A homeowners’ association (HOA) is a planned community that offers perks to residents of that neighborhood. Every owner contributes dues to the association to maintain and enhance shared amenities and community areas. In addition, the HOA is run by a volunteer board of directors who enforce community rules, handle budgeting, communicate with residents, and complete other planning and administrative duties.
Some people who own a home or condo in an HOA community are allowed to rent out their property or unit. Unless the HOA enforces rental restrictions, leasing your home is a great way to generate income on the investment. This is where a professional property management company can help. Our Las Vegas property managers explain.
Can I Rent Out My HOA Property in Las Vegas?
Before investing in an HOA property, it is important to fully understand the covenants, conditions, and restrictions (CC&Rs) of the association. The CC&Rs state exactly what homeowners are allowed to do, including the rules on renting out their properties.
Some HOAs prohibit leasing properties completely, while others require owners to live in their home or condo for a certain amount of time before they can rent it out. Others have a maximum percentage limit of how many units can be leased at one time. If that limit has already been reached, you may need to petition for a waiver to rent out your property.
HOAs that do allow owners to lease their homes or condos typically have tight restrictions on renting. However, these rules must be included in the CC&Rs for your HOA to enforce them. According to Nevada Revised Statute 116.335, the association cannot legally prohibit the owner from leasing the unit if these restrictions are not explicitly in the association’s CC&Rs. Overall, you must do your due diligence if you plan on using your Las Vegas or Henderson HOA home as an investment property.
Can a Las Vegas Property Manager Help Manage My HOA Rentals?
While some owners prefer to self-manage their rental properties, you can choose to work with an experienced Henderson or Las Vegas property management company to make the most out of your investment. Here is how a property manager can help.
1. HOA Violations
If your home or condo is occupied by a tenant, there is a chance the tenant could violate an HOA rule or bylaw. When this happens, the usual process for an HOA is to contact the rental property owner to correct or resolve the violation. When you work with a property manager, the company can handle all correspondence with your HOA and communicate with your tenant directly.
For example, at Black & Cherry, we have a dedicated HOA coordinator who receives notifications of violations and relays the details to your tenant. We will also follow up with your HOA board and tenant to ensure the issue is resolved. This means you do not have to deal with HOA violations on your own, giving you more time to focus on other investments.
2. Tenant Screenings
If your HOA allows for leasing your townhome, condo, or house, finding the right tenant is always a top priority. HOAs typically have strict rules for renters in the community because highly qualified tenants are more likely to follow HOA rules, use community amenities responsibly, and be good neighbors to other residents.
A property manager can handle the tenant screening process and ensure the applicant meets your HOA’s requirements by:
- Verifying employment and income.
- Checking rental history.
- Running a full credit report.
- Completing a background check.
- Contacting references.
Sometimes, your HOA may require that they perform many of these checks internally. In these cases, a property manager can help with preliminary screenings to narrow the rental applicant pool down or work with your HOA board members to find the best candidate to lease your rental property.
3. Monthly Rent Collection
Your property manager can also handle rent collection and processing. If you have multiple rental properties, this streamlines the process and ensures you have the funds in your account on time. If your tenant is late paying rent, property management companies can follow up accordingly, apply late fees, and serve appropriate notices when the tenant fails to pay the rent on time.
4. Online Tools
Working with a property manager gives rental property owners access to resources and technology they may not have on their own. Innovative tools make it easier than ever for tenants to communicate their needs and for owners to respond quickly. Examples include:
- Ability to pay rent online
- Maintenance request forms
- Access to digital lease agreements and documents
- Submitting complaints or reports issues
- Asking general questions
Your tenants can simply sign into their accounts through the property manager’s online portal. Without these tools, the communication process can get complicated. If renters are frustrated or feel like their requests are ignored, you run the risk of losing a good tenant.
5. Advertising Your Vacancy
Another way a property manager can help owners with HOA properties is by advertising. A property management company already has a marketing infrastructure set up to help you reach your target audience and fill your vacancy quickly. Using SEO services, smart marketing techniques, eye-catching rental listings, and strategic ad placements, a property manager can help you find the right tenant that meets your HOA’s qualifications.
Working With a HOA Property Management Specialist
Managing your own HOA property can be difficult. Keeping up with strict HOA rules, communicating with tenants, and staying on top of your other investments is incredibly time-consuming and complex. However, working with a professional property management company in Las Vegas or Henderson can help you optimize your rental income and keep your tenants happy.
At Black & Cherry, we have the skills and resources to streamline the rental process and work with your HOA to ensure your lease is a success. If you want to learn more about our property management services, contact our property management team to schedule a consultation today!
