their knowledge and skills. Some landlords choose to earn a bachelor’s degree in real estate or business. Others choose to earn a degree in property management.

Training & Experience: Landlords typically receive training through their own experiences as renters or homeowners. They may also receive on-the-job training from their property managers. Landlords who work for property management companies may learn the basics of property management, including how to screen and select tenants, how to collect rent and how to maintain the property.

Certifications & Licenses: Some states require landlords to get licensed or certified before managing a property. The requirements vary by location, so you should review the laws in your area.

Landlord Skills

Landlords need the following skills in order to be successful:

Communication: Landlords communicate with their tenants to ensure they understand their responsibilities and the consequences of not fulfilling them. Landlords also communicate with their property managers to ensure their tenants’ needs are met. Communication is also important when communicating with other parties, such as contractors, to ensure the property is maintained.

Organization: Landlords often have multiple properties and tenants to manage, so organization is a valuable skill for them. Having a system for keeping track of their properties and the status of each one can help landlords be more efficient and effective in their work. Organization can also help landlords be more prepared for inspections and other important meetings.

Maintenance: Landlords are responsible for the maintenance of their properties, including the upkeep of the building’s structure, electrical systems and plumbing. Landlords who are skilled in maintenance can ensure their properties are safe and in good condition. This can help them save money on repairs and improve the quality of life for their tenants.

Problem-solving: Landlords are problem-solvers who can find solutions to challenges that arise. For example, if a tenant has a plumbing issue, a landlord might be able to help them find a plumber and negotiate a reasonable price. Landlords can also use their problem-solving skills to find solutions to disputes between tenants and find ways to keep their properties safe.

Budgeting: Landlords are responsible for paying for a variety of expenses, including property taxes, maintenance and utilities. It’s important for landlords to have a good understanding of their monthly income and expenses so they can plan accordingly. Landlords who are good with budgeting can save money and help their tenants stay on track with their rent.

Landlord Work Environment

Landlords typically work long hours, including evenings and weekends, to show properties to prospective tenants and to handle maintenance and repair issues. They also spend time on the phone and in meetings with current and potential tenants, real estate agents, and other landlords. Some landlords live on the property they manage, which allows them to respond quickly to maintenance issues and to get to know the tenants. Other landlords live elsewhere and hire a property manager to oversee the day-to-day operations of their rental properties. Landlords who own multiple properties may spend considerable time traveling to different locations to check on their properties and meet with tenants, real estate agents, and other landlords.

Landlord Trends

Here are three trends influencing how landlords work. Landlords will need to stay up-to-date on these developments to keep their skills relevant and maintain a competitive advantage in the workplace.

More Tenants Will Be Looking for Long-Term Leases

As the economy continues to improve, more tenants will be looking for long-term leases. This is because they are tired of moving and want to settle down in a place that feels like home.

Landlords who are able to offer long-term leases will be at an advantage, as they will be able to attract more tenants and keep them happy for a longer period of time. In order to do this, landlords will need to make sure that their properties are well-maintained and have all the amenities that tenants are looking for.

More Landlords Will Use Technology to Manage Their Properties

As technology advances, more landlords will use it to manage their properties. This includes using software to track tenant payments, manage maintenance requests, and screen potential tenants.

By adopting these technologies, landlords can save time and money while also improving the customer experience. Additionally, landlords who use technology to manage their properties will be more competitive in the market.

Tenants Are More Likely to Negotiate Prices

Tenants are becoming more likely to negotiate prices with landlords. This is due to the fact that there is now more competition for rental units, which means that tenants can be more selective about the properties they choose to rent.

As a landlord, you can take advantage of this trend by being prepared to negotiate with tenants. This may mean lowering your asking price or offering additional incentives, such as a free month’s rent or a discount on security deposits.

How to Become a Landlord

A landlord career can be a great way to make money. As a landlord, you’ll have the opportunity to earn income from rent payments and also from the appreciation of your property value. However, it’s important to note that being a landlord is not without its challenges. You’ll need to be able to handle tenant complaints and deal with repairs when they arise. Additionally, you’ll need to stay up-to-date on local laws and regulations related to renting out your property.

If you’re interested in becoming a landlord, there are a few things you should consider. First, think about how much time you’re willing to dedicate to managing your rental property. It’s important to be available when tenants need help or have questions. Second, consider how much money you’re willing to invest in your property. Landlords often spend money on renovations and improvements to increase the value of their properties. Finally, think about what type of neighborhood would be best for your rental property. Some landlords choose to specialize in certain types of properties, such as apartments or single-family homes.

Related: How to Write a Landlord Resume

Advancement Prospects

Landlords may advance to positions of greater responsibility, such as property manager or regional manager, in which they oversee the operation of several properties. Some landlords become real estate brokers and sell properties for a commission. Others open their own real estate firms.

Some experienced landlords become consultants, helping other landlords and investors select, finance, and manage properties. Some teach real estate courses at community colleges or universities, or write books or articles on real estate investing.

Landlord Job Description Example

At [CompanyX], we’re looking for an experienced landlord to manage our growing portfolio of rental properties. The ideal candidate will have experience in all aspects of property management, from marketing and leasing to maintenance and repairs. They will be responsible for ensuring that our properties are well-maintained and that our tenants are satisfied. They will also be responsible for collecting rent and enforcing the terms of our leases. We’re looking for a landlord who is organized, efficient, and has a strong attention to detail.

Duties & Responsibilities

  • Find and screen potential tenants, including conducting background and credit checks
  • Negotiate leases with new tenants and renewals with existing tenants
  • Collect rent from tenants and handle any late payments or eviction notices
  • Respond to tenant complaints in a timely and professional manner
  • Perform regular maintenance and repairs on the property, or hire a property management company to do so
  • Pay any bills associated with the property, such as utilities, insurance, and taxes
  • Keep accurate financial records of all income and expenses associated with the property
  • Comply with all local, state, and federal laws and regulations pertaining to landlords and rental properties
  • Attend landlord-tenant court hearings, if necessary
  • Hire and manage employees, if applicable
  • Advertise vacant units and show them to prospective tenants
  • Prepare and sign lease agreements

Required Skills and Qualifications

  • Proven experience as a landlord or property manager
  • Excellent people skills and strong negotiation ability
  • Good understanding of local landlord-tenant law
  • Working knowledge of MS Office, Excel, and Property Management software
  • Outstanding organizational and time management skills
  • Ability to stay calm under pressure and handle difficult situations

Preferred Skills and Qualifications

  • Bachelor’s degree in business administration, real estate, or related field
  • Additional certification in property management (e.g. Certified Residential Manager from NARPM)
  • Experience with bookkeeping and accounting
  • Marketing experience to effectively promote rental units

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