Basics of Property Management Law Every Manager Needs to Know

property management law
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Being a landlord seems like a pretty straightforward job. While there are a lot of perks to being a property manager, there are some things that you need to know if you don’t want to lose your position.

It’s essential that you understand property management law and all that goes with it. Make legal mistakes and you could be out of a job. We’ve compiled a list of some of the basic things that all property managers need to know about property management law.

Follow the crash course below to get yourself prepared to be a great landlord.

Understanding Property Management Law

Each state has a different set of rules and obligations for property managers to follow. Research your state’s laws before you do anything else.

Find out if you need to have a license. Most states require that property managers have a license. Obtaining a property management license requires that you pass a course and examination.

The course will also involve a background check. States will vary on how they approach different criminal records, but felonies that could reflect a poor future relationship to tenants might disqualify you from passing. Beyond the class, most states require that you continue to take courses as they come up.

This is a measure that ensures your understanding of modern property management laws. Finally, becoming a licensed property manager implies that you owe a duty to your communities and tenants. You are under a sort of oath not to act dishonestly or do anything that will put your tenants at a disadvantage.

Association and Condo Laws

On top of the state laws, your homeowners’ associations and condominiums will have laws of their own. These organizations, should you join them, will require fees and financial statements.

The benefits of the associations typically outweigh the restrictions that they put on property managers.

The Importance of Property Management Law

You may think that the laws around property management aren’t applicable in all cases. Many landlords in college and low-income areas treat their properties like their own domains. While you may not get caught every time, the moral and legal consequences of disregarding the law are significant.

Take eviction notices, for example. Your tenant has not paid in three months and you need them to move out. While it may seem alright to send an eviction notice with an immediate move out time, this might actually put you in legal trouble.

It’s always recommended that you take a look at your state’s laws before making any contact of this kind. Any measure that changes your tenant’s comfortability and expectations about the home should be taken carefully. The laws are in place to keep tenants happy and safe, rights intact, in their own homes.

Want to Learn More?

Are you interested in becoming a property manager? Have questions about property management law? In either case, we’ve got you covered.

If you’re looking to get more information on property management or anything that goes with it, contact us for more information.

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