NOW LEASING

By Darlys Walker

Published March 19, 2014

A common misconception for Condominium unit owners is that they can simply lease their unit at will. In most cases, this is not true. Most declarations and bylaws have a specific leasing provision which places rules and regulation procedures for leasing the Condominium and often times is very specific in the required lease term, number of occupants and total number of units within a community that could be leased at any given time.  FNMA-FHA, the financial institutions currently responsible for 80% of home loans, mandates that a Condominium Association obtain “Project Approval” to be eligible for purchaser financing within the community.

As with any governmental agency, project approval requires a lot of paperwork and red tape. The requirements by these institutions are constantly changing what is important information. Today is secondary tomorrow! However, there have been 3 constants that FHA/FNMA has always closely adhered too.

1. The property must have a leasing cap of 25% of the units. This means the Association may deny you leasing privileges if they are exceeding these numbers and wish to retain “project          approval”.

2. Delinquency of less than 15%

3. 10% or more of the operating budget allocated to reserves.

More and more communities are experiencing a tremendous amount of interest in short term rentals found on the “VRBO or Vacation Rental by Owner” sites. In the majority of cases, the short term leases violates community’s Bylaws, as 12 month terms are standard as stated in the Declaration or Bylaws. Know what your rights are within your community; review your Declaration, Bylaws and Rules/Regulations before you post that “Now Leasing” sign.

Darlys Walker, Founder and CEO of Condominium Concepts Management, Inc. (CCM), is recognized for her straight talk, subject matter expertise, and valued insights regarding real

state management, leasing, and HOAs. Her company serves a diverse portfolio of properties, from 16-units up to 600 as well as large mixed-use developments.  

   From its beginnings in 2000, CCM has become a well-respected asset manager and now works with over 100 associations with 16,000 units served by over 300 employees. Darlys and her team deliver resources and responsiveness through six regional offices - in Orlando, Miami, Jacksonville, Charleston, Nashville and Atlanta.

   Darlys Walker is best known for her passion and precision, understanding that the only difference that matters in today's demanding marketplace is service delivery ... doing what is promised and what is right. She knows that every community serves two masters ... the property owner/developer and the resident/homeowner. "If we are not equally responsive to both, we are not doing our job," she states.  

   Her clients say it best: "Darlys really knows her stuff" ... "at the top of her profession and it shows in the caliber of her clients" ... "delivers quality resources that match up well with needs and expectations that are really rigorous."  

   She is a licensed Real Estate Broker in four states, holds an Associate's Degree in Marketing and has earned the Accredited Real Estate Manager designation from the Georgia Institute of Real Estate Management. Also she is one of few certified as a Lead-Based Paint Abatement & Removal Trainer in Georgia.

   Darlys Walker and her team have been selected to manage the condominium conversion process and day-to-day operations for many of the Southeast's most high-profile condominium communities including luxury high-rises, mid-rises and garden-style homes. Most recently she has been recognized as an expert in 're-versions' of communities from condominiums to leased homes, as well as repositioning projects. A visionary and a tireless perfectionist, Darlys demonstrates hands-on leadership, working individually with each client and staff associate to achieve defined business outcomes and satisfaction.  

  For more information about Darlys Walker and Condominium Concepts Management, Inc. please visit www.condominiumconcepts.com.

Sign up for Email Updates Email:   For Email Newsletters you can trust