14 Apr Renters Are People Too
It’s a sad fact that some people in real estate look down upon renters or even consider them second-class citizens. There are many commonly held beliefs about renters that have contributed to the negative ways renters are viewed by homeowners and members of homeowners associations. Some of these are myths while others are based in fact, including renters don’t care about the community rules, they have no equity at stake or they are from different socio-economic levels as property owners.
There are many reasons why property owners or homeowners would decide to rent their properties. Perhaps an investor plans to own his property for a period of years in order to get the maximum return on his investment. In this case, renting provides needed cash flow. In other cases, an owner is transferred by his job or has to move suddenly for family reasons and doesn’t want to sell because there is no time or the market is not in a good place. Another reason might be that economic downturns may cause units to go into foreclosure and renting can offset the cost.
Whatever the reason may be that causes you to decide to rent your property, you can be confident that our team here at Metro Property Services has the knowledge and expertise to select tenants that will make for a positive experience for homeowners. This begins with careful screening of potential tenants. We make sure that owners always know exactly who will be occupying their properties and feel good about the tenants selected.
Tenants must always be made aware of HOA rules and regulations as well any pertinent contact information for HOA representatives, if necessary. This information is always included in the lease paperwork as well. HOA boards must also be provided with a copy of the lease and tenant contact information should the need arise to contact tenants directly. Boards and managers should also include tenants in all communication that is relevant to residents.
Additionally, owners will want to monitor and control the conduct of tenants to make sure that they are abiding by HOA rules and regulations. Another way to make tenants feel like important members of the community is to include them in any community meetings or social functions. This will help to foster good relationships with tenants and other residents.
If issues or problems arise, HOA Boards and Managers should always respond with appropriate measures and refrain from discriminating against tenants simply because they rent. General communications about this sort of thing should always be made to both owners and renters to keep everyone in the loop.
Under the right conditions, renters can become valuable members of the HOA community. In reality, the needs of owners are closely aligned with renter’s needs. Both are trying to live and raise families in a clean safe environment with close proximity to good schools, transportation, culture and shopping. High rises and multi-family buildings are generally developed to take advantage of all of these things.
MPS offers leasing and management services that will facilitate and ensure that the proper tenant is placed in a compatible community so that they become productive members and valuable residents. To learn more about the services we provide and how we can help you ensure your property is rented by the right tenant, call us at 310-220-4495 or visit our website.