What is a homeowners association?

We have all heard the term Homeowner's Association (HOAs) at some point our lives, whether we heard our parent talk about it or when finding a home of our own.
A Homeowners' Association is a legal non-profit organization or entity that is formed by a real estate developer in order to maintain common areas, promote, manage and sell homes or lots in a residential subdivision. This community governs the general rules of what can or can't be done in the property.

HOAs have the authority to enforce the conditions and regulations established by the property and the city. The membership is mandatory for all property owners within the development. When a person buys a home with HOA, he/she instantly becomes a member of this group and is entitled to the rights and rules of this organization.

Many condos and townhomes have a Homeowner's Association which is created when the property is built. These associations maintain the value and quality of the properties associated and make sure the Covenants, Conditions and Restrictions (CC&R) issued are being applied and followed by all members. HOAs have legal power and usually charge a fee that is used to maintain the properties' common areas and pay for common services, unexpected emergencies or repairs. If you’re looking to buy or rent a new home, it is important to know the HOA related to the property. Renters have to follow the rules established by these organizations as well since they are part of the community.

At Ontrack Asset Management, we provide the best services for HOA's management. We are a full service property management company specializing in condominium, town home and single family Homeowners Associations in Los Angeles. We manage for the future and offer real solutions.

5 Reasons Why You Need a Property Manager

Hiring a professional property manager can be very beneficial. They have the experience and expertise you need and know how to handle everything in a professional manner.

These are the top 5 reasons why property owners need a property management company to handle their needs:

1. Tenant screening: Enjoy piece of mind and don’t worry about verifying tenant detailed. Property managers perform background checks, credit checks, and public notice checks. Additionally, a required detailed application with photo I.D is requested for safety and control issues.
2. Knowledge in landlord/tenant law: property managers have extensive knowledge in property law and regulations. We are up to date in all the new laws, rules or regulations that implicate landlords and tenants. Imagine what you could save given the case of a lawsuit!
3. Rent collection: property managers collect rent in an efficient and professional way. We have systems and strategies to improve rent collection and increase on-time rent payments.
4. Maintenance and emergencies: property managers have professional contractors for property maintenance and we make sure they provide high quality work. We also deal with safety inspections annually and also before and after tenancy evaluations to provide reports for improvements or corrections. A property management company takes care of the multiple emergency calls day or night, saving you a big headache.
5. Marketing experience: property managers have wide experience in marketing. We have online and offline marketing strategies to rent your property in a short period of time to have maximum exposure.

Let us do the dirty work, while you cash the check. Visit Ontrack Property Management today and leave your property in the great hands!