Chicago, IL (PRWEB) October 15, 2012
Typically speaking, a homeowner’s or condominium and cooperative association exists for one basic purpose: To preserve property values within the community. The task of the association, in other words, is to ensure that homeowners do not experience dramatic decreases in their investment value. According to a recent Chicago Tribune article, however, a condominium or cooperative association is not just tasked with keeping property values from falling. The association and its policies can actually have a dramatic effect on these property values, causing them to either rise or to plummet. This finding has won a comment from Kane Property Management, one of Chicago’s leading property management companies.
The Tribune article notes that, when looking at condos, the average buyer does not only look at the physical premises or even the location, but also to the policies of the association. As such, it is not only important for the seller to make a strong impression with the condo, but also for the association to make a strong impression. Associations that have steep or unfair fees or inflexible policies can often attract low-ball offers, the article warns. In some cases, these associations repel buyers altogether.
The article has attracted the attention of Kane Property Management. The company has responded with a statement to the press, in which long-time property management veteran Dennis R. Kane offers his commentary. “This article is right to suggest that the association has an active, not just passive, role in preserving property values,” says Kane. “I have seen plenty of instances of associations and management companies essentially turning buyers away.”
The Chicago Tribune article notes that associations can take proactive measures to appear more attractive to potential buyers. One suggestion it offers is for associations to ensure that they obtain FHA approval. “An association must apply for its condo units to be eligible for FHA financing assistance, but many of them do not do this, or they allow their approvals to expire,” remarks Kane. “This can lead to a lot of missed opportunities for potential residents.”
The article also recommends that associations take pride in maintaining beautiful common areas. “When a homeowner or a condo or cooperative occupant is seeking to sell, he or she probably puts a lot of work into cleaning and beautifying the property,” says the Kane Property Management owner. “The association should take a similar attitude toward the common areas, which can really be effective in creating a strong first impression among potential occupants.”
Kane Property Management extends its services to condominium and cooperative associations throughout the greater Chicago area.
Kane Property Management is devoted to providing professional and cost-effective services to meet the needs of condominium, cooperative and town home associations throughout the greater Chicago area. With more than three decades of experience in property management, Dennis R. Kane, President and Owner of Kane Property Management, strives to assist clients in achieving excellent day-to-day performance and planning that will ensure the enjoyment and security of each residence, and preserve and enhance the investment value of the property.