News items of national interest regarding Condominium and Homeowner associations, compiled by the Community Associations Network
Many associations are considering a range of revenue-generating measures to offset ever-tightening budgets. But before you rent out your clubhouse or sell memberships to your golf course, pool, tennis courts, or other facilities to non-owners, keep a few critical rules in mind.
1) Consider the liability. The biggest issue that keeps associations from renting out their facilities to non-owners is liability. Check with your insurance carrier to find out if injuries to non-owners and injuries caused by non-owners would be covered under your current policy. Chances are they won’t, and it’ll be much more expensive to expand your policy to include that coverage. Once you know the additional insurance costs, you need to weigh them against the potential new revenue to determine whether the financial gain adequately offsets the added cost.
“Silent gratitude isn’t much use to anyone.” ~ G.B. Stern
Long hours. Difficult, unwanted projects. No pay or appreciation. Sounds like being a board member, right? Worse, it’s the life of a committee member – all the time and effort without the decision-making authority of being on the board.
Clubhouse Rental Management
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