Sat. Sep 24th, 2022

Real Estate Clubs and Associations

One of the things I recommend to everybody as part of this process is to make sure that you’re getting a lot of education through real estate clubs and associations. I’ll list a couple here for you to probably consider:

mrlandlord-com

That’s one you should definitely join. It’s a free website. There are a lot of products on there that you can pay for, but the basic website is free. They’ve got weekly or monthly newsletters, and some great ideas in terms of ways to get additional information.

You can go to several websites and look up local real estate investing associations. It’s a way to find out what local real estate associations are in your local area.

IREM is a professional organization for property managers. They have great resources over there. A lot of stuff is free. If you want to go maybe a little step above, IREM is the place to do it. If you want to get a designation, they have several designations that you can get. Just consider that.

Landlord Tenant Regulations

One thing I’d recommend is to go Google and look up your local state regulations. Download your state’s landlord tenant regulations. If you don’t want to go to that site, just go to Google. Type in Georgia or whatever state you’re in, Chicago or Illinois. Type in Illinois. Type in landlord tenant regulations and print those out.

Make sure you read them. Absolutely read them so you’ll understand your rules and regulations within your state, probably in a notebook or something at some point, because one of the key factors of successful property management is simply going to be knowing the rules better than the tenant.

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I guarantee you, your tenants know how to game the system. They will tell you what they can do or what they think they can do. If you’re smart and you’ve read your rules and regulations, you know what they are. You need to know what the rules are so they can’t play games with you and intimidate you and try to convince you that you can’t do this or you can’t do that or they’re going to take you to court and you need to be scared.

If you’ve read up the rules and you know what the rules are, obviously hopefully you’re in compliance with the rules, but you know the rules and regulations better than they will. That is one of the very first signs of a professional manager is you know the rules and regulations better than them.

My tenants all the time are trying to play games with me. I’m like, “Fine, I know the rules.” I know what I can or can’t do, and if I need to I’ll go to court and I’ll deal with it there, but I don’t get tenants telling me kind of what to do and not to do based on what they think the rules are or what their neighbors said or their friends said or their mother said. “My mother said you can’t do that.” We get a lot of that kind of stuff, so that’s your homework.

Develop a list of contacts and other professionals. Again, this is a networking business. This is a people business. Meet up with accountants, lawyers, title people, maintenance contractors, local zoning people, code enforcement people, and get to know these folks.

If you are a real estate investor or property owner and want to learn more about how we can help you buy investment properties and our property management program please go to our website.

Mike Lautensack is the owner of Del Val Realty & Property Management (“Del Val”). Del Val is a FULL SERVICE Residential Property Management company with over 15 years’ experience and manage over 2,500 single family homes, HOA units and multifamily properties in and around Philadelphia, PA. We advise property owners how to build wealth and financial security through hassle-free ownership of rental real estate with our NO “Hassle” FULL Service Management Program. This proven management system allows owners to enjoy the financial benefits of cash flow, tax savings, and wealth creation. All this while it GUARANTEES you will never have to deal with maintenance or tenant issues.

By rahul