When Shopping, There’s More Than Just Price and Location
By Katherine Shubert
When it comes to buying a condo I feel that there are some aspects of the sale that might be overlooked. Today I would like to focus on more than just getting the right price, good resale prognosis, location and more than one bathroom as a must-have. After all, this is a buyer’s market so the only thing that is left to do here is to find the truly very best. For you, that is. So if you want to save some money on headache medicine and enjoy carefree living in your fabulous condo/townhouse, try to find out as much as possible on these topics in advance.
The financial condition of the Homeowner Association.
Is there a reserve? A healthy cash reserve available makes the homeowners better protected in case an expensive repair becomes necessary. Is there any special assessment being anticipated? How about a foreclosure or short sale pending? Usually, if homeowners fall behind on a mortgage payment they also stop paying the association dues which might have to be made up by the other owners.
Percentage of owner occupancy.
Are you one of a few owners who live in their unit when everybody else rents? If so, you might have a hard time to enforce any improvements and updates to the common areas. Tenants may be lacking the pride of ownership ingredient since they live there only temporarily. The absent owners are typically interested in the best return on investment and avoiding any additional expenses. In addition, some lenders refuse to issue a loan for the new buyer if more than 25% of the units are rented out. Now, on the flip side, do you really want to buy your condo if there is a rental restriction? Perhaps you too in a couple of years would like to move and keep your unit as an investment condo.
Who manages the property?
It costs more to hire a professional management company to run the complex but it might save money in the long run. Professional managers negotiate better for services because they usually represent a large number of complexes. Keep in mind that your unit’s resale value depends a lot on the way the complex has been managed.
In the end, buying a condo is like buying any other property. There will be some things you’ll love about it and some things that you can live without. I hope that you’ll find these few tips helpful.
If you have a question or come across a condo related issue you'd like more information about, do not hesitate to contact me at 773-517-4411 or katherine@ownacondo.com
Realtor
Realtor is the trademark used by the National Association of Realtors and designates that the person who has the Realtor designation has completed the required courses need to obtain a license in the state in which they wish to list and sell real estate and a member of the national organization. Becoming a Realtor is a career choice that is not to be taken lightly and if you are entertaining this career make certain you research all that is needed to be licensed and the costs involved.
Over the past several years most states have revised and updated their requirements to become a Realtor and practice real estate. Today most states require a certain number of hours instruction, passing the required state exam and paying the fees required by the National Association of Realtors, state and local fees. Once you have passed the state test you have just begun the journey on your new career. You must find a sponsoring broker in which to “hang” your license but it does not stop there. Being a Realtor will require you to join a Multiple Listing Service in your area if you want access to properties being sold or properties that you are trying to sell. This service exposes properties listed by real estate agents to their fellow agents and is where most people will look when interested in buying a home or condo.
Being a Realtor is a rewarding career that can take a lot of hard work but the satisfaction that you are in control of your own destiny and income makes it well worth the effort.
Moving
Moving is never easy and most of us hate to do it but for most of the moves we make we are not only moving our possessions but moving forward with our lives. Probably your first experience with moving was when you went to college. Remember how exciting it was to unload the car into your new apartment, meet your roommates and feel that excitement but also the uncertainty of being in a new place with new people. This most likely will be the first of many moves whether it is new job or just a move across town to a home more suited to your needs.
Moving into your first home or condo can be the most exciting move of your life. Moving your possessions is just a small part of making a move. The psychological aspect of moving can be both exciting and somewhat intimidating but it is an indication that you are moving forward with your life, career and maybe even family. We still look at owning our own home as one of the major goals of our lives giving us the satisfaction of a place we can call our own. That sense of satisfaction is what motivates many of us to move forward with life, family and career.
Moving can also mean moving your business as we have recently done. This also involves moving possessions but more importantly it is moving forward with your business life offering many more opportunities and relationships that can mean a step to a more rewarding and successful life.
