HOAs And Rentals In Park City Property Management
Even in the best of circumstances managing a rental property in Park City property management takes work. This can be complicated by the presence of an HOA in the community where your Park City long term rentals are located. Having been involved in both HOA and rental property management, both in long term and vacation rental capacities I have seen it all. I also own and rent my own property that is part of an HOA so I can understand what it is like to deal with an HOA as a rental property owner. HOAs come in all shapes and size, just like property owners. Larger HOAs tend to have a management company that will provided varying levels of service, from accounting and bookkeeping all the way to onsite property management. Smaller HOAs may be self managed by an HOA Board of Directors with little or no professional management of the property. Property owners also vary from those who are active participants on a Board of Directors all the way to owners who never set foot in the property and never interact with the community, management company, or Board. Here are some tips for working with HOAs that I have found to be successful.
Knowledge
The best thing you can do as a property owner is gain knowledge about the HOA in which your property is located. For Park City property management this can mean know what the community rules are. This could include, but is not limited to, parking, quiet hours, any restrictions on rental terms or length, rules regarding use of facilities, pets, exterior or architectural control, nuisances, smoking, etc. Many governing documents for HOAs are boilerplate and contain a basic framework on how the HOA should operate. A Board of Directors is then empowered to create rules and regulations designed to preserve the property. Some rules you may not agree with. The best course of action is to be involved in the community if you would like to see changes. Remember that as a landlord you are responsible to educate your tenants on the rules of the community. If there are any violations of community rules on the part of your tenants the HOA may assess fines to you as the property owner.
Communication
If you HOA has a management company you should get their contact information and provide them with yours. If your HOA is self-managed then contact the Board directly. Some HOAs require that a copy of the lease be provided, that tenants register their vehicles, pets, or themselves with either the management company or the Board. For Park City property management you will want to make sure that your tenants are aware of any requirements of this nature and that they are compliant. Make sure and request that any complaints or problems with the tenants be forwarded to you. As the landlord and property owner you are ultimately responsible for the conduct of your tenants. And HOA does not have the power to evict a tenant who is not compliant with the rules but most HOAs have the ability to assess fines to a property owner for the actions of their tenant. In general communicating with the people in charge of managing the HOA is a good idea for property management Park City.
If you would like more information or tips on working with HOAs, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
