In this Manhattan buyers’ market, buyers are more selective than ever when choosing the apartment and the building where they want to live. I tell sellers how critical it is for them to make repairs beforehand, to stage their apartments and most importantly to price them right.
But these days it is just as important for your building to stand out from the competition. Sales of individual apartments really matter. Slow sales and falling prices can’t hurt a building’s financial health and apartment values. One way some buildings are solving this is problem is voting for flip taxes or raising them. Here is a list of buyer turnoffs and how to solve them.
1. High monthly charges: If there are 2 apts priced the same and both have high monthly fees but one has a doorman and one has a pastime doorman which will the buyer choose? Of course buyers want a doorman or a gym but not high monthlies. In condos the high monthlies can be offset with imposing subletting fees. Your building manager & board should be focused on cost savings to keep monthlies charges in line.
2.Paperwork problems!: Tough board packages can turn off buyers. Boards should be more
open to qualified buyers. They should be more flexible in reviewing applications and
allowing trusts and perhaps have a less strict subletting policy.
3. Buildings poorer appearance: Neglected landscaping causes bad curb appeal. Dusty old furniture and poor lighting. New furniture , better lighting solve this . When a building looks better a buyer has a “feel good “ connection.
Share this information with your board members. Let them know how important it is that your building compete well in this buyers’ market.