CAI-NJ May 2018 (w)

LOOKING AHEAD LARRY THOMAS, PCAM | CAI-NJ CHAPTER EXECUTIVE DIRECTOR

“K eeping your community competitive” is the theme of this month’s community trends. As the real estate market is kicking back up and according to recent statistics, 70% of all new construction in New Jersey is either a condominium or homeowner association. It’s more important than ever that your association does all it can do to make your community as attractive and mar- ketable as possible. There are several ways to make sure potential home purchasers strongly consider buying a home in your community. Here are a few suggestions that will give you the edge to prospective homebuyers: 1. Take a survey of new homeowners to see why they choose to live in your community. It can be a simple 5 question poll and ask them to rate what were the rea- sons they chose to live in your community. Was it loca- tion, proximity to family/ work, cost, amenities, social opportunities (clubs, entertainment, sports, etc.) attrac- tiveness of community, financial health, pets. Create a summary based on your community’s survey results and share them with your local realtors. 2. It’s commonly known that the real estate inventory drives the value of resales, especially in common interest communities. The quicker homes turnover, the market value increases for all of the homes in your association. Have an “Open House”. Invite all the local realtors to tour your community. Prepare a one-page handout highlighting what sets your community apart. Include some statistics and history that the realtor can share with their clients. I would include a snapshot of the financial status along with a history of the monthly association

fees. Include any highlights that will pop out to future homebuyers, a golf course, restaurant, swimming pools, etc. These are all amenities that can persuade a buyer to purchase. If you have a golf course, inform your realtors that if they have clients looking for a golf course community that they can play a free round to get a feel for the course.

“It’s commonly known that the real estate inventory drives the value of resales, especially in common interest communities.”

3. You have one opportunity to make a first impression. Make sure all of the highly visible areas are in pristine condition. Seasonal flowers and well-manicured shrubs and vegetation go a long way, as well as freshly updat- ed signage and entrances. These are just a few ideas to keep your community ahead of the curve. I’d even suggest setting up a small commit- tee or group to work with realtors to make sure they are welcome and you appreciate them showing the available homes in your community. Again, the best way to increase the value of your home is to minimize the amount of homes for sale and the amount of time they sit on the market. n

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