I am a tad- “put out” as they say.
My client is trying to buy a condominium in Glendale and we are having an astounding experience with the “professional” management company.
Here’s the problem. Management Companies (in general) seem to hate producing the documents needed for a buyer to research the Homeowners Association. They drag their feet, they charge huge fees and I have had many conversations filled with truly bad attitude in the attempt to get these documents for my buyers. This is not one Management Company. As far as I can tell it is most of them.
When the market was hot the buyers just put up with this bad behavior. In today’s market, however, buyers are nervous and a lack of timely information just might be enough for them to bail.
Shouldn’t a Management Company do a better job of helping the homeowners of the building sell for (presumably) top dollar?
And this leads to the spark for this particular rant.
My client wants this unit. The building needs to obtain a special certification (FHA) in order for him to buy it. If the building gets this certification it becomes more desirable because this certification is rare in Glendale.
Here’s how my conversation with the Management Company went:
Me: Hi, I am following up on the paperwork needed to get the FHA certification completed. We’ve been waiting 2 weeks and we really need to get this turned in. Can you help me?
Management: We asked the HOA secretary to sign it. There is nothing more we can do.
Me: I heard the secretary is on vacation and any HOA officer will do. Can you find someone else to sign this?
Me: No? I don’t understand. If we don’t get this certificate the sale will fall through. My buyer is paying top dollar and this sale will raise the values for everyone.
Management: No condo association wants FHA buyers.
Me: I am sorry, what? You assume all FHA buyers are bad?
Management: They are low quality people who always bring everything down. I told you I’ve done everything I can do. Good Bye.
To say I was astounded is too light. Clearly this is one angry, uneducated and slightly delusional employee. She really needs a different job- cleaning out sewers sounds appropriate. However, the senior manager and the owner of the company, while saying much nicer words, were no better. It took nearly three additional weeks to get a signature and one 5 question document completed. The homeowner had to go to the Management Companies office and physically get in someone’s face.
I believe small Homeowner Associations are completely unaware of how much a Management Company can affect their resale value. Perhaps they chose a Management Company based on price- cheapest wins. Maybe it is on relationship with no thought to quality.
Whatever the criteria was, I am telling you all, now. Buyers are sophisticated. They expect full disclosure in a timely manner or they will pull out and buy somewhere else. Expect better service from your Management Companies. I’ve seen your budgets- you are paying good money to these companies and there is no excuse for they way they hold your transactions hostage.