What You Need to Know About Rentals and Property Management

If there has been a burgeoning sector in the real estate market in recent years, it has been rentals. In fact, in the last five years, the number of renter households in the U.S. has grown from 29 percent to 34 percent, according to the National Association of REALTORS®.

More Illinois REALTORS® are finding the rental market one worth tapping into, whether it be working with consumers who are opting to rent before they buy or assisting homeowners who have stepped into the shoes of landlord when their homes haven’t sold.

But before REALTORS® make the leap into rentals and property management, there are a few things they should know. The July Illinois REALTOR® magazine covers some in the feature “7 Things You Need to Know About Rentals and Property Management.

Here are a few tips but you’ll have to read the full article to learn the rest:

1) Recognize that leasing and property management are different than residential sales.

2) Leasing and property management are specialties. Get educated.

3) Know what is allowed under the license law.

 

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