Being a landlord comes with a lot of work. If you’ve never had experience in property management or real estate, you may feel like you’ve been thrown to the wolves. Thankfully, there are a plethora of landlord resources available that provide advice for new landlords.
While there are many beneficial services and useful property management software solutions available, one of the best resources for landlords is other landlords! If you’ve just started in the industry or you’ve been involved for years, this guide will help you expand your network, gain insight into new tricks and tips, and more.
How to Learn from Other Landlords
You might be wondering where to start. There are a plethora of ways to learn and get advice for new landlords. There’s no denying that being a landlord is a person-centric job. Here are just a handful of the available landlord resources you may benefit from:
It is essential to be a member of an association, union, or professional group with like-minded people. Such organizations provide members a unique chance to develop, learn, and connect, and they are an indispensable tool for success in any field or job.
One of the main advantages of belonging to a landlord’s association is having access to a wealth of knowledge. Most associations provide their members with a trove of knowledge on landlord-tenant regulations, rent collection and evictions, federal fair housing obligations, and marketing methods tailored to your specific real estate model.
Local Networking Groups
Attending a local landlord organization or investment club offers you access to information and landlord resources that would otherwise take years to learn.
There are many categories of landlord associations, all of which provide benefits to assist landlords to succeed, including networking opportunities and up-to-date data on industry challenges.
Some of the most common local networking groups for landlords are:
- Rental housing associations (RHAs)
- Real estate investment associations (REIAs)
- Apartment associations
Some of the main benefits include learning from others, having easy access to local legal information, available seminars, and connecting with local suppliers. Local groups are a great pick for landlord resources that can keep you updated on what matters most in your area.
Facebook Landlord Groups
Facebook groups are a great place to learn and network with other property managers when it comes to advice for new landlords. In most cases, groups will encourage real estate investing and property management suggestions, questions, comments, and conversations.
There are so many Facebook groups available that it’s in your best interest to join a variety of groups. This approach will give you several different points of view and an unlimited source of knowledge.
As a landlord, you likely have questions about certain situations. You are welcome to ask thousands of people in just a few clicks when you’re a part of a Facebook landlord group!
PayRent hosts a landlord group you can find here: https://www.facebook.com/groups/642926223780661
Lady Landlords is another fantastic resource for female landlords: https://www.facebook.com/groups/396178827970783
These groups and associations can give you access to the most valuable landlord resource: personalized answers for your specific question. Along with that comes the many benefits of networking within your industry, you may even find unlisted investment opportunities before they’re available to the general public.
Advice for New Landlords
While all of these landlord resources are great, there is always more to learn. Here is some quick and simple advice for new landlords:
Manage the Property Like a Business
The renter must understand that they should respect the person in charge of the property. Follow through on the lease’s requirements, such as collecting rental arrears, checking in on the property to verify it’s being kept, getting items fixed quickly following a request and more.
Have a Trusted Screening Process
Tenants who won’t qualify due to eviction history, poor income, or other criteria like owning a pet will be weeded out by a well-thought-out screening procedure with specified parameters.
Know the Laws
You are expected and compelled to follow fair housing laws as a landlord. To avoid a lawsuit, it’s critical that you grasp your state’s tenant-landlord regulations and obey them. The fair housing laws can include additional groups, depending on your specific state.