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HOAs have become the forum for the home rental business and all of its complexities. Rental and leasing of property are activities that can be conducted by common citizens. Leasing can take longer to find tenants while overnight rental is quick to activate and initially looks like very good income. This makes properly zoned, overnight rental options, very attractive. Costs and fees to get a property on sites like AirBN or VRBO are reasonable but being a bad neighbor or incurring significant fines and penalties can ruin relationships and negate any potential profit.
It is not uncommon for homeowners to experience changes in their lives or adjustments to their portfolios that results in a property they own to be empty or unused for a significant amount of time. Financial managers will typically encourage property owners to create cost neutral assets by the activation of revenue through rental or leasing. Properties with the option for nightly rental can capitalize on this opportunity if they balance it with the rules and laws of the property location and maintain good relations with their neighbors.
Rental is a Full Time Business
Renting a property for quick turns is still a business that requires significant time, resources, and organization. Most homeowners get quickly irritated by the property cleaning, maintenance, renter requests and constant updating of the reservation booking engine. After a short time, most homeowners look to have the business handled by a manager. There are several options in this area including Property Managers and Hospitality Service Companies. Manor Blue is a Hospitality Service Company that specializes in smaller organizations such as HOAs with less than 100 units.
Rental Management and Hospitality Service Companies
Significant rental income for property owners can be achieved by utilizing a rental management company that operates multiple units in an area. A good Property Management Company creates an environment of efficiency and enhanced services. This typically result in quicker maintenance, savings on supplies and higher quality or expanded services for their managed properties. A rental property business can do well by just being listed and maintained effectively by an efficient and well-connected manager.
Optimum management of a property, balancing the income, the guest experience and the home asset is achieved with adding a Hospitality Service Company (HSC). An HSC like Manor Blue ensures quality for the guest stay that keeps rates and ratings high. Manor Blue works to maximize revenue opportunities above typical nightly rental fees, proactively addresses issues, and expands preventative maintenance, bridging the gap between traditional lodging expectations and home rental. Manor Blue can operate the property completely or work in tandem with a local Property Management Company.
The unfortunate common issues in communities operating nightly rental are nightly renters bringing more vehicles or occupants than allowed in addition to having additional friends or guests visit the property. This can make a neighbor resident the victim of traffic and noise that isn’t necessary illegal, but extremely annoying. This often creates tension unnecessarily between neighbors. HOAs with rental must be proactive about the rental options and define acceptable operators.
Being a good rental neighbor to the community residents means having good oversight of the property during rentals. As your HSC, Manor Blue makes quick, decisive action when there are issues with renters. We believe the most important tool for successful rentals, is to set the tone with the nightly renter from the start of the booking. By clearly indicating that a manager is onsite, nearby, present, available, and aware of what is going on at the property can proactively reduce bookings from guests who intend to break the rules.
HOA Managed Rental Programs
In many cases, the most successful balance for the property’s entitled or conditional uses while maintaining good relationships with neighbors, is to have the HOA rules clearly dictating the parameters for nightly rental. Documents should outline the community rules related to overnight rental, penalties for nuisance, and clear Rental Manager requirements that address immediate management of issues and escalating fines.
Manor Blue partnered with a Property Management Company can often perform HOA management functions with rental services to keep residents, board members and property owners informed while keeping the HOA current and compliant. A one stop shop for the management of the entire community can reduce costs, simplify communications, and create a relationship of highly present community support.
Not a Security
HOAs that work to manage nightly rental as a single organization are often the most successful. However, in many countries it is important to stay away from the conditions of creating a rental program that an entity like the SEC could consider a Security. There are a few key conditions that define a rental pool as a security. Working with a rental partner to review the variables and conditions of a productive and fair rental program, while working with a law firm that has nightly rental experience to draft the HOA documents or amendments is an important first step. Engaging the HOA membership in adoption of the rules and delivering on the new operational expectations can make an improved experience for everyone.
We are your Hospitality Services partner. Manor Blue is a group of hospitality specialists that customizes every relationship in our markets. Depending on the HOA, the services could include:
- Full Overnight and Transient Guest Sales Service
o 24/7/365 Phone Call Management
o Online Direct Booking Portal Management
o Group Bookings Management
o Online Review Curation
o Reservations Systems
o Revenue Management
o Gift Card tools
o KPI Reporting, Trend and Success Tracking
o Content Development
o Social Media Activation
Who We Help
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