Welcome to Our Blog

Here you can find the latest news about things.

Property Managers: Stop the problem before it begins

Property Managers: Stop the problem before it begins

We all know that it is a lot easier to stay healthy than to get healthy. It is much easier to lose 5-pounds than twenty. That preventative medicine trumps actual medicine. 

So why let short-term rental issues slip through the cracks? Why deal with property damage, tenant complaints and the true expense of turning over a unit? Why spend the time dig up up evidence and fighting a tenant who's been violating their lease for months? Why spend the entire summer monitoring vacationers in the building? Stop the problem before Memorial Day!

By utilizing BNB Shield your team and property is strengthened knowing each and every platform for short-term rentals is being monitored. We are your first line of defense. This saves time, money and headaches. BNB Shield helps keep your property healthy.

A shielded property is able to avoid renters disturbing other other tenants, wear-and-tear on the building, or being forced to prove that a tenant's loud and rowdy visitor wasn't in-fact their 4th cousin. 

A listing is a violation. Keep your property healthy and make BNB Shield part of your team.

How short-term rentals impact apartment complexes

How short-term rentals impact apartment complexes

There’s a lot of debate around rules and regulations surrounding short term rentals (STRs). As the shared-economy evolves there are many misconceptions about the legality, regulations and overall impact.

STRs aren’t all glamorous properties with rooftop decks, private pools and walk scores of 98. Some STRs aren’t legal - violating leases or breaking the law. And these violations aren’t just a headache or the result of antiquated rules, they have a serious impact on business, community and people.

From the tenant’s perspective: Think about it? You’ve worked hard, saved up a deposit, underwent some background checks and handed over ⅓ of your paycheck to live in a desirable apartment building. Why did you select this building? Why did you offer up three references and took a day off from work to move? Because it isn’t just a 568 square foot box with an oven and shower, this is your home. You selected this building because you want to be safe, have great amenities and know the other tenants are on a similar page.

Now imagine that there is a bi-weekly rotation of strangers entering the building with passcodes, they operate on vacation hours (late nights and lots of noise) and live it up in the communal areas. Units that usually bring two people to the patio have doubled the occupancy and you can’t get a table because short-term renters are using the space that has been promised to them.

Do you feel safer? Are you frustrated? Are you looking at different, more quiet buildings?

For the property management firm What about the people collecting the rent checks? If they are getting paid, why should it even matter? Well, for several reasons. First, it is their responsibility and liability to enforce any lease violations. It is also their job to uphold amenities, features, community or benefits that have been promised to tenants. If there are loud, short-term rentals and neighbors complain, it is their problem. If residences don’t recognize the constantly changing faces in the secure building, it is their problem. If units are damaged or there is more wear and tear, it is their unit to fix. And recall how you are looking at that quieter building? Well it means they need to put more time and energy into listing, turning over and renting the unit. Think that is just more money in their pocket? Wrong. Check out this formula and learn just how much it costs to turnover a unit . Not only does this cost more for the management firm, it also costs tenants. If passcodes or locks need to be changed more frequently, if security measures need to be increased or there is more wear and tear, that cost trickles down to tenants. Short term rentals add additional challenges in apartment buildings and communities for tenants and managers alike. 

Legal vs. Illegal Short Term Rentals

What makes a vacation rental property legal or illegal?

Is it time to start planning your summer vacation? Are you looking to make additional money? Before booking a vacation rental or listing your unit it is important to ensure any rental is a legal vacation rental.

An illegal vacation rental can result in fines, eviction or being kicked out of a rental in the middle of a stay.

Rent

When renting an apartment, condo or home a tenant is entering into a contract with a property management firm or owner of said property. Many leases restrict, limit or prohibit subleasing a property or extended guests. By listing the entire unit or offering the space as a section of the home to be rented as a shared space, many vacation rental properties violate the lease. As many properties require background and credit checks for any tenant or subletter - essentially anyone paying to stay needs to be vetted.

Own

Let’s say you own your home. This doesn’t guarantee you that you can list your unit as a vacation rental. Why? If you own a condominium or live in a gated community chances are your HOA (Home Owner’s Association) has rules and regulations to manage the property and protect your investment. Most condominium buildings limit the number of units that can be rented to non-owners. Often times there are waiting lists and it can take several years to have the option to rent your unit. Even if you have been approved to rent your unit the HOA may have restrictions regarding the rental. Many require the lease and tenant information be submitted, and prohibit short-term rentals.

City

Many cities have restrictions and laws in place that limit or restrict short term rentals. This is in place to protect housing rates, community and ensure affordable housing is available to residents. Cities like Austinhave taken measures to better identify housing options and have increased enforcement.