A landlord hires a property manager to ensure that the day-to-day responsibilities related to their rental property are always taken care of. This could be anything to taking care of work-related orders, scheduling frequent maintenance, collecting rent, screening different tenants, or even communicating with guests.
However, another key responsibility of a property manager or a landlord is to ensure that the property follows all the necessary guidelines, rules, and laws associated with land ownership. According to Lakeside Park, If you’ve hired a property manager, it is their job to ensure you’re always in compliance with the law.
Here’s how a property manager can help you.
Preparing a Rental Lease Contract
The lease is a binding document that enlists the responsibilities of the tenant and landlord. It lists out the expectations of both parties, and it should include the following information:
The pet policy of the property
The names of all the tenants
The accessibility details of the property
The limits of occupancy
The rent deposits and other fees
The expectations of maintenance
The length of a party’s rental term
A property manager will be responsible for preparing the contract that binds the two parties to a singular agreement and enlist their commitments. If there are any misunderstandings or confusions between the tenant or the landlord, both parties can use the lease to clear up disagreements.
Complying with the Fair Housing Laws
A property manager is also required to stay on top of the fair housing laws and avoid all practices that can be discriminatory. Be it the way the house is advertised or the questions involved in the screening process; a property manager has to stay conscious about not breaking any laws when they’re managing tenants. If there is a violation, it could lead to an expensive lawsuit for the property owner.
A landlord can ensure that they’re following all of these laws and that no discriminatory practices prevail with a property manager. It’s also important to consider that most landlords may not have a background in real estate management. Drowning themselves in paperwork, regulations, and checklists for their investment property may not exactly be something they like doing.
With a property manager’s help, they can take the stress out of the process. That is also why several investors hire property management companies that have experience dealing with legal issues. These managers are proactive about keeping the property up to standard. Most landlords are interested in reaping the benefits of real estate investments but don’t have the desire or the time to ensure their property checks off all the boxes of compliance.
Different Types of Property Managers
The kind of compliance laws you need to comply with also depends on the kind of property you’re investing in. For each property, you’re going to require a different property manager. A commercial property manager specializes in real estate bought for business-related purposes. These property managers are well-versed in administrative-type buildings or industrial buildings.
A multi-property manager is accustomed to managing a facility like an apartment complex. These property managers have great customer handling skills and can easily de-escalate situations. They are also able to perform the standard duties of a property manager.
A single-home property manager can work for a real estate investor who prefers holding their investments and then renting them out for passive income. This type of investor generally purchases homes in areas with a high residential turnover. This could be a military community, with a tendency to avoid purchasing homes and opting for the rental option.
There are several ways a property manager can help comply with the law. You may not be aware of several factors while managing your property. The intricacies included can land you in hot waters reasonably easily. To avoid an expensive lawsuit, consider hiring a property manager for hassle-free property management.