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April 2024 ยป thefivestar.com 49 April 2024 F E A T U R E S T O R Y be a registration fee for the vacancy itself, but the municipality may levee penalties if a property is not maintained according to the standards of local ordinances. There are also different rules and requirements for different types of property types, such as residential, rentals, or commercial. Owners must constantly track local ordinances and assess the risk of all properties they own to gauge the potential exposure and prioritize the work to be completed. These constant assessments and evaluations can help determine whether the property needs to be registered. Conversely, some events can trigger a de-registration. For exam- ple, a loan may no longer be delinquent, a property may have been sold and no longer the owner's responsibility, or a property can become occupied. It's important owners continually examine municipality ordinances and requirements which frequently change as well as constantly ensure compliance is maintained according to the specific local municipality standards. Some municipalities even require property inspection results to be uploaded on a monthly basis after you've registered. There are ways owners can avoid future VPR issues. Having an appropriate level of staff to manage the overall process as loans move off and on the books continuously can ensure VPRs are property managed internally. Owners should also build and maintain relationships with local code officers, which can help with compliance and even negotiate the severity of fines if an issue does arise. An additional solution owners should consider is securing a third-party provider, who takes over the entire VPR process and keeps owners updated on their status. A knowledgeable provider will examine and register properties based on the associated risk level, in addition to reviewing ordinance changes on a regular basis. By tracking vacant property registra- tion ordinances and ensuring compli- ance, owners can avoid the nuisance and expense of violations while keeping their properties maintained and up to commu- nity standards. "There are ways owners can avoid future VPR issues. Having an appropriate level of staff to manage the overall process as loans move off and on the books continuously can ensure VPRs are property managed internally."