Monday, November 19th, 2018
When a member of your condominium owner’s association or homeowner’s association decides to rent out their property, it is vital that the tenant(s) that are leasing said property are properly vetted and fully understand their individual responsibilities (as defined in the community charter), as well as the penalties associated with non-compliance.
Many community associations have specific rules and guidelines governing everything from property upkeep and expected behavior in common areas to restrictions on overnight and/or guest parking. As such, it is not just advisable but, indeed, necessary to include a clause about adhering to these rules within a lease. If a tenant does violate said guidelines it is very important to have a thorough description of the procedural process that will occur (and whom will be held accountable/responsible for any fines incurred), clearly detailed in writing. This both minimizes the liability of the homeowner and empowers the governing body of the association to enforce its charter’s rules and regulations.
In addition to pre-screening applicants and ensuring compliance with association guidelines, there are a number of other financial and logistical benefits to utilizing a property management company within your community association. First, and foremost, because most COAs and HOAs are governed by a board that is made up of volunteers from the community, a property management company can offer valuable insight into the various legal aspects of charter enforcement. Property management companies also have the resources to help with the logistics involved with managing daily operations of the association, the collection of COA/HOA dues and conflict resolution.
With over 30 years of combined experience in the property management industry, the benefits of having your condominium owner’s or homeowner’s association work with Reed Property Management include:
For more information on how Reed Property Management can help manage your COA/HOA-governed rental property, please contact us!