Homeowner associations (HOAs) are a major part of the U.S. housing market – roughly 75.5 million Americans (over 30% of housing stock) live under HOAs. And that number is growing, with thousands of new HOAs forming each year. For community association managers, this means an expanding workload for fee collection and compliance. At the same...
Enhancing Lease Accountability with Commercial Lease Reporting Commercial Lease Reporting provides property managers and owners with a strategic tool to ensure lease guarantors’ financial obligations are accurately reflected in their credit profiles. By integrating with Equifax’s reporting system, Credit Gnomes enhances the reliability of commercial leases, offering greater transparency into guarantors’ financial commitments. Additionally, the...
Overview of AB 2747 Legislation In a major development for renters and landlords, California’s Assembly Bill 2747 (AB 2747), signed into law on September 19, 2024, mandates that landlords of buildings with 15 or more units offer tenants the option to report their positive rental payments to a national credit bureau. Effective from April 1,...
Introduction Late payments are a persistent challenge for property managers and owners, leading to financial strain, legal complications, and potential reputational damage. Without an effective system for Commercial Lease Reporting, these issues can escalate, making it difficult to maintain steady cash flow and operational efficiency. The Problem Late payments not only consume valuable time and...
Introduction Late payments are a persistent challenge for Community Association Management companies and homeowners’ associations (HOAs), leading to financial strain, administrative inefficiencies, and potential reputational damage. Without an effective system for payment reporting, managing association finances can become overwhelming, resulting in unpaid dues, cash flow disruptions, and increased operational costs. Implementing a structured approach to...
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