Being part of an association, union, or a professional organization with like-minded individuals is incredibly important. Such associations provide a unique opportunity for its members to grow, learn, and network, and is a crucial tool for success in any industry or career. Like realtors and other real estate professionals, landlords, too, have associations and unions, if you’re a newbie, you might be wondering whether joining one would be worthwhile. Well, should you join a landlord association or not?
Landlord’s associations are educational
One of the most significant benefits of being part of a landlord’s association is that it provides you with access to lots of information. Most associations give their members lots of detailed information on landlord-tenant laws, handling rent collection and evictions, the federal requirements for fair housing, and marketing strategies that work for your real estate model.
They would generally break down this information in their newsletters, periodicals and magazines, blogs, websites, member’s only seminars, and meetings. Real estate is a bizarre and volatile industry. Although venturing out on your own and learning everything the hard way would make a great story for your memoir one day, you don’t have to make things too difficult for yourself. By joining a landlord’s association, you’ll gain access to a lot of educational material to make it a lot easier to navigate your career.
They are great for networking
Whenever like-minded and driven entrepreneurs come together in one room, it’s an excellent recipe for success. Joining an association allows you to meet, connect, and network with other successful investors and businesspeople. During casual meet-ups, you could talk with more experienced landlords and see what they think about the plans you have for the future. Make them a sounding board for your ideas- this way, you’ll be way more confident about the ideas they’re enthusiastic about but that you weren’t too sure of.
Learn from other’s failures and successes
Becoming part of a landlord’s association will allow you to meet and interact with other landlords and real estate investors who may have been in the industry longer than you have. Talking to these people will give you insight into the critical business decisions in their careers and how they worked (and didn’t work) for them. Listening to them may also open you up to new real estate ideas and opportunities you hadn’t considered, but that might be viable and profitable.
In the same way, interacting with other landlords and investors will allow you to gain perspective of the failures they have had in their careers. Understanding all the things that didn’t work for them will come in handy when it’s time for you to make similar decisions.
Increase your credibility
As real estate continues to be a booming business, and as more people keep getting into real estate, tenants are becoming rather selective with the landlords with whom they choose to do business. Many of them are seeking established and professional landlords whose legitimacy they can be sure of. Joining a landlord’s association comes as a mark of credibility and certification.
Fix issues as soon as they arise
One of the hallmarks of landlords associations is that they offer free professional advice to all their members. When you’re out on your own, crucial business decisions may keep you up all night as you try to find a solution. Sometimes, these delays in decision making may negatively impact your investments.
Being part of an association will give you access to professional advice offered by email, phone, or webinars. This access will make it possible to seek clarification on any legislation you’re not up to speed with. It will also allow you to make important business decisions with much more confidence and ease.
Find the right landlord association to join
Before joining any landlord’s association, it’s crucial to make sure they meet your needs and satisfy your expectations. It would be a good idea to speak with other landlords and see which associations they would recommend. You should also look at their customer support; will they be available when you need urgent clarification?
Landlords associations are incredibly educational and provide access to lots of informational and legal material. As with other financial commitments you make in the real estate industry, you’ll want to ensure that you get the most significant return on your investment into the organization.