If you are one of those aspirants who want to secure a real estate license in Texas specifically as a property manager, then this article will help you in more ways than you want.
You can define a property manager in Texas as an individual or a company that is engaged in the business of managing real estate properties on behalf of its property owners. The property manager has to take care of several activities such as maintenance of the property, leasing or renting it out, and other overall management tasks.
Read more here to understand the role and responsibilities of a property manager in Texas.
Here are some key aspects of the role of a property manager that you will be responsible for after you secure a real estate license in Texas for it.
- Leasing- you will assist property owners in finding and screening tenants
- Rent collection– you will be responsible for collecting rent from tenants in accordance with the terms outlined in the lease agreement
- Maintenance and repairs of property undertaken- This includes having repairs and maintenance work done through licensed contractors, and ensuring that the property meets all regulatory real estate requirements established by the state.
- Maintaining tenant relations- you will effectively communicate with tenants as it is crucial to maintaining a positive landlord-tenant relationship.
- Legal compliances- you will ensure compliance with local, state, and federal housing laws. This includes fair housing laws, eviction procedures, and other regulations governing property management activities.
- Record-keeping- you will maintain accurate and organized records related to property transactions, lease agreements, financial transactions, and other relevant documentation.
- Marketing and advertising of properties- This involves creating effective property listings, showcasing the property’s features, and utilizing various marketing channels.
- Tenant screening and background checks- you will conduct thorough tenant screenings to assess applicants’ credit history, rental history, and other relevant factors. This will help in selecting reliable and qualified tenants.
- Eviction procedures- In unfortunate situations where eviction becomes necessary, you will follow legal procedures for serving notices and initiating eviction proceedings in compliance with Texas law.
It’s important to note that if you are a property manager in Texas, you are required to hold a real estate license issued by the Texas Real Estate Commission (TREC). This licensing ensures that you have the necessary knowledge and qualifications to perform your duties under state regulation guidelines and rules.
What Comes Under Property Management Regulations In Texas?
Property management regulations in Texas are primarily governed by the Texas Property Code and the Texas Real Estate License Act (TRELA), which is administered and looked into by the Texas Real Estate Commission (TREC).
Here are some highlighting key aspects of property management regulations in Texas:
- Licensing requirements: you must hold a real estate license of Texas issued by TREC. This license is required to engage in property management activities, including leasing and managing rental properties.
- TRAC rules and code of ethics: you are bound by the rules and regulations set forth by TREC. You are also expected to adhere to a code of ethics, which includes maintaining honesty, integrity, and professionalism in your property dealings.
- Written property management agreements: you are typically required to enter into written agreements with property owners outlining the terms and conditions of the property management arrangement. These agreements often cover services provided, fees, and responsibilities.
- Screening of potential tenants: You will be solely responsible for getting the right tenant for the property. You must be careful and comply with TREC laws that prohibit gender discrimination religion, sex, color, and more while screening tenants.
- Security deposits: you must follow specific guidelines regarding the handling of security deposits. This includes providing tenants with a written description of any deductions made from the security deposit and returning the deposit within a certain timeframe after the lease ends. This builds trust and confidence among parties.
- Maintenance and repairs: you are responsible for ensuring that properties under their management meet health and safety standards. You must promptly address maintenance and repair issues and communicate effectively with both property owners and tenants.
- Record-keeping requirements: you as a practising property manager are required to maintain accurate and complete records of financial transactions, lease agreements, and other relevant documents. It is a regular practice that TREC undertakes to conduct audits to ensure compliance.
- Evictions: You must follow legal procedures when initiating evictions. This includes providing proper notices to tenants and adhering to the timelines outlined in state law. You must note that any discrimination in eviction procedures based on race, colour, religion, sex, national origin, disability, or familial status is prohibited under the TREC’s property management guidelines.
- Insurance requirements: you may be required to carry liability insurance to protect yourself and property owners from potential legal liabilities. Insurance is necessary to be taken so that your and the client’s interests are safeguarded.
- Educational requirements: you must fulfil continuing education requirements set by TREC to maintain your licenses. Staying informed about changes in property management laws and practices is essential for doing good in your job as a property manager.
It’s crucial for you as a property manager in Texas to stay updated on any changes to regulations and legal requirements to ensure compliance with the state laws. Additionally, local ordinances may impose additional regulations, so you as property managers should be aware of any municipal rules that may apply to your specific area.