5 Unusual Ways to Boost Your Condominiumís Value in the Minneapolis and St. Paul Area

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Condo Living

Condo buyers are making a decision to live in a community and it’s important to not forget about the overall experience someone may have when they consider buying your home. You’ve probably put in countless hours scrubbing your floors, shining up your kitchen cabinets, polishing the stainless steel and doing whatever it takes to make your place sparkle. All that hard work is definitely important and there is truly no substitute for a little elbow grease, however there may be other factors coming into play that can have a negative impact on the sale of your home.

  1. Ditch the “For Sale” signs! This is not a problem for most of St. Paul and Minneapolis Condominiums however I do come across this issue far too often.  Getting rid of your “For Sale” signs sounds counter-intuitive but let me explain. When a buyer walks up to a building and there are 4 different real estate signs squeezed into a 10’ x 10’ front yard it puts off a vibe that everybody wants out. A buyer doesn’t see 4 opportunities to buy they just see one big trend to abandon ship! Most condominium association documents actually prohibit the use of real estate signs but many communities don’t enforce it or perhaps even realize it’s in their rules.
  2. Lockbox Overload – Lockboxes can have a similar effect as the cascading “For Sale” signs. Developers overlooked this detail in countless buildings leaving Realtors in limbo to come up with a solution for themselves. Understandably, the developers weren’t thinking about reselling their inventory and having the need for multiple lockboxes but a little planning could have prevented an unsightly first impression. Some gorgeous building vestibules resemble that of a Christmas tree adorned with lockbox ornaments hanging from every handle, hook, bar, electric wire and so forth. Find a discrete location to put an appropriately sized bar fastened securely to the building, or if there’s nowhere to hide, buy or build an attractive cabinet to house the lockboxes – it may cost a little bit of money but trust me, it’s worth it.
  3. Say it Loud and Proud – Nobody knows the joys of living in your community better than you do. Initiate a project with your board or take it upon yourself to prepare a brochure that highlights all of the reasons why someone would love living in your community. It will help set a good impression with prospective buyers and can help others uncover more gems from within. Put the brochures in your lobby and distribute them to Realtors promoting properties within your building. Another great and effective way to get the good word out about your community is to enhance your building’s directory profile on our web site. We encourage active condo owners to send us photos of your community and write content that can only come from within. Most buyer’s these days on are the internet and Minnesota’s #1 condo web site is a great place to be found.
  4. Help Your Neighbors Avoid Foreclosure – I’m not suggesting you start paying your neighbor's mortgage unless you really want to, but I am suggesting having some flexibility when the situation calls for it. We are amidst strange economic times and association boards have a choice to lead with an iron fist or a bit of compassion. Generally the easiest way for someone to avoid foreclosure is to rent out their condo. The difficult situation many people face when in this situation is that the association sets the rental rules and the resident is not allowed to rent out their home for one reason or another. When life happens to one of your neighbors, whether they lose a job, medical bills pile up, or whatever else the case may be consider making an exception to the rental rules and allow them to lease their home. Deal with it on a case by case basis but keep in mind that you are not only helping them out you are also helping keep the property values up for all residents.
  5. Get FHA Approved – If it wouldn’t have been so visually unappealing, I would have written this in a 40 point typeface with big bold flashing letters. This is something you've probably never considered doing with your free time but if you’re looking for a way to skyrocket past the competition look no further. If your Twin Cities condominium is not FHA approved or don’t even know feel free to give me a call. I can help you through this process. Look out for my next blog post completely dedicated to the importance of this issue.

So there you have it! Now it’s time to rally up the troops and pull together to really make your building shine like the star it is. Thanks for taking the time to read this and if you need any assistance with getting top dollar for your St. Paul or Minneapolis Condominium just give me a call at 612-616-3058 - I’d love to help!

Date: Tuesday, April, 7th 2009 @ 03:07:48 PM
Views: 3222

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