Joining a local landlord association or investment group gives you access to knowledge and tips that may take years to figure out otherwise.
Several types of landlord associations exist and all offer benefits to help landlords excel, such as networking opportunities and information on the latest issues affecting the field.
Three main types of associations
Rental housing association (RHA)
RHAs are geared to independent landlords or property managers. This is one of the best options for landlords managing just one or a few units. RHAs often administer resources and forms landlords need, along with providing valuable industry knowledge.
Apartment association
An apartment association is for landlords and owners of multi-family units. Each association sets its own rules as far as how many units you must have to join. In some cases, even owning a single rental home is enough to qualify, although the focus is for those with multi-family units. Many groups also offer associate memberships to vendors of interest to landlords, such as plumbing, flooring, and window companies.
A real estate investment association (REIA)
REIAs are for any type of real estate investor: landlords, wholesalers, flippers, or passive investors. Each type of association has citywide or regional groups, as well as affiliated state and national organizations. Joining a localized group is often a prerequisite for joining the larger statewide or national affiliate.
Reaping the benefits
The main reason to join a landlord association is to reap the many membership benefits. Here are six benefits of joining an association.
1. You learn from others
No matter which type of landlord association you join, other members collectively hold a vast amount of knowledge that can help you. Even if you've been a landlord for years, new challenges may arise at any time. Chances are, another member has been through a similar situation and can offer tips from their own experience.
2. You find out about localized legal information
Whether you need help crafting lease agreements or getting up to speed on changing laws, joining an association may well be worthwhile. (If you're looking for assistance generating a lease that complies with state laws and local ordinances, creating a lease with Apartments.com makes it easy. Your lease agreement will be fully customizable to suit your property and your standards.) Regional and state associations are excellent sources of information regarding laws and regulations affecting property management. Many associations send email newsletters or magazines covering the latest law changes, proposals, and court cases that could impact your business. Updates are often shared via member-accessible websites and through the organization's online and print publications. Information could prove extremely useful and localized, such as explaining the latest landlord responsibilities for dealing with bed bugs.
3. There are networking opportunities
Much like a local chamber of commerce, participating in landlord association events provides numerous networking opportunities. Some associations host luncheon/discussion sessions, and others offer networking time after seminars or during trade-show events. It's the perfect way to get to know other landlords, as well as vendors that may benefit your business.
4. Seminars and educational sessions are available
Many landlord associations hold seminars and educational workshops designed to help property managers. Topics may cover everything from making smart property investments to maintaining good landlord-tenant relationships. Joining some associations automatically gives you access to larger state and national groups, which means even more educational and networking opportunities.
5. You can connect with local suppliers
Many landlord associations open membership to companies providing services or goods of interest to landlords, building managers, and owners. Some of these vendors offer discounts to association members as well. And some associations harness group buying power for insurance discounts, for instance.
6. You gain access to legal advocacy
While landlord association attorneys generally do not offer free legal advice, some act as advocates dealing with rental housing and landlord-tenant laws. The level of advocacy varies from one association to the next. At very least, the advocates pay close attention to regional and national court decisions that might impact association members. In some cases, the legal arm of the association files briefs or provides some level of assistance when it comes to legal actions that could affect association members.
The bottom line
All in all, the benefits of joining a landlord association are numerous. If you're still on the fence about it, check out your local association's website and read through everything the group offers. Be sure to check its monthly calendar as well to get an idea of the types of events it hosts. If you still aren't sure, contact the organization and speak with someone.
