Condos: Interview the Property Manager

By
Real Estate Agent with Downing-Frye Realty Inc BK3333077

I do a decent amount of condo business here in Naples, FL and here's why I think buyers agents should always interview the property manager before the buyer commits to purchase. Of course, this is in addition to reviewing the condo docs. 

I prefer to conduct the interview in person and with my buyers present but for out-of-town buyers, a conference call may be necessary.

Property managers definitely try not to say anything negative about the building so asking the right questions and then reading between the lines is key.

For example, I asked a manager "what can you tell me about the building?" and they told me they were replacing some of the windows and that this is a perk to the buyer. I asked why they are replacing them and they said some of the residents have had issues. I asked if they were going to do all of the windows and they said eventually but it's not in the budget right now. I asked if a special assessment is on the horizon and they said it's a possibility and it would go to vote. Here's my takeaway:

•The building's windows all need to be replaced and they don't have the money in the budget.

•It may take years before they can replace all the windows and who knows what damage is caused by having faulty windows for that amount of time.

The building is quite large and has lots and lots of glass so this is literally going to cost millions of dollars. I got all this information from a few simple questions and this helped me earn the trust of my buyers because they realized how valuable this information is. They ended up not buying into this building and bought in a nearby development that didn't have this problem. 

In closing just because a building manager has a duty to its residents to represent the building in the best possible light doesn't mean it's not worth interviewing them. It's just a matter of asking the right questions and then listening carefully.

Here is a link to my Naples Highrise Condos page for anybody who is interested in viewing available condos.


https://www.naplesarearealestate.com/naples/condos-highrise/

Sean Lorch; "Relationships Matter"
15 plus years realtor experience
9 years appraisal experience
Voice/text 239.298.6760
Downing-Frye Realty Naples, FL 

Comments (10)

Eric Bouler
Gardner Realtors, Licensed in La. - New Orleans, LA
Listening to your Needs

I joined you. You can join me also. You have a nice blog. My recent blog has a lot of photos....Go join me.....Eric Bouler

Aug 25, 2022 12:28 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

My friend wants told me about the concept of an informational interview this seems to be the same concept or similar

Aug 25, 2022 12:33 PM
Steve and Eleanor Thorne
Advantage Lending, NMLS 60596 - Clayton, NC
Mortgage Loan Johnston County

It's also a good idea to speak with a Lender - because getting Condos approved right now is taking some time...

Aug 25, 2022 01:50 PM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Great information.  Thanks for sharing and have a wonderful day! bill

Aug 25, 2022 02:13 PM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Sean - proper due diligence is important in real estate.  And local practices and customs likely come into play in different parts of the country.  Congratulations on your first ActiveRain post.  Perhaps in future blog posts you can let us know more about Naples Florida area condo representation.  Good luck in your business and as you discover the AR community.  

Aug 26, 2022 05:25 AM
Matthew Klinowski, PA
Downing Frye Realty - Naples, FL
Naples Golf Guy | Find Your Dream Lifestyle

Welcome to ActiveRain and congrats on your first post!

Aug 26, 2022 04:59 PM
John Pusa
Glendale, CA

Welcome to the ActiveRain community. Congratulations on your first post.

Aug 27, 2022 02:55 PM
Peter Mohylsky, Beach Expert
PMI. Destin - Miramar Beach, FL
Call me at 850-517-7098

Information is key and going to the source is always the best way to get that information

Sep 11, 2022 05:33 AM
Eileen Burns 954.483.3912
Trans State Commercial Realty Inc. - Fort Lauderdale, FL
FLorida Real Estate Connector

Sean Lorch welcome to Active Rain!  Wonderful first post.  How did you hear about us and what prompted you to join?😎

Sep 11, 2022 05:43 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Sean Lorch welcome to ActiveRain, and congratulations on successfully posting your first blog on this site.

Sep 18, 2022 02:41 PM