Make sure you choose a property manager who will maintain a good relationship with your HOA and your tenants. However, your property manager can’t do anything with your property or your tenants that violates landlord-tenant laws. It’s your property manager’s job to make sure tenants understand and follow the HOA and lease rules. If your HOA requires annual fees, your property manager makes sure those fees or dues roll into the monthly rent for your property. Your property manager’s job is to make sure anything that happens with your property supports your goals and follows the HOA rules. You don’t want to be “that” property with the tenants that suddenly painted your property a color that isn’t HOA-approved. With regular property inspections, your property manager will keep your property’s condition and appearance in-line with your HOA guidelines.
Hoa property management how to#
When choosing your property management company, make sure they understand how to screen tenants who will help your property remain a valuable asset to the HOA community. In many cases, HOA boards are rental friendly as long as your property follows the rules, and your tenants don’t disturb the neighborhood.
Your HOA’s primary concern is for your property and anyone who lives there to “fit in” to the neighborhood. Your property manager works to make sure everything about your property supports your interests as the landlord. Property Managers Care About Owner Interests When you have a property manager acting on your behalf, you won’t need to worry about your home or tenants following the HOA rules. Collect the rent and make sure you get paid.However, HOA management is not the same property management for landlords.įind a trusted property management partner who understands your financial goals and works for you-in compliance with your HOA. Some HOA boards might hire an HOA management company to enforce the rules. However, they won’t manage your property for you. Your property’s HOA will provide a list of rules for all properties to following within the neighborhood. You need them to help you provide a habitable home within Virginia’s landlord-tenant laws while also following your HOA rules. Your property manager focuses on your property. Parks, swimming pools, and walking trails fall under the responsibility of your property’s HOA. Property Managers Don’t Manage Common Spacesĭepending on your type of property, your property manager won’t manage common spaces within the neighborhood. This gives your property manager flexibility to enforce rules that support the HOA guidelines. Make sure your lease agreements include penalties for violating HOA rules.
While your property manager can’t legally assign a lien to your property, they can asses fees to your tenants for rule violations. Use your property manager to help keep your tenants within the rules. While your tenants are acting in violation, as the property owner, you’re responsible for making sure they follow the rules. If your property or your tenants fail to comply with the HOA rules, some HOAs can legally apply a lien on your property and assess fines to you as the property owner. HOAs are Rule Enforcersĭepending on your type of HOA, they can enforce rules that your property manager can’t enforce. Your property management company must also work with your tenants to make sure they live in your property within the provisions of the HOA. Your property manager is your “in the field” representative to make sure your property stays within the rules. Make sure you and your property manager understand all of the rules to stay in good standing with the HOA. When purchasing a rental property in a community with an HOA, be sure you check into the requirements. These rules can include a variety of things, from aesthetics to how to behave as part of the community. What is an HOA? A homeowners association helps enforce community rules for a neighborhood or a group of homes. Let’s take a look at the seven key differences between a homeowners association (HOA) and a property manager. When your property is in an area also governed by an HOA, it’s critical to make sure your property manager understands the HOA rules and how to comply.Ī homeowners association can’t take the place of your property manager. Using a property manager to make the most of your rental property is an excellent way to go. But without a good understanding of the role of an HOA versus a property manager, it’s easy to get confused about what they do or how they work together. The two entities are very different things. Your rental property could have both an HOA and a property management company.
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