Today, more and more renters are looking to lease homes in a homeowners’ association (HOA). Many HOAs come packed with amenities, offer a maintenance-free lifestyle, and are conveniently located. And while it may be easy to find renters for your rental property located inside a community with an HOA, it can be inconvenient and stressful to keep up with assessments, fines, and unexpected violations.
COVID-19 Impacts on the Landlord-HOA Relationship
COVID-19 has impacted businesses and communities globally, but it’s also affecting livelihoods closer to home. In response to the COVID-19 pandemic, the federal government enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which offers consumers protection over their residential tenancies. It impacts everyone in this situation—the HOA, landlord, and tenant. In addition, associations may qualify for the Economic Injury Disaster Loan from the U.S. Small Business Administration if they suffer an economic loss.
When you factor in the many financial and operational responsibilities of the HOA, the tenant’s ability to pay rent, and the landlord’s ability to pay their mortgage and assessments, it can all get complicated. But there are federal lifelines for anyone who may need help. The biggest takeaway is to give each other some grace.
While boards may still require assessments to be paid during this time, talk to your HOA about your concerns. Communicate openly with your HOA and give your tenants the same flexibility. Open communication allows issues to be resolved more smoothly—without becoming a bigger dispute.
Flexibility is key, and while it’s important to understand your rights as a property owner, it’s also important you understand the rights and obligations of your HOA. Having a professional property management company, like RHOME, on your side can help. They not only understand all legislation that affects you, like the CARES Act, but also offer other services, including managing tenant relations, lease compliance, filling vacancies, and legal issues.
How to Keep the Peace with Your HOA
While there are many benefits to having a rental property within an HOA, the landlord-HOA relationship can often become strained. Past issues and personal expectations can get in the way of building a harmonious partnership. To ensure a peaceful relationship with your HOA, take note of these tips:
- Pay dues on time. Money is typically the number one issue in building a solid relationship.
- Hire a dependable property manager. Ease the burden by hiring a property management company that will shoulder the big responsibilities of being a landlord.
- Address HOA violations promptly. Be sure to understand the process of curing violations and act within it.
- Play by the rules. Ensure your tenants have a copy of the governing documents and abide by the CC&Rs.
- Be present. Attend board and/or neighborhood meetings.
- Clean up. Make sure your property is always well-maintained and properly cared for.
RHOME, specializing in professional rental and home management, is backed by Associa, America’s largest HOA management company. A company that understands the value of having rentals inside a community, trust RHOME to handle your HOA partnership with the utmost care, insight, and professionalism. For more information, visit rhomepm.com.