Managing rental property can be an intriguing concept for a homeowner who’s ready to move up from their first home. Perhaps they don’t need the cash from the sale to purchase their next residence and the idea of keeping the property while someone else pays the mortgage is attractive. Most likely we all know someone who ventured into this endeavor and decided to manage the rental themselves so they could avoid the management fees associated with involving a property management company. We’ve also heard our share of horror stories!
A good property management company, while handling every aspect and detail of preserving the owner’s asset, can certainly minimize and even eliminate these horror stories. Quite often these horror stories are rooted in improper or inadequate tenant screening. It’s critical that while implementing a consistent, thorough, efficient tenant screening process, the landlord is careful to adhere to Fair Housing Laws.
One of the most fundamental rights is to live peaceably where we choose. Fair housing is the right of all people to buy, sell, or rent residential property, and to live where they wish without discriminatory criteria. Having chosen a place to live, we are guaranteed the right to reside there peacefully without regard to the federally protected classes of race, color, religion, national origin, sex, familial status, physical or mental disability, as well as the additional Maryland protected classes which included marital status, sexual orientation, gender identity and source of income. Maryland also includes, effective October 2020, under the race definition, hair texture and certain hairstyles.
In addition, some counties and cities have added protected classes as well.
Keeping abreast of important laws and policies like Fair Housing protected classes is one of the many benefits of working with a reputable and reliable property management company. Be sure to include this in your due diligence when selecting a company to work with.
