Selling a Rental Wait List Spot

[Patrick Young]

Hi All,

I am currently on the board of my HOA and have an idea about commoditizing the rental wait list spots. Has anyone heard of any association allowing members to sell their spots on the rental wait list to other members? Our community has a wait list of around 30 people. It would seem to benefit everyone if we allowed people to sell their spots. For example, I might be at the top of the list but not want to leave or rent my unit out, but would like to profit from the years I've waited for the privilege. I believe creating a market for selling these wait list spots would make it easier for those who value them the most to obtain one and for everyone to profit off arguably the most valuable reason to own one of these condos (rental income). In my ideal system, you wouldn't be swapping - you would move to the back of the list after selling and the buyer would forfeit their current spot on the list.

It doesn't seem to be prohibited by our guidelines but I'm looking for any examples of how this could work or not work.

Thoughts?

[Eamonn McElroy]

@Patrick Young

"Thoughts?"

By creating such a policy you've just incentivized everyone to join the wait list, whether they intend to rent their unit or not.  Those who are genuine about turning their condo into a rental are going to be frustrated as they now are competing in a much bigger pool with disingenuous participants who intend to use the rental queue as a means to profit.

I view it as a net negative.