TenantTrack Plus – Fact Sheet

TenantTrack Plus is a risk management tool that protects the Association, the investor owner and the tenant. The combination insurance policies held by the respective parties creates a vital risk umbrella for everyone. Fires seldom happen, but water damage is very common in attached homes. Risk for deductibles looms large in water claims. Having tenant insurance, owner insurance and Association insurance, all with gap coverage, protects everyone from financial disaster. Plus, in 99% of properties, owners are required to provide this information. TenantTrack Plus provides an easy to use platform to satisfy your Covenant requirements and to centralize your property documents.

The Board of Directors are volunteers and generally need professional full time assistance overseeing the leasing in their community. Most cited reasons for outsourcing the administration of leased units are primarily for risk management, to protect the interests of all owners and to make sure that leasing ratios defined in the Covenants are followed and managed effectively.

The surge in investors attempting to buy into a property with no regard for leasing restrictions, the lack of effective leased unit property maintenance, lack of compliance to insurance requirements and compliance issues. For these reasons, and more, TenantTrack Plus has become critically important to an association’s success.
Every community is different according to the rental cap stated in the Governing Documents. Check your documents to be sure. Generally the number falls between 20% – 25%. Part of the Board’s role is to administer this program effectively so that there is a proper rotation of tenants based on available Open Leasing Status. Unauthorized leasing violates the covenants, affects lender requirements and is not equitable to owners who follow the rules and are legitimately on the waiting list.
The Board members are all volunteers with lives, jobs, families and hobbies. They do not get paid or have the time to manage the leasing process. They need an experienced company with the real estate, legal, customer service and administrative resources to provide tenant tracking. Managing leased units effectively is not necessarily within the scope of an Association manager.
It will not affect dues. The investor owned units will be assessed $199.00 annually for this administration as long as they lease the unit.
The service includes more than just enforcement of the covenants. For the Board of Directors it includes monthly reporting, lease administration, compliance efforts, standardized leasing process, financial controls and tenant pre-screening.
  1. Primarily peace of mind and compliance to Association information requirements. Being able to reach your tenant, respond to requests for services enables the tenant to contact management directly for services and emergency response if the owner authorizes this capability.
  2. Management will also centrally house your lease, insurance information and lease documents related to your unit, for which the owner has 24/7 free access. We also provide a running history of your unit’s tenants and lease and insurance information should you need it at a future time.  Everything loaded into our system stays in our system for one year after the relationship ends.
The web portal holds all the information and has robust reporting capability. It will hold copies of the lease, all the administrative signs offs by the tenant, copies of the insurance and a record of rules violations and other tenant related communications.
The unit owner will be required to provide all the information the system collects or a fine will be assessed. 100% compliance is required to avoid penalty. Much of this effort has to do with risk management and the program is designed to be a valuable resource to the unit owners, making is easier for them to comply with the Association’s requirements.
The fee applies to the rented unit regardless of who manages the unit. If the unit is managed by an entity other than the owner, the owner is to so note this information in the system at time of registration.
Beacon does not provide leasing services at this time. However, as a convenience to the property owner, we will respond at owner’s request to preventive maintenance inspections, maintenance requests and facilitate move in and move out services for the tenant, including issuance or parking tags, fobs and other necessary features of rental occupancy. Owners or tenants may call 404-907-2112 x 1, for services. Charges may apply.
Owners are subject to fines and penalties defined by the Board of Directors as with any covenant or policy violation.
The annual cost is $150.00 and billed at time of program inception and prorated for the first year. Billing is done annually thereafter in January of each year for that fiscal year. Fees are not refundable.
Lisa Simmons is the program administrator. She can be reached at (404) 308-3188 or at lsimmons@beaconmanagementservices.com
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