Safeguarding Yourself as an Apartment Block Owner
Thanks to a select number of landlords that abuse their role as an apartment owner in order to take advantage of tenants, building management is suddenly becoming a far less appealing career to many. However, there are measures that one can take in order to minimise the risks of things going wrong.
Know your responsibilities
First of all, it is essential that you establish and understand your role and responsibilities as an apartment block owner. Doing so is a preventative measure, as it outlines what the tenant expects you to do and will mean you don’t run the risk of neglecting a responsibility simply by not knowing about it. Of course, the full list of your job role boils down to the unique agreement between yourself and your tenant(s), but general presuppositions include the following:
– To correct and remove any dangerous aspects within the building within a timeframe that is assumed reasonable – this way, you cannot be sued for negligence.
– To ensure that your property abides by all building laws and legislations both before, during and after the occupation by your tenants. This is especially essential as an apartment block owner because you’re likely housing a great number of tenants at one time.
– Although not legally required, it is important to remain communicative with your tenants, and they with you. This will ensure no small issues pass you by, and that your relationship is friendly and honest. Should a problem arise, a good relationship will make solving the issue faster and easier for both parties.
But also know your boundaries
As well as knowing what you legally have to do as a landlord, it’s important that you acknowledge what aspects you aren’t expected to cover. This is crucial because, just as you get rotten landlords, you can also get tenants that attempt to take advantage of the person in charge of their building management. Knowing what you are and are not responsible for removes this possibility to begin with.
A landlord is only responsible for what occurs in the common areas of the property – so any injury or damage that occurs within the unit is not the responsibility or fault of the apartment block owner. The only exception to this is if an injury occurs thanks to a faulty repair, in which case you are liable for it.
Take out liability insurance
A comprehensive investment to ensure that you’re protected against lawsuits is to take out liability insurance. The majority of the time, such insurances boast policies that protect against fire damage, flood damage, burglaries and even earthquakes. Crucially, most can also be extended to cover your tenants in case of damages due to defects within the property. Liability insurance will also cover legal assistance for both block owners and tenants, so is well worth looking into.
Invest in MYBOS
One of the easiest ways for an apartment block owner to keep track of all of their tenants, their issues, and successes, is to invest in a trustworthy system that centres around building communication. MYBOS is the leading example of such a system. From tracking building inspections and preventative maintenance to managing a key register and parcel deliveries for each individual tenant, MYBOS is a smart and reliable system that enables landlords and apartment block owners to manage their property in an optimised and simple manner.