HOA Reform

HOA reform 2.0. That’s Shana Acquisto, she’s a luxury real estate broker. And these are some of the things that she lobbies for. These are things that when you get involved that you get to make a difference on. And there’s a lot of great people that have really put in some serious effort behind this.

Right. And we’re going to be talking about not only the people, but the process and how it works. We’re going to show you a Web links. We’re going to share documents with you. And we’re going to discuss several topics all within that.

Here in just a sec. Reform. Yes. So we’ll get started on, as you know. Last year was huge. Texas realtors across the whole state fought, you know, and brought all of these issues to the legislators about how and how we need to create more of a transparency out there. I mean, there were a lot of things from transfer fees to, you know, how they’re dealing with rentals and everything in between.

So it passed. So the new reform for transparency was passed last year. And what we want to do is pull this over on Carr and just remind you guys of some of the things that you as realtors, you know, we’re responsible for. So the fees, the resale certificate fees were capped at 375. And, you know, to update a resale certificate was $75. So that is a big one right there.

They track, they don’t regulate, but they created a website that will show later. But they created a website for all the who was who. They have to upload their certificates to this website. So we have one database with all the highways so we can easily find what’s going on in those areas. You know, there are several on here. I want you guys to to take this and and have it so, you know, oops, false alarm.

So, you know, kind of the things that were passed in the initial reform. So I think this is great for transparency. I think it helps all of us. And, you know, one thing that, you know, the transfer fees were huge and they still exist, but at least you’re going to know what they are in advance. Right?

So if you’re selling a home in an air way, you need to go to this database and you need to search and know what you’re getting, what your buyer is getting involved in prior.

You know, if you know something that is really specific for their use of the property, then you should probably encourage them to look at that in advance. You don’t want to wait until later, so how can you help? Well, there is a website called MyHoyastory.com and this is how we can hold the was accountable. So as we know there’s there’s always ways around the rules right and people tend to find them. So what is really important and this is what you guys would do well yeah.

Is if you know or hear of something that’s going on within highways, then you are encouraged to please go in here and tell the story. If we don’t tell the story and we don’t, you know, share this information, then we don’t know that a problem exists. It’s the same in our industry, you know, and I’m just kind of sidebar this for a minute.

If you are constantly banging your head against a wall because this agent is doing this or nobody’s disclosing this or, you know, whatever is going on out there and you continue to argue and argue and and go crazy over it. If you’re just telling me, that’s fine. That’s one person. But you should file a complaint. If you keep going through the same issues over and over, it’s your responsibility.

If you don’t complain or file a complaint or do something about it, then you shouldn’t complain about it anymore. Right? There’s avenues for us to to be able to to share in and hopefully get answers.

But so let’s we’re going to take each of these links and chat him in. So you guys all have them. We’ll give you the initial one, this one, and then there’s one more. So those will be coming in the chat so you can access them all on your own, right? You’ll be able to see them.

So this my HOA story. com. So you guys can go in there as realtors and share a story you can encourage and send out to your clients. And if there’s an issue going on that you hear. Then let them tell their story right there. The one that’s probably really passionate about it, if they’ve been affected in a negative way. So encourage them to go in there and and do it.

There are so many stories in there, and I encourage you guys to even go in there and see the stories and you’ll start to hear some of the issues that are going on. So yeah, so that’s how you can hold them accountable. This is going to remain.

So everyone should bookmark this and know that you can go in there and share these stories. And that’s how we’re going to get answers.

We’ll put it inside the ancient portal. So we’ll make a section specifically related to this that the agents can find this type of stuff later on. Yes. So thank you very much for that, Anna. Yeah.

And then we have the TREC website for those is now live. So we’ve got this this is the website, it’s echo dot, Texas dot gov. And this is where you will be able to go in. And this is where the highways are required now by law to go in and upload their management certificates.

Every highway in Texas must do this right and there’s different timelines. So it’s going to take probably a year for us to really see all of these homes in here. So don’t rely on if they’re not in here, then they don’t exist because like I said, there’s different timelines depending on when they file for them to get the information uploaded.

But this is where you’re going to be able to go in and you’re going to be able to search for an HOA and see the certificates, know what fees exist, and, you know, be able to share that with your client before waiting on this to get pulled once you’re under contract. So I think this is a really good site. I think this is going to you know, the purpose of it is to create transparency.

There are some things going on now. And, you know, so all of this exists now and this is from our efforts from last year. But going into 2023, what we’re seeing is, you know, there’s going to be the reform of what they’re calling 2.0. So there’s different things that are happening now that they’re seeing that they’re working on.

You know, the Texas realtors are working with lawmakers and they’re working on, you know, expanding on that reform. One of the things that I know of was the rentals, you know, the rental caps and all of that and what’s required of a landlord.

