|Re: Transfer fee when a unit turns over||<– Date –> <– Thread –>|
|From: Sharon Villines (sharonsharonvillines.com)|
|Date: Thu, 1 Apr 2021 06:55:46 -0700 (PDT)|
I told you she was convincing. And she isn’t the one who keeps the list. Imagine how convincing she is! Sharon > On Apr 1, 2021, at 12:44 AM, Ann Zabaldo <zabaldo [at] earthlink.net> wrote: > > Hello all — > > As Sharon has pointed out Takoma Village Cohousing in Washington, DC has a > very robust Resale program. > > I’ve presented on our program at two maybe three CohoUS conferences and via > zoom for one Northeast Cohousing regional conference. There’s no way I can > describe in an email our comprehensive Resale program. It has grown over the > last five years due mostly to one of our team members who is absolutely > amazing at details. She has created a list for every single step in the > process. The more we learn about resales the more targeted the lists become > and sometimes more numerous if needed. The important thing is to get the > right info to the right person at the right time. My neighbor has a well > documented time line for when info needs to get to people to reduce feelings > of overwhelm. > > In cohousing communities, there are always three entities that have an > interest in a resale: the Seller, the Buyer and the Community. > > Our first and primary objective is to identify potential buyers who are > educated and informed about cohousing. > > Our second objective is to affirm the community has an interest in resales > because the new buyer will be buying into our community not just buying a > house. Plus the #1 reason people buy into Takoma Village is for community > not a house. Since “community” is clearly the reason people want to live at > TVC that “selling point” should be acknowledged w/ a share of the proceeds > from the sale. Our homes often sell well above asking, many are all cash no > contingency sales, homes have multiple contracts, many sell in 3 days or > fewer (less? I’m having a grammar meltdown…) > > Here are the skeletal details: > > We meet w/ the Sellers/Homeowners as soon as possible to go over the resale > process. We block out the dates for the whole process. We go over what > support the Resale team can give and what work the Seller/Homeowner must do. > At that meeting we specifically ask for a donation of 3% to be made to the > community since we will be mitigating the 6% real estate commission. > > We have a For Sale By Owner (FSBO) program that allows owners to sell the > home themselves, capturing the 6% commission a Real Estate company would > charge. > > We provide the Seller w/ resources to learn about FSBOs. > > As we are a condominium there are certain rules or milestones that must be > met for resales which can be challenging. We smooth that process for Sellers. > > We provide templates for the process itself and templates for marketing tools > such as a flyer. > > We provide outreach and education resources such as the quarterly tours to > keep a healthy, active pool of potential buyers. > > We keep a notification list of all people who wish to be notified of a > resale. > > We have a notification strategy for alerting potential buyers including a > regional Meetup group w/ about 1550 members, trading notification lists w/ > other cohousing communities in the region, posting to neighborhood lists, > postings to TVC member’s organizations such as churches, schul, schools, etc. > > We have a suggested path for buyers which you will find on our website. > > https://www.takomavillage.org/page/39042~755756/guide-for-prospective-residents > > We track the participation of potential buyers so that when they wish to buy > we can let the home owner and the Board and community know what activities > the home buyer has participated in to avoid the new buyer being surprised > that we have expectations around workshare and participation. > > After the contract is signed we continue to support the home seller and home > buyer through settlement when the keys exchange hands. After that milestone, > the Orientation POD takes over w/ an equally comprehensive program designed > to create a smooth transition for the seller and buyer. The Orientation POD > coordinates move out and move in dates, getting people on line w/ our > intranet, helping the new owner(s) w/ whatever they need to get settled. > > Regarding the donation of 3% ... First, the donation is voluntary. Some > people do not donate at all. Most donate around 1-1.50% While we still ask > for 3% we are grateful for any donation to the community. But if no > contribution is made it’s very important to remember that our first objective > is we want are new neighbors who are well educated about cohousing — people > who will take up living in cohousing. And, no surprises for anyone! As > Sharon mentioned, we have received more that > > It’s very satisfying to see the number of communities that have adopted some > or all of our process. And, there are some communities who have come to a > similar process on their own …some predating ours. This says to me we’re on > the right track w/ this resale process. > > One more thing … I wouldn’t rule out Real Estate professionals completely. > Several of our new homeowners