Know Your Risk
Hope for the best, prepare for the worst, right? Most Dallas property managers do a great job hoping things will turn out alright, but some struggle to know how to prepare for the worst. If landlords aren’t prepared, there are many legal pitfalls that can accompany Dallas property management.
Protect You and Your Rental Property
A single legal issue can potentially wipe out an entire year’s worth of profit from a rental property. Here are common problems and solutions associated with federal and local laws and regulations:
Law: Americans with Disabilities Act prohibits discriminating against potential tenants who have disabilities or service animals.
Solution: Be accommodating. Allow tenants to install adequate access features, and ask them to restore the property to its original condition after moving out. Never restrict or charge for service animals.
Law: Federal and state Fair Housing Acts prohibits discriminating against potential tenants based on race, color, sex, national origin, religion, handicap, or familial status.
Solution: Be fair. Common decency requires Dallas property managers to be respectful and impartial to all potential tenants.
Law: Federal and state Habitability Laws require rental properties to provide safe and comfortable living space for tenants.
Solution: Be safe. Avoid landlord/tenant disputes by responding quickly and effectively to all problems with plumbing, electricity, heating, and detector problems.
Law: Inexperienced Dallas property managers hire unlicensed repair companies to make repairs to save money.
Solution: Be conscientious. Hire only licensed and insured repair service personnel, and don’t attempt to fix large problems yourself.
Law: Real estate regulations require licensed real estate agent to perform certain Dallas property management activities.
Solution: Be licensed. Avoid costly fines by making sure all your activities are within the law.
Law: Inexperienced Dallas property managers may forget to respond to emergency calls and maintenance requests.
Solution: Be available. Maintain a dedicated 24-hour contact system with tenants for after hours, weekends, and holiday emergencies.
We’re Here to Help
Our in-house legal counsel and compliance team stay current on the continually shifting applicable regulations to ensure you, your tenants, and your properties are protected. There are dozens of laws, ordinances, regulations that carry potential risks and liability that come with property management. Legal matters can cost property owners thousands of dollars, so don’t let a forgotten or unknown legality keep you from managing your property. Specialized Property Management legal experts can help you reduce legal risks. Call us today!