The change in homeownership markets, post 2008, has transformed many of the traditional real estate agent into transactional agents.
In the past, agents performed multiple tasks pre and post sale.
Before the 2008 market fall, the traditional sale agents would help the new owners become better acquainted with the tasks of home-ownership.
Transactional agents now employed by banks and investor owners often only perform certain contracted tasks.
Once those tasks are completed, the agent's work is done.
Short sales, REO sales, foreclosures are all examples where you may find transactional agents.
In the condominium world, the need for orientation to a new home is heightened.
The new owner not only has the regular tasks of homeownerships such as trash schedules, utility hookups, cable, neighborhood surroundings, etc; but, the owners have the additional workings of condominium association to consider.
Without some form of homeowner orientation, the new owner is left to ask "Who do I call?" The management company has had to help bridge the gaps in communications in this new market.
Help with the appropriate utility company connections, Bylaw copies, trash schedules, even mail box key replacements are all now being fulfilled by the management company's agents.
To help better manage this process, the management company should use this as an opportunity to update address records, billing records, obtain insurance information for homeowner policies, and educate the owner to the association.
Spending time upfront will help to alleviate and bridge issues down the line.
One technique is to create "Welcome Packets" for new owners.
The packets should be both welcoming and informative.
In addition to the utilities, trash schedules and other activities of the association, the package should contain highlights from the community, nearby banks, grocery stores, etc.
Management contact information, payment information, and resources for additional information should also be included in the packet.
Normally, the packet should be kept to a minimum.
We use the format of a welcome page, association page, community page, and resource page in our packets.
Creating the "Welcome Packets" are easy, delivering them though can be a challenge.
Every closing must have a clearance letter from the HOA before closing.
This is the time to inquire about using the settlement agent or the buyer's agent (if there is one) to deliver the packet ahead of time.
The seller's agent may or may not be at closing.
In foreclosures, it is no longer uncommon for the seller's agent to not be in attendance at closing.
In some associations, the HOA are security may have access keys that would allow the HOA to place the packet directly in the home.
This is the second best option for the HOA.
Why the second best option? The owners often have utilities connected prior to or on the same day as closing.
They may not receive the packet in time to be helpful if it is in the unit; thus, delivering before closing is preferred.
Most associations have procedures for parking access, building access, and other association services.
Those accesses can be pre-assigned by the HOA to the new owners; however, this does pose some risk to the association if closing has not occurred at the time of assignment.
We maintain a strict policy that assignment cannot be made until closing has been completed.
This is to protect the other owners and the association from liabilities of issuing non-owner access to sensitive areas.
We do issue pre-assignments without activation.
Once the closing occurs, the owner can provide proof of closing and the management company can complete the activation.
The outcome is that the owner will become educated with the knowledge to transform the condominium into their home.
The management company will be able to build bridges to the owners upfront and reducing the need for management hours in the future.