7 Things Every New Property Manager Should Know
Did you know that the average sale price of a home in the United States was approximately $500,000 during the first quarter of 2022? This doesn’t have to be a negative thing, though. Many people have found rising home prices to be great investment opportunities. Looking to get into property management? If so, here are seven important things you should know before getting started as a property manager.
1. Understand Local Landlord-Tenant Laws
It’s essential for property managers to understand the laws in their state or municipality regarding tenant rights and responsibilities, fair housing regulations, security deposits, rent increases, and evictions.
Thoroughly understanding these laws can save you time, money, and legal headaches down the road. So, don’t overlook this.
2. Get to Know the Fair Housing Act
The Fair Housing Act prohibits discrimination against tenants based on race, color, national origin, religion, sex, familial status (including children under 18), and disability.
It’s critical for those who own a rental property to understand and abide by the regulations set forth in this important federal law. Failure to do so comes with a large number of consequences, such as legal complications.
3. Be Familiar With Tenant Screening Protocols
Property managers need to be aware of how to properly screen tenants, including running background checks, checking references, and verifying employment status.
The screening process should adhere to local laws regarding applicable fees, criteria, and guidelines. This will allow you to avoid renting to dangerous individuals. The same can be said about renting to those who are not likely to pay rent on time.
4. Know How to Handle Maintenance Requests
Property managers need to be able to respond promptly and effectively to tenant maintenance requests. They should also have a plan in place for handling emergency repairs after hours.
If you are negligent when it comes to this responsibility, your tenants may even take legal action.
5. Stay Organized With the Right Software
From tracking tenant payments to scheduling regular inspections and generating reports, property managers need to stay organized in order to ensure the smooth running of their business.
Utilizing the right software can help make this process much easier and more efficient. This efficiency can go a long way toward minimizing stress.
6. Work With a Professional
It’s always a good idea to work with a professional who has experience and expertise in property management.
A knowledgeable advisor can help you understand the legal nuances of being a landlord, as well as provide valuable guidance on setting up your business for success.
It’s also worth noting you should always work with a professional when looking to find the home right for you.
7. Have a Contingency Plan
No matter how well you plan, unexpected problems and issues can arise. Have a contingency plan in place to help manage potential risks, such as tenant default or damage to the property.
It’s also important to have an emergency fund set aside for any unexpected expenses. Otherwise, you may find yourself unable to handle problems that arise.
Becoming a Property Manager Doesn’t Have to Be Overwhelming
Initially, deciding to become a property manager may seem daunting. The good news is that the guide above has everything you need to know to make the process simple.
Looking for more information about what we can do? Reach out to us today to see how we can help.
