When it comes to attaining the American Dream, many people still conjure the vision of owning a single-family home with a white-picket fence in front.
For others, this view of success has a slight twist. Their goal is to own a building that they may call home–and which others do too.
“The ownership of a (multifamily) building is a piece of the American Dream,” said Judith Roettig. “It’s an opportunity to make an investment, to see it grow and have a good retirement fund.”
Roettig is executive vice president of the Chicagoland Apartment Association in Schiller Park. As rosy as the dream of owning a building may seem, the role of landlord does not come without complications, according to Roettig who said that is where the apartment association steps in.
One of the non-profit association’s missions is to provide education to its 300 members who are landlords, apartment community managers and employees.
“The more people know about the industry and about the laws and regulations, the easier and more fun being a landlord is,” Roettig said.
The association counts large apartment communities, as well as small buildings among its members. The size of the building has little or no impact on what landlords need to know to effectively and legally lease their units.
“Whether it’s a 10,000 unit complex or a two-unit building, the laws are all the same,” Roettig explained.
A roster of upcoming education programs the association will offer includes such topics as leasing, asset management, personal and property safety, fair housing laws and how to close a lease.
“The educational series is geared to enhancing professionalism in the industry,” she said. “They cover the basics of the industry and topical trends.”
One of the association’s most popular programs covers fair housing laws. On April 25 and 26, the association will host “To Uphold the Law: Fair Housing,” a session detailing the responsibilities of landlords who must uphold fair housing laws.
The reason it is one of the most popular, Roettig said, is because “People want to be sure they are doing the right thing (in terms of leasing fairly).”
The industry also is constantly changing and landlords need to keep up on innovations that affect them. On Oct. 13, for instance, the association will host a daylong technology conference that will cover such issues as leasing over the Internet, technologies for water metering and deregulation of utilities.
The issue of deregulation will become increasingly important, according to Roettig, because landlords will be faced with choosing who their supplier will be–a decision that will likely have an impact on their bottom line, as well as affect the satisfaction of tenants.
For people who are too busy to attend a seminar in person, the association also offers interactive training via the telephone. For a fee of $49, landlords can receive training on any topic from leasing to fair housing during an hourlong phone call with a California-based training company called Call Source.
Roettig said the need to access information in a time-efficient way is crucial for landlords who may have plenty of other tasks that also require their attention.
“People may not have the time to go to a half-day session, they may have another job. They can get information in an interactive phone call,” she said.
Despite all of the laws, regulations and technological innovations that landlords keep abreast of, Roettig said there may be no better time to venture into the business of being a landlord.
That is because, according to Roettig, there is a wealth of educational opportunities and support available for people who decide that owning a multifamily building is their path to financial security.
“There are tremendous resources out there. People now have access to information over the Internet and through associations,” she said.
Other associations or agencies that landlords may turn to include the Chicago Association of Realtors, the Chicago Department of Housing and the National Apartment Association, based in Washington, D.C.
The Chicago Association of Realtors, for instance, offers copies of a standard lease. The National Apartment Association tracks pending federal legislation that may impact the apartment leasing industry.
Of course, tenants also have responsibilities to make the relationship work, but Roettig said a well-educated landlord is in a better position to know his rights and to develop a satisfactory relationship with a tenant.
A landlord, for instance, who knows his responsibilities regarding an issue, such as fair housing, is less likely to make a blunder that would alienate a potential tenant.
“Through education, you take the mystery out of that relationship between landlord and tenant,” Roettig said. “It becomes a much more satisfying relationship for both sides.”
