Condo Counseling
Tired of taking listings that you spend marketing dollars on, and lots of time on; only to find out buyer after buyer cannot get financing? That is where “condo counseling” comes in. Let me talk to the condo board and suggest ways that they can ensure that any unit owner in the building can market their unit to the broadest selection of potential buyers. I can also talk to the board about getting FHA Condo Approval. All this makes your job easier as a listing agent. Some of the things I will be researching to see if we can optimize them are:
Investor level (however I do have loans for high investor level buildings).
Delinquency ratio on dues (I will look for ways to lower a delinquency ratio below 15% if needed).
I will analyze any pending litigation.
I will analyze any pending special assessment.
I will check and see if any one unit owner owns over 10% of the total units (this is a problem).
Reserve account: I will see if we need to increase their reserve account, it usually needs to be 10% of the annual operating budget.
And much more…
And with buyers I can help counsel them on what a lender looks for, and what buildings will be easiest to finance, and which ones may present a difficulty. Let’s figure out the answers before the buyer goes under contract, before they even look at a unit in person and waste a lot of your time and theirs. You will look like a genius for having a “condo counselor”.
Let me know if you have any buyer, seller or condo board you’d like me to talk to. If you approach a condo board, even without having a listing, and tell them you have someone who will come in and counsel them on navigating the current choppy financing waters to make the units more readily financed, you may end up with all the listings in the building for years to come!