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Thinking about becoming a Landlord?

Thinking about becoming a Landlord?

Thinking about becoming a Landlord?

Studies show that approximately four in 10 homes in suburban America are occupied by renters. If your unit is one of those homes—or about to become one—here are a few tips that will help you, your renters, and the Association.

Talk to the Property Management Team

The On-Site Property Manager can give you important information about what the Association requires of owners and renters and tips about the rental process that will be very helpful, especially if you’re leasing for the first time.

Check the Documents

Make sure you comply with the Association’s governing documents—Please reference Rule & Regulation #50, in the Amended Architectural Rules and Regulations which states, The owner of any house that is leased to a tenant must provide a copy of the Lease Agreement to the Board of Directors and the Management Agent within thirty (30) days from the date of occupancy.

Educate Prospective Tenants

Be sure to inform prospective renters about the special considerations of living in a community association beforethey sign a lease. The association will be happy to give you a copy of the rules to pass along. They are also available in the “Owners Only” section, CiraNet Resident Portal and hard copies are available in the management office.

Use a Lease Addendum

No doubt you’ll have your renters sign a lease! Please attach an addendum to your lease that covers the specifics of the community association and require renters to adhere to association rules. This is very important because it gives you and the association a means of enforcement. A good lease or lease addendum should support the community by:

  • Requiring the tenant to obey the bylaws, rules, and regulations of the association. (Attach copies!)
  • Requiring the tenant to pay fines for association rule violations.
  • Requiring the tenant to vacate if community association regulations are repeatedly violated.

Please note that R&R #50 states that the Lease Agreement must state that the tenant shall abide by the conditions set forth in the Declaration of Covenants, Conditions and Restrictions and any Rules and Regulations adopted by the Association and failure to do so shall constitute a breach of the Lease.

Keep the Association Informed

Once the lease is signed, give a copy to the On-Site Property Manager, they will forward your lease to the Board of Directors. The more information you provide about your renters, the more successful they will be in our community. Please provide the following information to the association:

  • Renter’s name (and family members’ names) and phone number.
  • Renter’s email address or other pertinent details.
  • Renter’s vehicle description and license plate numbers. This will allow us to provide parking information.
  • The number and type of pets, if any.
    – Your forwarding address and phone numbers and email address.

Today’s renters may be tomorrow’s owners—or even board members. The more we all do to promote a sense of belonging for renters, and embracing the “Perrywood Pride” campaign– the more positive and successful the leasing experience will be for everyone. If you are already a landlord and have not already updated your lease for the 2019 year, please contact management to update your lease on file.