Condo buyers in todays’ market are a mix of first time home buyers with small families, single millennial’s, and empty nesters. This diversity is resulting in condo buyers’ questions being a mix of old and new. For Houston property managers, Hurricane Harvey is also affecting questions during showings. Here’s a list of 10 questions you’re likely to encounter and a possible response.
Top 10 Questions to Condo Property Managers
- Did this property flood? Was it affected by Harvey? This is an easy question, it’s fairly black and white. Yes, we had flooding or no we didn’t. If you had flooding, be prepared to answer what level and how it was handled by the condo association. Be upfront about a unit that was damaged and provide proof of mold remediation and warranties.
- What type of insurance does your property carry? Condo buyer’s may want to see proof of coverage and limits. Understand your landlord insurance policy , what it covers and what it doesn’t.
- Are there mandatory types of insurance required by the association board? The answer can be found in the CRRs. Educate buyers on what insurance they are required to purchase. Let them know it is recommended they talk with a licensed insurance agent for optional coverage.
- Are we allowed to AirBNB our condo? This question is becoming more popular, as AirBNB, HomeAway and other sites are still relatively new. Not all condo properties allow short term rentals such as AirBNB. Most condo buyers won’t know what short term rental means, so educate them in the lease agreement.
- Do you have discount condos available? The term “discount condos” is defined by context. Discount condos can mean condos that flooded, selling at a discount in lieu of repair. In the rental market, this could be referring to Section 8 units or condos rented at a lower rate due to seasonal shifts. Answer accordingly.
- Does this unit have hurricane proof windows? In a showing, highlight the thick walls and protections against excess flooding and wind. Not sure, check with your maintenance man or management company to find out the age and certification of windows.
- What is the management team like? This is a common condo buyers’ question, buyers want a responsive management company who will protect their investment.
- Who makes the rules and what are they? The same reason people love a management company is the same reason they hate them; management companies propose the rules and enforce them in many cases. This is the preferred method vs. a condo association board handling the issue, but that’s a whole other article.
- Is there storage space available? Not only do millennial’s like their toys, but so do the empty nesters. Highlight the bike racks, storage lockers, garage options and other amenities around storage.
- Does this community have a reserve fund and reserve fund study? Todays’ buyers are educated, they want to know if their investment is being protected and they don’t want to get hit with assessment after assessment.
Kind of like a marriage, condo buyers’ questions are a mix of something old and something new depending on their perspective. Need information on what you should do? Start with your management association. Don’t have one? Now may be the time to consider a change. Contact RISE (713) 936-9200 or [email protected]. RISE sets the standard when it comes to Houston high rise association management.