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Some Property Managers and Condo Associations are hurting our floundering Real Estate Market.

Tue, Feb 21, 2012 at 10:34AM

photo courtesy of animations online This story was just one issue I've experienced in my 15 yrs as a Realtor. Just recently....a Realtor friend of mine just told me a pretty sad story. They had a short sale listing in a condo community. . The BPO came back from the lender and the buyers appraisal was completed. Soon after that ..the file was approved. Good news right? WRONG.....the condo board denied the buyer. Condo boards can deny a buyer without any explanation but from what my friend was told by a board member that they didn't approve the buyer because they didn't like what the unit appraised at. They claim that it was too low for their community and they weren't going to let anyone or anything drive down the Real Estate values in the neighborhood. I'm wondering about the mentality of this person and whether or not they've analyzed the current market conditions. We do not control a BPO or an appraisal. It sounds like they'd rather leave a high ratio of properties vacant and also could also care less if they go into foreclosure. I'm not sure I agree. Thats just a short version of one of the many stories out there. Some Property Managers and Condo Associations are hurting our floundering Real Estate Market. First I'd like to set the record straight......every state where Real Estate is sold is different. Some neighborhoods have some sort of an association being managed by CAM's (Community Association Managers) and some don't. I've also heard Realtors® I know from all over the country that they do not even exist in their area. I'd also like to say that "most"property managers aren't being cooperative in helping a sale go through. Not "All"of them are bad but most of you will agree that the majority of them take too long in supplying pertinent information to potential buyers...their Realtors® and also even the homeowners themselves. I'll tell you this...property management is a tough and stressful job and it's probably a job I care not to get involved in. I sure don't envy them. I've seen some pretty good property managers and how they were more than willing to help but I must say that most of them tend to ignore the situation. I don't even expect them to talk to the Realtors® but when they start ignoring the homeowners then they are crossing the line in my opinion. I've even talked to a few and they tell me they have to play the bad guy. The bad guy?...well maybe that's so when you are trying to get a current homeowner to comply...but maybe there is a really good person just looking to purchase a property with no strings attached. So why is it important for them to help us? Well.... I thought that they would want to keep neighborhoods and the homes that exist there occupied with people. Isn't that the reasons why homes are built in the first place? Or should they just have a goal to leave as many of them empty? To me when a request is put in for information...the property manager should at least acknowledge the request let a lone return calls or emails. Even if they can't supply the info for whatever reason there should be a call back and maybe they can point everyone in the right direction. I mostly list properties so I'm not working with as many buyers right now but I know that when a consumer is looking to move to a neighborhood they find as an attractive place to want to live ....they want to make sure that they know as much about the area as possible before making an offer. This way they will have less reluctance to have buyers remorse if they know everything up front. They want to feel secure knowing their neighborhood is being properly managed and that there is enough money in the budget to cover any issues that might arise. In Weston Florida ...I had this listing that was a home for sale...it was relatively priced now and even at first it was a bit higher but still the lowest around that area. We reduced the price at the beginning of this year ans we started to get more activity. The only issue is that there was only one sale at the very beginning of last year. Since then nothing had closed or has gone under contract. From what I've been told...mine was one of the nicer ones on the market in there. So finally we get an interested party....first time home buyers that want to have piece of mind before they make a move on it. The agent called me and had lots of questions for the seller. My client was more than obliged to answer most if not all of them. There were some items that could not be answered by my client so we were directed to ask the property manager. But for some reason after I left a few messages...the other agent left a few messages and even the homeowners left 4 messages...not one call or email was returned. I can't figure out why or how this could occur. We then asked the president of the community to get involved. They did send me confirmation that they had tried to contact the property manager and requested that they supply the homeowner with the information they needed. In my humble opinion.....if I was a person looking to move into a neighborhood that was managed this way ....I might be more reluctant to look else where. It's not very attractive to a consumer and it doesn't make a very good impression to show the homeowners living there how they are actually managing their community. It seems that property managers are very quick to keep track of what some bad homeowners do but when it comes to them helping the neighborhood grow......then that's not as important to them. Let's not even mention the long waiting periods for approvals in some communities which can take up to 30 days just to get an answer. I also served as Vice President of my former homeowners association so I've had first hand experience with them a long with other Real Estate transactions. You would think that in a market like this that they would be more than willing to cooperate just a little more. I'm not even sure at this point how the buyers feel about this and I've been hoping that they still want to make an offer. I find it hard to believe that in a small community with virtually no activity going on that the property manager is so bogged down that they can't even return a phone call. Finally after 6 days of waiting and multiple calls...I decided to send a friendly little email to my client and attached the presidents email to it just so they can see how hard working their property manager is.....within 24 hrs from that email....we did receive that information and i hope to hear back from the agent soon. but it's not about whether or not I can put the deal together...it's about making the information assessable in a reasonable time. In closing......I think it's in the best interest of everyone to make it work and communicate. How would you feel if you were in the homeowners situation? How about the buyers? For more information please contact Neal Bloom- your Weston FL Realtor® /Keller Williams Properties Weston Realtor(R) Neal Bloom-copyright 2009 1625 N. Commerce Parkway ,Suite 105 Weston FL 33326 (954)608-5556 Nealb63@myacc.net Neal Bloom tells it Like it is in Real Estate-copyright © 2010-All rights reserved Page copy protected against web site content infringement by Copyscape


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