What is an Absentee Landlord
What Defines an Absentee Landlord
Absentee landlords have no sufficient capability to monitor their real estate properties in other places regularly. And as a result, the quality of their facilities becomes weaker and poor due to the absence of proper maintenance procedures in its preservation. The real estate properties of these individuals sometimes turn into abandoned houses and buildings because its physical appearance and quality are no longer qualified to the standards of the authorities and target tenants.
Involvement of a Third Party
Some of the absentee landlords make their real estate properties available for rentals to get their return of investments through the rental payments of their current tenants. Their management companies will collect the monthly rental payments of their tenants. And the collected payments will be sent to them right after the exact date of the collection of payments. Some management companies are very reliable in maintaining the good quality of the real estate properties of their clients. Landlords who have successfully hired responsible and reliable management companies won’t experience a lot of troubles and problems in the end.
Roles and Responsibilities
Responsible management companies will always check their properties while the tenants are living in it. The tenants who are no longer capable of paying the monthly rentals for the real estate properties of their clients will be dismissed properly through the use of legal proceedings. The responsibilities hidden on premises liability are still part of the responsibilities of absentee landlords while leaving in far places. Their management companies should be included in the list of registered companies in the local destination of their rented real estate properties. Proper maintenance of the houses or facilities for the welfare of the tenants is also part of their key responsibilities as absentee owners.
Issues of Negligence
Total negligence of the rules and policies for premises liability is punishable by the law. Landlords who will violate it will be punished by the authorities especially if one of their tenants got victimized by a serious accident in their weak and not well-maintains real estate properties in other places. Absentee landlords should have contacts with all of their tenants to accommodate the needs of these individuals when some defects are already present in their rented real estate properties. Aside from that, all of their responsibilities should not be entrusted to their management companies only. It is because the safety of their tenants still lies on their actions and willingness to monitor their properties.
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