The rental home market is packed with renters who are looking for community. Thus, it's no surprise that HOAs continue to grow in popularity.
Homeowners associations are structured to foster community. HOA boards are formed to oversee the visual and behavioral standards of the community. This model provides a sense of security you can't find in regular neighborhoods.
What some renters may not know is that they can rent homes in HOA communities.
Since homeowners' associations are strictly managed, it's important to work with a property management company that's experienced in managing rentals in HOA community neighborhoods.
HOA Homeowners are free to rent out their properties just so long as tenants meet the required standards.
Get started with this quick guide.
Fixing Up Your Property to Rent
Your first hurdle in renting out your home is property maintenance. Your property must be ready for inspections, tenant walk-throughs, and real estate photos. A property management company like PMI Reliance can inspect your property first to spot any potential repairs.
Your home may need new hardwood flooring, window replacement, roofing, siding, and insulation. HOA communities enforce strict standards for landscaping. You may need to contact your association manager to book a landscaper or gardener.
Your property must represent the standards of your HOA before showing it to leads. If tenants don't follow these standards, you may be subject to violation fines.
Home upgrades are also necessary for attracting the right leads.
Kitchen upgrades are the most in demand among renters. They want kitchens with enough storage, counter space, and appliances. You may need to install new granite countertops or dishwashers.
Renters want plenty of parking. This is the perfect time to upgrade your driveway and parking garage.
Laundry is another consideration. You may have to replace your old washer and dryer or build out a laundry room in your house.
How to Market Rentals in HOA Community Neighborhoods
After a full inspection and upgrade, work with your property manager to take high-quality photos for real estate listings. These photos must show your HOA home in its best light, reflecting the visual integrity of the homeowners' association.
Your property manager will use real estate software to submit your listing to top rental sites. They may also leverage other marketing channels in their strategy, like Facebook listings, Google search ads, and print marketing.
Open houses are the next step of the marketing phase. Your property manager will stage your home to rent. They may have to depersonalize the space by removing family photos or other unique elements so that renters can better envision themselves living in the home.
Open houses help property managers close rental leases on the spot so that you don't have to suffer the expenses of unfilled vacancies.
Start Renting Real Estate In Suwanee
Rentals in HOA community neighborhoods have great potential. Remember the above factors so that you can find profitable, long-term tenants for your home.
PMI Reliance can deliver the property maintenance and marketing services you need for your rental. Browse our offerings or contact us to talk to a property manager.
