When selling property within an homeowners association (HOA), nothing paves the way better than when the right person or family buys a home in the right community. On the other hand, a new homeowner who wasn’t told the rules can create a lot of turmoil and conflict that reflects poorly on both the real estate agent and the homeowners association (HOA).
That’s why it’s important for realtors to get the right information for potential buyers. It’s critical for the realtor and potential buyer to work together to make sure that the potential buyer will be happy in the community. In fact, we believe this makes a tremendous difference in the buyer’s happiness, so we’re dedicating our blogs this week to discussing information real estate agents need to sell HOA property.
Today, let’s look at where you can obtain covenants and other HOA governing documents and the importance of finding the right buyer.
Where to Obtain Covenants
When a home in the HOA is placed for sale, the realtor should obtain HOA documents through our website and Home Wise Docs immediately. Resale disclosures, demands, lender questionnaires and association governing documents are all available at HomeWiseDocs.com. You know you have the correct information so that you can inform and answer questions of potential buyers. Better yet, you aren’t caught off-guard when questions arise. Give yourself some time to read through the documents so that you can answer questions quickly and confidently without added research.
Well-Suited Buyer
Real Estate Agents thrive on referrals from past clients and word of mouth. Taking extra time to find a strategic buyer who matches with the association goes a long way in building your reputation and your real estate business. One way to do this is to create a checklist of questions that your clients frequently ask about associations. If an association has uncommon restrictions, make sure that these addressed early on so that your buyer can make an informed decision on looking at the property. Just a little advanced planning goes a long way.
Straight talk at the onset of the sale is key to getting the right person in the right home. By opening the communication channels early in the sales process and having the right information, the real estate agent is better prepared to talk about the goals of the association in addition to rules and assessments. This is a tremendous help in matching the buyer’s desires with the right HOA. Getting the right owner means a happy buyer, a more contented and happier community and the potential for more business referrals for you. It’s a win-win-win situation.
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Wise Property Solutions serves condominium and homeowners associations by addressing their financial, association and facilities management needs. The only certified and licensed community association management firm serving the Mountain South (Virginia, North & South Carolina, Tennessee) with offices in the Tri-Cities and Knoxville.