Managing rental properties entails various responsibilities, including maintaining the property, managing tenants, and handling finances. Property managers must adhere to specific laws that vary by state, covering areas such as anti-discrimination, lease agreements, safety standards, financial management, tenant screenings, evictions, and property maintenance.
Key Areas:
- Anti-discrimination: Follow Fair Housing laws to prevent discrimination.
- Lease Agreements: Ensure they are legally binding and state-compliant.
- Safety and Maintenance: Maintain habitability standards.
- Financial Management: Handle deposits and rent properly.
- Evictions: Follow state-specific legal procedures.
Property managers can refer to resources provided by state real estate commissions for detailed state-specific regulations and guidelines. They are generally the same. But Pennsylvania has some that vary from other states.
Tenant Screenings:
- Conduct background and credit checks with signed consent.
- Must use the same criteria for each applicant.
- Follow the Fair Credit Reporting Act and Fair Housing Act to ensure non-discriminatory practices.
Financial Management:
- Establish rent collection procedures.
- Maintain organized financial records to avoid disputes and comply with laws, specifically concerning handling of security deposits.
Evictions:
- The legal process varies by state; Pennsylvania tends to be more tenant-friendly. It’s important to follow state rules for notices and procedures, or evictions can take a long time.
Property Maintenance:
- Landlords must ensure properties are safe and habitable.
- Tenants have rights to a habitable environment and can take legal action if standards are not met.
Guidance and Resources:
- Stay informed on regulations.
- Maintain detailed records.
- Adhere to federal and state laws for successful property management.