What the new Fannie Mae and Freddie Mac condo rules mean for buyers and boards

According to Community Associations Institute, more than 68 million Americans live in 338,000 managed communities. In Canada, approximately one in eight people live in a condominium or strata corporation of some kind, totaling about 1.2 million owner-occupied dwellings as reported by Statistics Canada. Collectively, these homeowners spend tens of billions of dollars to maintain their communities. Each community is governed by an elected board of volunteer homeowners selected through an HOA elections process. Proactive involvement in your community begins with voting for board membership.

It’s important to make sure that your high-rise building’s amenities are desirable and reflect the latest needs and wants of current residents, as well as potential buyers. Investing in amenities will have a twofold effect: it will enrich the lifestyles of your homeowners and residents, and it will make your high-rise more marketable and enhance property values. Updating your amenities doesn’t have to cost a fortune. Read on for some of the hottest trends in high-rise amenities and suggestions for staying current with any budget. 

Beautiful landscaping is integral to any community. The right community landscaping can enhance your property values and make the area more enticing to prospective homebuyers and residents. Whether you’re investing for the first time or revamping your community landscaping, here are four considerations to keep in mind when choosing what to plant, when to plant and how to maintain what you’ve planted.

When a lot of people think about high-rise living, they don’t necessarily jump to the idea of families in high-rises. In many cities, high-rises are still considered the domain of the young and single, or couples without kids or active retirees. The New York Times even ran a piece, in 1987, decreeing that “A High-Rise Is Not a Home for Children.” But today, thanks to a Millennial generation that doesn’t want to commute from the ‘burbs, more and more high-rises are actively courting families as residents.

Many multifamily properties and high-rises want to implement “green” living practices and create eco-friendly communities, but not everyone knows where nor how to get started. Here are some effective and easy tips to help you be proactive and successful in achieving your sustainability goals. Read on for a list of programs and services that can be put in place in your community at little to no cost.

Good rules make good community members. The most important factors in association policy making, whether for a condo, co-op, townhome or master-planned community, are clarity and sensibility. The board must be clear – and united – on the policy being created and then must communicate that policy to all residents. Whether the policy is about overnight guest parking, designated smoking areas, amenity usage or approved flooring, the basic steps to creating good policy and enforcing it successfully are the same. It’s important that everyone involved, including board members, residents and the management team, understand who is responsible for the various roles that are part of policy creation, enforcement and compliance.

High-rise living often appeals to many people for the wealth of amenities, concierge-level services and unique culture. But with this lifestyle comes challenges. Close quarters and the need for residents to exercise mutual respect can sometimes lead to friction and conflict – this is when formal policies need to come into play. These policies, rather than being hindrances, are a tool for creating harmony among residents. The challenge is getting there – many of the major issues residents face are complex and require the help of a property management company. A great company not only has experience, but also a vast knowledge of the law and a sense for what works best for residents.

Congratulations are in order – you’ve just been elected to the board. So now the big question: What’s next? “The great thing about associations that are helmed by owners is that they have a vested interest in doing right by their community,” said Kirk Kowieski, CMCA, AMS, vice president of FirstService Residential. “But that also comes with challenges...many board members find themselves in this kind of position for the first time, so there’s a little bit of a learning curve.” Fortunately, FirstService Residential is here to help. Follow these new board member basics and you’ll soon be governing like a pro.

Service dogs can help individuals with a variety of disabilities enjoy a greater quality of life and assist in performing daily tasks. What happens when your association’s policies and the need for a service animal conflict? The short answer is, if a service animal is needed and used as outlined by the Americans with Disabilities Act (ADA), the community cannot prohibit it.

Hiring a professional property management company for your homeowners’ association is the best way to increase property values and enhance the lifestyles of residents within your community. However, finding the management company that best fits your association’s needs can be a challenge. Should you be looking to partner with a company that has extensive resources drawing from a national presence? Or should you work with a smaller company?

Look up in the sky! It’s a bird, it’s a plane… no, it’s a drone! And it could cause a potential conflict in your homeowner’s association (HOA). While some HOAs and property management companies use the drones as a tool to conduct property inspections, these unmanned, remote-piloted flying vehicles raise important questions on safety and privacy, especially for those devices equipped with cameras and imaging technology. So what’s the role of your community association management company when it comes to drones? Let’s take a look. 
 

What does the future hold for your community association? If you’re a board member, you might already have a pretty good idea – most likely because you’ve developed a plan for it. But what about issues outside of your control? How will they influence the strategies you develop to ensure your community is a great place to live for years to come? Let’s see where the coming decades will take us.