Complaints from community associations range from a lack of attention to maintenance requests and property upkeep to the inability for new homebuyers to close on properties. Many corporate investment companies also manage the rentals they own. Though it seems at times the rental companies are not allocating enough resources to provide maintenance and comply with HOA laws.
While the HOA can receive revenue from these companies in the form of fines, it proves tough for HOA managers to handle sending letters and receiving replies from these companies. Managers are reporting delays of up to four months between notifying a corporate investment company and receiving a reply from the rental manager. This situation results in more time being spent on violation inspections and sending multiple letters to investment companies without a reply. It would seem in some cases that these companies are more concerned with owning the properties than maintaining them.
In many community associations the governing documents specify a restriction of homes that are rented within the HOA. However, if your homeowners association’s governing documents do not specify restrictions on rental homes there is still hope. If the community deems it worth the effort, they can attempt to have the governing documents revised, or in some cases may pass a board resolution to add rules regarding rentals.
HOA board members will want to work with their association’s attorney to review the governing documents along with local laws and determine the best course of action for attempting to implement rental restrictions. Governing documents will specify the acceptable course of action for implementing board resolutions and amending governing documents.
Ardent Residential has helped hundreds of associations formulate and implement a plan to attempt to change rental regulations in their community. If your community association could use some guidance on changing rental regulations, please visit MyArdent.com and contact us today.
———————————————————————————————————–
Having the right team managing your HOA could be the only thing standing in the way of a corporate investor takeover. Visit www.MyArdent.com today to learn how we can help your community Association thrive.
A partnership with Ardent Residential means a hedge of protection for your Association, with Ardent’s Value Guard™ protection plan.
Value Guard™ is the only product of its kind, and guarantees against falling property values… CLICK HERE to find out more!
