One measure of a condominium corporation's success is how easy it is for homeowners to sell. If condo fees are reasonable, the reserve fund is adequate, the property looks good and political peace reigns within, owners will find ready buyers and obtain top dollar when the day comes to sell and move. In fact, an owner might even have cause for legal action against the corporation if management is poor to the point of making sale difficult, or results in a lower sale price than would have been possible.
In rare cases, condo Boards look at only one thing, that being the lowest-possible condo fees each month. But if maintenance is lacking, fees might need to rise, and there are market-average fee levels that should be a floor, as well as a ceiling. If more money is needed than reasonable fees can provide, it's likely that a one-time special assessment is necessary to catch up on improvements and postponed maintenance.
In short, it's better to pay at least market-average fees so that proper maintenance can be funded. As well, it's better to do a one-time special assessment to fund a shortfall, than to double the condo fees and make everyone's home impossible to sell until fees return to normal. Boards should keep in mind that at any given time some homeowners are about to sell, and it's the Board's job in part to make that easy.
If you're stuck with a condo home in a development with an issue that the Board can't or won't resolve, you'll need some extra help in your sales process. There are innovative marketing measures that can counter condominium management issues to smooth your way to a sale that otherwise won't come, or come at a price that's fair to you. These steps need to be fair to buyers, as well, because the last thing you need is disappointed buyers calling their lawyer after possession day.
Even with no such issues, or with those issues addressed by an experienced condo-specialist Realtor, your condo home will sell more quickly and perhaps for a better price if it's marketed properly. Your Realtor should be posting numerous wide-angle-lense photos on the comprehensive MLS, on the MLS.ca marketing web site, and on his own well-known condominium web site. Feature sheets should be in colour, and text should be grammatically correct and checked for spelling (for example "amenities" has one only one m). Your Realtor should obtain the condo documents you don't already have, rather than making it your job.
If your condo Board and your Realtor do their jobs, selling your home should be easy.
Calgary Condominium Directory
