I have written about this topic before but it is important so I will say it again.
Landlords need to keep up with what their state legislatures are doing.
Most landlord/tenant laws are written at the state level. So it is important to keep up with what is going on in your state capital. Every year they try to change the state laws that outline how you run your business. For example, many state laws dictate:
- If you can charge a late fee
- How much that late fee can be
- If and how much of a security deposit you can take
- What clauses should be in your lease
- When you can evict
- When you cannot evict
- How difficult it will be for you to evict if you have to
- What to do if a tenant abandons your property.
The list goes on and on.
As a landlord, would you not want to know if someone is proposing a law to make it more difficult to evict someone? How about if a law is being proposed to restrict how much a security deposit can be? Would you not want to know about any law that will make you job as a landlord more difficult, like this one proposed here in Tennessee (Does a tenant who has been legally evicted really need another 48 hours)?
Of course you would. These laws directly affect your business and you would likely want to voice your opinion on those proposed laws.
On the flip side, perhaps a law is being proposed that will make your job as a landlord easier. Sometimes laws are proposed that might actually help us out, such as this one here in Tennessee which shortens the eviction appeal process. Would you not want to know about and perhaps voice your opinion on those as well? Of course you would.
As landlords, part of our job is to watch what those folks in our state capitols are doing, because what they do or do not do can really have an impact on our business. Of course I would much rather focus on my business but every year I have to devote a little bit of time to watching what is going on in Nashville because my business could depend on it.
Where can you find out about these proposed laws? I think the best place is your local REIA. Most of the time someone there is focused on the state legislature and will report what is going on. Plus, as far as lawmakers are concerned, numbers matter. So get informed and watch what those legislators are doing. Your business may depend on it.