have used agents to help them craft an offer, > find financing or to see them through settlement. Buyers Agents are always > welcome but in general the buyer pays the fee to the agent not the seller. > So … since there may be a role for Agents suggest you do as we have done at > TVC and find one or two agents you work with to make sure they represent > cohousing accurately. We were fortunate to identify one who is a relative of > one of our members. He works on an hourly basis not a fixed cost or a > percentage of the sale. > > This is the short version. I hope this helps. :-) > > Best -- > > Ann Zabaldo > Takoma Village Cohousing > Washington, DC > Member, Board of Directors > Mid Atlantic Cohousing > Principal, Cohousing Collaborative, LLC > Falls Church, VA > 202.546.4654 > > Do you ever get up in the morning, look at yourself in the mirror and think … > “That can’t be accurate.” > > NOTE: I am switching back to: zabaldo [at] earthlink.net. Many apologies! > > > > > >> On Mar 31, 2021, at 8:01 PM, Sharon Villines via Cohousing-L <cohousing-l >> [at] cohousing.org> wrote: >> >> We’ve had no success using realtors. People have tried it but the people >> they bring aren’t interested. And just doing tours 3-4 times a year and >> keeping a notification list seems to do it. Units sell quickly. During the >> recession, they didn’t but when I looked at the vacancy rate in the >> neighborhood, ours was the same as theirs. >> >> I think people would donate because Alicia and Ann are very persuasive. And >> have no doubts that this is what people should do. It communicates. >> >> Sharon >> >>> On Mar 31, 2021, at 7:36 PM, Patricia Lautner <lautnerp [at] gmail.com> >>> wrote: >>> >>> Thanks very much for this information. >>> >>> Some of us were worried that if it was voluntary, people wouldn’t make the >>> payment. But at Takoma Village, that’s not really the case is it? Sometimes >>> our sellers do use a realtor but we have a deal with two local realtors who >>> work in conjunction with the community on open houses etc., and only charge >>> the seller 3% because members do a lot of the work. If that were the case >>> at your community, do you think your sellers would still make a >>> contribution? >>> >>> On Wed, Mar 31, 2021 at 6:40 PM Sharon Villines via Cohousing-L < >>> cohousing-l [at] cohousing.org> wrote: >>> >>>>> On Mar 30, 2021, at 9:56 PM, Patricia Lautner <lautnerp [at] gmail.com> >>>> wrote: >>>>> >>>>> Do any of the communities on this list have either a transfer fee written >>>>> into your condo docs where a seller is obligated to pay back to >>>>> the community a percentage of the sale price when they leave the >>>> community, >>>>> or have a gifting culture where a large gift gets made when a cohousing >>>>> unit sells? >>>> >>>> Our resales and rental pod organized themselves in 2013-14 when it became >>>> clear that a number of units would be turning over in the next year or so. >>>> They designed a schedule of tours and orientations so we have a list of >>>> waiting people who have been oriented at a basic level. >>>> >>>> As part of that process, they explain to the owners that the work they do >>>> would cost them 7% of the sales price if they had to hire a real estate >>>> agent. since that amount on selling units would be in range >>>> $28,000-$38,000. As a result everyone (I think maybe one didn’t) has given >>>> several thousand dollars to the special projects fund $5,000-$15,000. >>>> >>>> Over the last 6 years that has added up to $100,000+, so we actually have >>>> a capital improvements and special projects fund. >>>> >>>> The donation is very nice and helps with the feelings of loss when people >>>> leave — we feel appreciated not just abandoned. And it is a recognition >>>> that the amount they received in exchange for their unit resulted from the >>>> work of all of us. The improvements we have made and the financial >>>> stability of the community is the work of everyone. And integrating new >>>> owners is a lot of work that is left for us to do. >>>> >>>> We were not able to even get a discussion on establishing Transfer Fee >>>> Policy of 1% or 2%. >>>> >>>> Sharon >>>> ---- >>>> Sharon Villines >>>> Takoma Village Cohousing, Washington DC >>>> http://www.takomavillage.org >>>> >>>> >>>> >>>> >>>> _________________________________________________________________ >>>> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >>>> http://L.cohousing.org/info >>>> >>>> >>>> >>>> >>> _________________________________________________________________ >>> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >>> http://L.cohousing.org/info >>> >>> >>> >> >> _________________________________________________________________ >> Cohousing-L mailing list -- Unsubscribe, archives and other info at: >> http://L.cohousing.org/info >> >> >> > > _________________________________________________________________ > Cohousing-L mailing list -- Unsubscribe, archives and other info at: > http://L.cohousing.org/info > > >
- Re: Transfer fee when a unit turns over, (continued)
- Re: Transfer fee when a unit turns over Kathleen Nolan, March 31 2021
- Re: Transfer fee when a unit turns over Patricia Lautner, March 31 2021
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