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If making money with an income property is one of your goals, there are many advantages to joining a landlord association (or similarly, real estate investing clubs – see our directory for associations near you). You may currently be managing your first property yourself or have hired a property manager to oversee your growing rental empire. Either way, it’s to your advantage to continue learning how to make your rentals as successful as possible. One of the best sources of information is other landlords and real estate investors.
Here are our top 10 reasons to join a landlord association.
1. Learn from Other People’s Success
Joining a landlord association gives you the opportunity to meet other landlords. Some associations have regular meeting, where you can learn about other people’s successful rental investments. Guest speakers may share what works for them, giving you the chance to learn from their experience. You may also be introduced to other types of investments you had not yet considered, such as commercial rentals or multiplex buildings.
2. Learn from Other People’s Mistakes
As said by Eleanor Roosevelt: “Learn from the mistakes of others. You can’t live long enough to make them all yourself.” By taking the time to listen to what didn’t work for another landlord, you could avoid making similar mistakes – and losing money in the process.
3. Access to Services
While many services are available online, such as landlord forums, credit/criminal background checks and rental forms, some services can only be performed in the flesh, such as rent court representatives and eviction specialists.
4. Member-Only Discounts
Along with the services they offer, most associations offer member-only discounts from third party businesses. Landlords may enjoy lower prices on a variety of goods and services, such as eviction, clean-out or legal services.
5. Networking & Connections
Attending a landlord association meeting is a great opportunity to network. There is often a casual meet-and-greet time built into the meeting’s agenda, an opportunity to chat with like-minded investors. You can approach more experienced landlords to get feedback on your plans or ask for advice. Nor are there only landlords; property managers, real estate agents, home inspectors, even contractors may become members. It’s a great way for them to network and promote themselves, but it also gives you, as a landlord, the chance to learn more about them. You can then better decide who you would like to have as part of your team of experts.
6. Education
Landlord associations are a great educational resource. Many bring in guest speakers who will talk about a wide variety of topics that concern landlording, managing properties and tenant issues. Associations also keep their members updated on policy changes that affect province- or state landlord-tenant laws. Some publish a monthly or quarterly newsletter filled with tips and useful information. Others also publish books and resources only available to members.
7. Low Cost
Membership costs for most landlord associations are quite affordable. Fees vary from one area to another, but most are well under $100 per year. Membership fees are also tax deductible.
8. Promote and Protect Landlords
Most likely the most important reason to join a landlord association is for their promotion and protection of landlords. These associations do have a voice with various local and regional governments. They work to improve landlord-tenant laws and policies. They speak up for landlords by bringing attention to inequalities and working on policy changes that protect landlords.
Final Thoughts
Joining your local landlord association can be both helpful and enjoyable. By taking the time to meet other like-minded landlords, you can learn how to improve your business practices. By participating in the association’s social events, you have the chance to meet new people, possibly making new business or personal connections.
Consider get involved and having your voice heard. Gain a competitive or professional edge over your competition. The deeper you immerse yourself in the local real estate investing world, the more opportunities you will learn about, and the more successful you can become as a landlord.