Real Estate Agent
Are you getting tired of your career and not making the kind of money you know you are worth. It may be time to give some serious thought to becoming a real estate agent. There are a lot advantages to becoming a real estate agent not only for the potential for income but the freedom allowed by “owning your own business”. Most real estate agents are independent contractors who work for a sponsoring broker which means they have much more freedom to set their schedules than working for a traditional type of company. Once you have made the decision to embark on your new career what are the next steps.
The first thing to consider is do you have the skills needed to be successful. The biggest obstacle to succeeding and making those large commissions are clients. To acquire clients you must be a people person who can communicate well and establish the trust needed to help them buy or sell their home. Real estate agents must also be timely and prompt. When you set up an appointment with a client be there on time or before because if you are consistently late you will be losing that trust in which your business depends. You must be dedicated to your new career and be ready to work hard. Real estate agents work long hours and have a commitment to their career that can require sacrifices. To minimize those sacrifices you must be disciplined and an expert at time management or run the risk of your career overtaking your life and the lives of your family.
So, do you have what it takes? Being a real estate agent can be a rewarding career as long as you realize the work and commitment it takes to be successful.
Homeownership
Homeownership has been a part of the American dream for as long there has been an America and the right of owning private property was first discussed by our founding fathers. It matters not only to people who set owning a home as their lifelong goal but to communities as well. Think about these statistics from an article from Houselogic published in February of this year. For every two homes sold, one job is created in the United States and each purchase can generate over $60,000 of economic activity over time.
Homeownership offers many benefits that can affect communities where high percentages of homeowners reside. Educational achievement is higher, homeowners take a more active role in their communities and the overall quality of life tends to be better. Homeownership creates jobs from the local hardware store to the kid who cuts your grass in summer and shovels your walk each winter.
The homeownership debate has been going on for decades but not more so than in recent times. The recent challenges facing the real estate market and mortgage industry have brought the idea of homeownership to the forefront again and the debate over the next few years will heat up even more. Many say homeownership is overrated and we might be better off as a nation of renters but talk with any homeowner and they will tell you the benefits far outweigh any negatives those on the opposing side offer. Homeownership is a part of our heritage, a dream most aspire to realize and last but not least the sense of pride we feel when we can call our home our own.
Government Workers
It is hard not to read the news or watch a news programs without something about government workers and the challenges they are currently facing. At one time or another, we've all complained about trying to provide information or get information from a government agency and the frustrations we feel. One thing we don’t often think of is what their job must be like.
When we think of government workers we often think of them in terms of lazy, not very motivated and just waiting for the day to end so they can punch out and go home. As with any type of job there are people like that and they can be found in every industry. But there are also those workers who are committed to their chosen profession and work hard to satisfy their customer-the general public.
Recently I had the experience of contacting one of our state agencies needing assistance in licensing several individuals for our real estate company. Initially I thought this would be a long, drawn-out process where I would be continually asked for more information and fall down the rabbit hole, never to be heard from again. To my surprise this government worker was pleasant and actually was genuinely interested in helping me. I explained the situation to her and what was needed. She proceeded to offer advice on how to expedite the process with limited documentation, helpful hints on how to properly fill out the required paperwork and where to send it to for processing. As I sat dumbfounded and a little embarrassed about what I was expecting just a few minutes before, she asked if I had any other questions or if she could be of further help, then to top it all off she actually said “thanks for calling and have a nice day." Next time you need assistance from one of our government workers take a different attitude. You might be surprised with the results.
Satisfied Customers
What do customers want? Satisfied customers, no matter what type of business you are in is the key to success. Any business to be successful must stand out offering the best customer service and creating satisfied customers over their competition without regard to price. When your focus is on price and price alone there will always be someone out there who will beat you. Extensive research has been done and customers will put service ahead of price, if given the chance.
Many people in the real estate business believe price is the only motivation when working with buyers. Nothing is further from the truth and the most successful real estate agents who have made their living selling real estate will tell you satisfied customers are what it is all about. Securing customers for the long term is how many businesses survive even in the toughest of economic times. But why do some businesses prosper and others fail? Research shows there are five areas that keeps customers satisfied.
