By Jessica Peterson, CMCA, AMS, CPM,
ACoM, Director of People Development and Operations, FirstService Residential - Illin
d nois
is first. Is this sufficient notice for your association to collect all necessary documents, complete orientation, and schedule the move date? If not, consider requiring more advanced notice. Next, review your fee schedule. Does the current move fee cover the cost for staff time to oversee the move for common area damage and cover elevator usage costs? Does the fee cover the paperwork and efforts of the manager during a resident change? Additionally, does your association allow moves every day of the week and evening hours? Responsible new residents are able to allocate daytime hours to move into a new home; and 9:00 am - 5:00 pm window to move reduces the inconvenience to current residents who are limited to fewer elevators.
Regulations and commonly asked questions. This is especially important for properties that are pet friendly, offer guest or loading zone parking, or in buildings with a high number of violations. If tenants are informed on day one that slamming doors has been a historical headache for residents in the community, they are more likely to be aware that neighbors would appreciate that they take the extra moment to close unit doors gently or to report malfunctioning door closers to avoid conflict. When the need arises to borrow a cup of sugar or an emergency glass of wine, having friendly neighbors is another building amenity. Outlining some of the missteps of the past and highlighting current expectations in the Rules for all inbound tenants may encourage tenants to at least be aware of community expectations.
If a new resident orientation session sounds like a valuable procedure for a community, other leasing guidelines may help control the rental population. The Illinois Condominium Property Act (ILCPA) requires owners to deliver a signed lease to the board not less than the date of occupancy or 10-days after the lease is signed, whichever
In a shared community, winning the wonderful neighbor lottery is always a goal. But what if you share a bedroom wall with an insomniac who spins drum and bass records all through the night? It is actually more challenging for an association to take action to resolve a noise complaint filed against a unit owner than a tenant. The association’s board’s main recourse is to fine an owner for violating rules. Yet, if this dreadful neighbor is a rental tenant, the ILCPA provides authority to the board of directors to evict a tenant for breach of the covenants, rules, regulations or bylaws.
So the ultimate question of how does a high rental occupancy affect unit values remains. If you plan to purchase and then resell your unit in the near future, you may be worried that high rental percentages will lower your pool of potential buyers. FHA-backed mortgages are limited to associations with less than 50% of investor-owned units; yet, numerous associations haven’t taken steps to control the percentage of rentals via the governing documents well in advance of becoming 50% rental. Also, many are of the belief that the free market will prevail and keep associations, banks, and buyers balanced.
To further qualify this article I confess that I owned a condominium unit and experienced a life change during a lull in the market. That change forced me into becoming an incidental landlord. I carefully followed the Rules and Regulations for my association and vetted “qualified tenants” with two “housebroken dogs” to rent my unit.
|
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56
