HOAleader.com - Tip of the Week - March 8, 2013
Published: Fri, 03/08/13
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Smart HOAs Get Tenants on Their Side
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In this week's tip, we provide insight on why and
how to get tenants involved in your community.
Not sold on the idea of getting tenants involved
in your community? It's more important than you think.
Times they are a'changin. There are simply more
renters today than in the past few years. "When the
housing market suffered, fewer people became
eligible for home loans," says Jenny Key, the
Austin, Texas-based vice president of RealManage,
a San Rafael, Calif., association management firm
that oversees properties in Arizona, California,
Colorado, Florida, Louisiana, Nevada, and Texas.
"We've seen a lot of people having to rent housing.
It's more like 25-30 years ago when you had to
save up for down payment."
A growing number of associations are adjusting to
that reality. "More associations are recognizing
that having tenants in their community is going
to be more of a fact of life because eliminating
tenants affects the buyer pool for their unit
owners," says Matthew A. Drewes, a partner at
Thomsen & Nybeck PA in Edina, Minn., who
represents associations. "Some associations have
asked us to remove or alter the provisions in their
governing documents banning rentals. Boards now
recognize that allowing investors to buy or
allowing current owners to rent is better in terms
of the community's revenue streams. Then the
question becomes, 'What do we do to ensure that
people renting are doing it responsibly, are more
engaged, and are treating their unit as more of a
long-term home than a short-term landing spot?'"
How can you get tenants invested in your
community? Start with some housekeeping matters.
"Make sure they understand the bylaws and the rules
and regulations-that's the principal issue," says
Robert Galvin, a partner at Davis, Malm & D'Agostine
PC in Boston who specializes in representing condos
and co-ops."Your bylaws should state that it's up
to unit owners to give tenants copies of the
relevant documents to explain that this isn't an
apartment, that there are bylaws and regulations,
and they have to be familiar with them. I'd also
give them copies of the association's newsletters
so they feel they're part of the community and
know what's expected of them."
That's not the only step you should take to document
tenants' responsibilities. And when you've finished
that, you can begin buttering them up. Find out how
in our new article:
http://www.hoaleader.com/members/827.cfm
Best regards,
Matt Humphrey
President
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Recent articles posted at HOAleader.com:
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Understanding HOA Insurance: What's Subrogation?
An HOAleader.com reader asks, "I was about to sign a contract with a new
security vendor when I discovered in the fine print that we would be waiving
subrogation against the security vendor in the event of an insured loss. The
association would be required to obtain an insurance certificate naming
the security vendor as an additional insured party on our policy.
Click here to read full article:
http://www.hoaleader.com/members/Understanding-HOA-Insurance-Whats-Subrogation.cfm
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How Many HOA Units Can Owners Own?
With investors emerging as major players in the recovering real estate
market, some boards have wondered whether it's wise to let someone own more
than one unit in their association.
Click here to read full article:
http://www.hoaleader.com/public/How-Many-HOA-Units-Can-Owners-Own.cfm
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Should You Create Rules for Your HOA's Committees?
An HOAleader.com reader asks, "We are a newly transitioned HOA. We have
finance, design review board, and buildings and grounds and need to include
communications, covenant enforcement, and temp committees. If anyone has
written the charter/rules for any of these committees, if you would share
your words and thoughts, I wouldn't have to reinvent the wheel."
Click here to read full article:
http://www.hoaleader.com/members/Should-You-Create-Rules-for-Your-HOAs-Committees.cfm
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Manager's Surprise: Your HOA Has an $18,000 Bill! Who Pays?
In this week's tip, we answer a reader's question about who has to pay a
surprise $18,000 bill for a vender hired by the management company to clean
up after interior water damage. The board assumed the association's
insurer would cover it, but the claim was denied. Now the management company
wants the board to pay up.
Click here to read full article:
http://www.hoaleader.com/public/Managers-Surprise-Your-HOA-Has-an-18000-Bill-Who-Pays.cfm
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Who Pays an Unauthorized $18,000 Bill? Discussion Forum Follow-up
An HOAleader.com reader asks, "I am on the board of a small association of
detached condominiums. Almost two years ago, a unit that was in escrow after
the tenant died suffered interior water damage. The management company
hired a contractor to do mold remediation and repair structural damage
without consulting the board.
Click here to read full article:
http://www.hoaleader.com/members/Who-Pays-an-Unauthorized-Bill-Discussion-Forum-Followup.cfm
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