- Knowledgeable and available staff-accurate information when they want it by people who know what they are talking about.
- Friendly people-not only savvy sales people but value each customer more than an individual sale.
- Good value-price is only one component and not the most important.
- Convenience-make it easy!
- Fast finish-once buying decision is made complete the transaction and follow up.
If you give people what they want, the way they want it, follow through with a fast finish, you are much more likely to turn them into satisfied customers and your business will flourish.
Condo Insurance
When looking for condo insurance there are crucial questions to ask to help guide you to the coverage you need. To state the obvious, a condominium is not the same thing as a house. Usually, there is no backyard or basement, and you don’t have to worry about cutting the grass or shoveling the front walk. Condo owners are typically responsible for insuring just a portion of their property on their own. However, rules differ from complex to complex, and it is important to ask the right questions to ensure you have proper insurance coverage.
One you want to look into before buying a condo is what are your ownership and insurance responsibilities in the condo association’s Master Deed? In other words, what does the association expect from you regarding your condo insurance requirements? Individual owners have a collective responsibility for insuring areas of the complex owned in common - building exteriors, hallways, pool area, etc. Individual unit owners typically are responsible for separately insuring everything within the four walls of their unit. The condo association’s master policy, as well as association rules, should spell out clearly which parts of the complex are insured through association dues and which parts are not.
How much is the association deductible? This is an area many condo owners don’t think about. Condo insurance typically includes commercial insurance coverage for the commonly shared building and common areas which usually includes an association deductible. In the event of a natural disaster and the condo complex needs major work the association will tender the claim to their commercial insurer. If there is a deductible it will be assessed to each owner based on their ownership percentage.
Networking
Networking is the foundation of all business development activities from the kid with the lemonade stand on the corner to the largest, most profitable companies in the world. Many people think they know what networking is but few have a good understanding of this most valuable tool. Attending the occasional party or meeting with other parents at the Saturday soccer game isn’t really considered networking if you are serious about using it as a tool to build a business. It’s a start but to really develop your business networking needs to have regular contact with the ultimate purpose of developing more business. It is this sincere and constant effort to help others, anticipating that you will, in turn, be helped that can take your business to the next level.
What does networking involve and why is it important? The simple answer is that it works but there is more to it than that. Networking involves defining possible contacts, determining you purpose and developing a plan of action committing the time and energy necessary to produce results. Quality relationships take time and if done in the right way will get stronger but they have to be maintained with regular contact. Networking works best with people of the same age group or interests. Simply put, people do business with people they like, trust and feel comfortable around. That’s a great place to start but to really make networking work effectively you will also have to go out and establish new relationships while maintaining those you have already established. There can never be too many people to contact and network with if you intend to be successful no matter the business.
Customer Service
You hear a lot today about good customer service but most people will tell you that they don’t often receive it. Customer service can make or break a company and offering promotions or cutting prices does not always bring you what you want. As most successful businesses will tell you, it is the repeat customers that make their business profitable. It is relatively simple, whether you are a retail business or selling real estate. Good customer service is all about bringing your customers back to you and sending them away happy, happy enough so they give your referrals and positive feedback. If you are to be a successful and profitable company you must take the approach that you are offering a service, not just a product. The essence of good customer service is to build a relationship with your customer, a relationship that the customer wants to pursue and continue. How do you form that relationship? It really is quite simple and you only to have to do a few things that will bring you profitable results.
- Don’t make promises you can’t keep. Reliability is the key to any good relationship.
- Listen to your customers. When you don’t pay attention to your customers they will not pay attention to you.
- Handle complaints. Giving a complaint your full attention goes a long way in satisfying your customer.
- Take the extra step. People notice when extra effort is made and will tell other people.
The one thing you can count on regarding good customer service is that it pays off many times over and for many years to come.
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