I love technology. My first career was at multiple levels in the consumer electronics business. I try to keep up with all of the new technology but instead of it changing year to year it changes daily.
Companies like Uber and Air BNB have found ways to make mundane tasks more economical and easier to use with today’s platforms.
The purpose of this article (My opinion) is not to denigrate new technology but to help understand from a real estate perspective things inventors of these newer technologies may not take into consideration. Take for example Air BNB. Yes it provides owners of a way to maximize the use of their properties by doing higher priced short term rentals. Let’s set aside for this article the cost of wear and tear on the property. The reason most communities have Covenants, Conditions and Restrictions or CC+Rs or community documents is to protect all of the owners. Many communities have restrictions on rentals and an application process through their property management companies so they have a better understanding of who is coming and going in a community.
Short term rentals generally go around this process and due to the very nature of short term problems cannot be addressed properly. This causes animosity between the owners of the units being rented and the community.
Part of the reason short term rental companies can achieve a saving economically is because they do not take the time and effort of doing the appropriate paperwork.
While I understand the benefits they offer to a landlord/owner, I also understand the problems these rentals cause the community.
Perhaps if the inventors of these technologies like Air BNB understood the problems they may find solutions.
The economic cost cannot be at the expense or dilution of other owner’s right to enjoy their property.
Very often the pendulum swings and communities place restrictive covenants in their documents for protection. It does not often work. What I am suggesting is a dialogue and sensitivity between the new technologies so mutually beneficial arrangements can be made.
Admittedly it is a complex problem and I do not mean to minimize it.