Tired of taking condo 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. This will make your job easier as a listing agent. Some of the things I will be researching are:
- Investor level (However, I have loans for a primary residence in high investor level buildings.)
- Delinquency ratio on dues (I will look for ways to lower a delinquency ratio below 15% if needed.)
- Any pending litigation.
- Any pending special assessment.
- 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…
I can assist buyers by counseling them on what a lender looks for, 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, and 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!