18. Is there a Legislative War Against Property Managers?
Jan 9, 2024
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Exploring the legislative challenges and changing landscape of the property management industry, including tenant protection rights, emerging landlord collusion claims, and the increasing number of laws property managers have to navigate. The podcast also highlights the importance of integrity, cooperation between landlords and tenants, and providing quality housing and retirement income. Additionally, it offers practical recommendations for property managers on how to respond to these challenges and improve their presentation skills to close deals.
Property managers must stay informed about evolving legislation and communicate updates to their owner clients.
Maintaining integrity, professionalism, and good management practices benefit both landlords and tenants in the property management industry.
Deep dives
Increasing legislative challenges for property managers
The podcast episode discusses the ongoing legislative challenges that property managers and real estate investors are facing. The speaker emphasizes that the legislative war against property managers will continue in the coming years, and highlights some random laws that have been passed in various states and municipalities that will affect property managers. Examples include laws that prohibit landlords from accessing credit reports of tenants on subsidized housing, the protection of subsidized income as a source of income, limits on application fees, and relocation fees for renters displaced by no-fault evictions. The episode also mentions the potential collusion claims against companies offering pricing systems to landlords, and the importance for property managers to stay informed about the changing laws and communicate these updates to their owner clients.
Maintaining integrity and professionalism in property management
The podcast episode emphasizes the importance of maintaining integrity and professionalism in the property management industry despite the increasing legislative challenges. The speaker acknowledges the need to protect tenants and respect their rights, while also highlighting the importance of representing the landlord and maintaining a balanced approach. They emphasize that property management should be performed with integrity and honesty, and that good management practices benefit both landlords and tenants. The episode also emphasizes the role of property managers in educating owner clients about the changing laws and providing them with updates to ensure compliance and success in the face of these difficulties.
Challenges of paying property owner mortgages
The podcast advises against property managers offering to pay property owner mortgages as part of their services. The speaker explains that there are potential problems associated with this practice, such as lost payments, delayed payments due to late rent payments from tenants, and the need for additional financial reserves. They emphasize that paying mortgages is between the owner and their bank, and recommend focusing on other aspects of property management that add value and ensure the success of the business.
Rehearsing and practicing to improve closing deals
The podcast suggests that property managers should dedicate time to rehearsing and practicing their conversations and presentations to improve their ability to close deals with new owner clients. The speaker emphasizes the importance of repetition and consistent practice to enhance confidence and fluency. They suggest rehearsing with family members, friends, or colleagues, or recording oneself to review and refine the presentation style. The episode highlights the importance of being well-prepared and comfortable in sales conversations in order to convey expertise and professionalism in closing deals with potential owner clients.
Are you a property manager or real estate investor, feeling the heat from mounting tenant protection rights and laws? Marc is here to explain what's really happening and how it has changed the landscape of the industry. Marc will navigate you through the evolving legislation, tenant protection rights, and the emerging concept of "landlord collusion." Tune-in to his thoughtful analysis on the current legal battles faced by property managers and find out how they can survive this war with his helpful recommendations.