But now what they’re seeing is the HOA was are charging a fee. So if you have a if you’re a property owner and you have a rental in a neighborhood and you know, and you’re renting it out, then they are charging you above and beyond the normal fees, a different fee on a monthly basis per tenant who lives in the property per month. That’s nuts. That’s crazy. So I haven’t seen anything.

Designed to do is not have that occur. Right. They’re trying to find another way to stop that from happening, from allowing you to really rent out your place. Yeah. They’re discouraging it by.

That’s the ways are discouraging it because you know. Look, there should be a percent. You should be able to do what you want to with your property. Right. And not violate your homeowner. Right. As a as a homeowner. But I also see the balance of, you know, maintaining the neighborhood, you know. So I think they’re going to look to, you know, they understand the issue. Charging people. I don’t know if that’s if that’s really.

That sounds like a great topic for the future or maybe one that will have Omkar make a note of so we can thoroughly discuss it. Yeah. The lays out you know homeowners rights you have and the what’s best for the neighborhood so to speak and see what those things are and how you and who determines.

How you weigh that. Yeah, but we should look at it from each side. So that’s.

Always can, you know, they can be good. They just need to be transparent. And, you know, I think they just veered off the track a little bit and got a little too maybe big for the.

Sometimes and no one checks on you.

They’re always these absolute power checks and balance to. So you guys, you should be involved. This is your industry. You know, you’re a real estate professional. This this is important to you. So getting involved and participating in sharing and and letting people know that we’re much more than someone who is just, you know, facilitating a transaction for you.

We are going to you know, we work with Texas lawmakers to make sure that any issues like this are addressed and brought to light. So, you know, this adds a lot of value to us as realtors. There’s 150,000 realtors in Texas.

And I think this happens because realtors care. Yes, right. And they want to do the right thing and they’re in it for the long term. And that’s the difference, right. When you first get into anything. Yeah, there’s different levels you want to like succeed and be sustainable first and then you want to be able to.

And it’s not easy. You have to earn a living. So that’s your focus, right?

And you want to help those that are that are in the industry. Then you want to help others, you want to help the community. And this is part of a natural progression of you getting better in your career is just like caring, giving back. It is. And that’s what the realtors are doing here, both the state and the national.

And if, you know, if this group of people are doing everything right and these guys aren’t, we should bring that to light and say, guys, we need to you know, we need to look at the big picture of our profession and, you know, who we are. And if you’re acting like that, you’re doing those things. How does that help us? Call them out. It’s important. We all need to collaborate and work together and be a powerful.

So that’s good. That’s a that’s a good update. It does sound like they’re putting up quite a bit of data in there, adding a lot of fields that they’re trying to collect. So they have everything documented and then they’re actually collecting the documents so they can display them correctly. And now we’ll have a little bit more transparency once this is all collected.

We’re currently during the collection phase right now is essentially what it comes down to. It’s going to take a little bit of time to collect all the data, but it has started now. Do you know anyone that was involved in this that started on this for us?

So at a marjorie who is the CA? Well, CCAR is current governmental affairs director. He is resigning and moving to Oklahoma. But he had a huge role in this. He played a huge part in this. And he fought and worked. And, you know, Collin County is is really vocal with these types of things. And he took it and, you know, took it all the way to the top. And we saw results.

And he’s moved to Oklahoma. And I think he’s got a really cool job going forward. We don’t want to go over his personal stuff, but probably congratulations is in.

Yeah. If you see Adam, I think he this is his last week. So if you see Adam give him a shout out and tell him congrats.

And then he can explain fully to you what he had, what he has going on. But I believe it’s a great step in his career. So thank you, Adam, for that. We do appreciate it. And, you know, I think this is a good start on the stuff and then they can continue to add to it and link all of these databases together. So we do have that ultimate transparency. Yes, for sure.

That’s kind of what it’s all about. And it’s a big deal because the realtors are really about the database and you have to protect your database and have a great database. And is this ran by realtors or by this data tech?

What does it. Say? Waco, Texas.

So that was created by Trek. So Trek is not they don’t regulate was but they are in charge of this of having this database and managing the database to make sure that all the highways comply.

Okay. So very good. And the my whole story, I’m just going to click on that one and see where we got here. Let me see the link here. So this is my whole story or dot com and I don’t see if there’s a link directly. Well, there’s a lot of stories that people are pulling of stories.

Is there a link on the bottom of the page to is it state Texas realtors? Yeah. There you go. Yeah. So perfectly. Nice job, Waco Realtors. All right.

Episode Links

reform 2.0, TREC, Oklahoma, Mike Acquisto , Shana Acquisto , TNT 

Episode Recorded Live on YouTube 03.29.22

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