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Joining an association can help landlords and property managers make their endeavors successful. Whether you’re a veteran rental professional or a newbie, there are real advantages to entering a professional organization. Examples are meeting fellow professionals in the field, learning new knowledge, and adding to your experience.
Rental professional associations operate at the local or national level. So, if you’re a landlord or a property manager who wants to build your network, you can enroll yourself in an organization for that purpose. You need to attend meetings and events to make the most of your membership.
Here are the top reasons landlords and property managers should join a professional organization.
Building Your Network
The best advantage you can reap from joining a rental association is building your network. You can seek advice and ask questions from folks who have experience and expertise in the industry.
You’ll meet fellow landlords and project managers who can give you tips on how to handle tenants and other practices to make your rental business a success. For sure, there are lawyers in the organization that can help you understand landlord-tenant laws.
Access to Important Resources
Membership in a rental association gives you access to resources and services that can help your business. Most organizations have a network of vendors and professionals, such as contractors, maintenance crew, real estate professionals, software providers, and lawyers.
You can access important resources to use in your business, such as tax information, legal, tenant screening, credit reporting, and maintenance services.
Grow Your Business Knowledge
Another benefit of joining a rental association is that you get updated with fair housing requirements, landlord-tenant law, latest marketing practices, and local rental prices. You can get detailed knowledge about this stuff through the organization’s website, newsletters, events, seminars, and meetings.
Events and Conferences
The opportunity to attend annual events and conferences hosted by your rental association is also an advantage. In these events, you can connect with people in the rental industry and get some new ideas. There will be exhibition booths that showcase the various services and products related to your rental business.
National rental associations hold large conferences that accommodate thousands of attendees, while local organizations hold events for hundreds of people.
Advanced Training
There are rental associations - especially at the national level - that provide advanced training for property managers to grow their knowledge and build their credentials.
You can get property management certifications from organizations such as the National Association of Property Management, the Institute of Real Estate Management, and the National Apartment Association.
Local organizations also hold seminars to further your career and comply with requirements for accreditation.
Three Types of Rental Associations
Before you join a rental association, you should know the three types of such organizations operating at local and national levels.
Real Estate Investment Association
Real estate investment associations’ members include flippers, landlords, passive investors, and wholesalers. This type of organization has groups in cities and regions. and they may also have affiliations with state and national groups. Membership at the local level is often a requirement to affiliate yourself with state or national organizations.
Apartment Association
Membership of an apartment association is composed of landlords and proprietors of multi-family rental properties. Your property must reach a certain number of units for you to join this type of organization. But some apartment associations take in members who are owners of single-family rental units.
Vendors that commonly offer services to landlords of multi-family units can also join apartment associations. For example, contractors and maintenance companies can enter such organizations.
Rental Housing Association
Rental Housing Associations accept independent property managers and landlords as members. If you’re a landlord who owns one or a few rental units, this association is your best option. Rental housing associations provide forms and resources that you need for your rental business.
Membership Cost of Joining a Rental Association
Rental associations charge members based on how many units they’re managing. At the local level, the membership cost can range from $50 to $300 annually. If you’re interested in joining a particular organization, you should ask for the membership cost.
The membership fee for national associations also depends on the number of units you’re operating. But, typically, the cost can be higher than local associations.
Should You Join a Rental Association?
It’s not necessary that you enter a rental association. But, given the benefits you can get from joining one, it’s a matter you must seriously consider. Read more about rental associations online to know whether it’s for you.
Takeaway
Now you know the reasons you should join a rental association. Remember that joining one isn’t for everyone. Still, you must consider the real benefits you can get from joining a rental association, such as building your network, access to important resources, events, conferences, and advanced training.
