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Beware of online real estate scams

Source: Courant Homfinder

Technology has made a lot of things easier and faster, but not always better or safer – beware of fraudulent real estate listings that reuse photos and property information available online.

When a seller lists his property for sale with a real estate company, the broker submits the listing information to the Multiple Listing Service (MLS).  The upside to this technology is that the information is immediately available to every other agent who is a member of that MLS.

 

Another elegant aspect of today’s  technology is that someone in Idaho, Nebraska or China, for example, can search for properties in Connecticut or any other state by looking at online real estate websites such as Realtor.com and Zillow.com.  The information is available because many MLSs have agreements with these sites to feed them listings since sellers want maximum exposure for their properties.

Fast and easy is good, but there is a downside to real estate listings being broadcast all over the planet – listings agents have no control over the information once it has left the MLS.  Those folks who are not real estate licensees, but who are technologically adept (and have bad intentions) can take listing information and modify it so that a property listed for sale on one site can become a property for rent on another.

A homeowner in northwestern Connecticut who had recently listed his property for sale with a real estate broker answered a knock at his door and found a couple asking to tour his home.  They had seen his house online and were interested in it.  The owner let them in, and as the couple was leaving,  they made an offer to rent his property. “Rent?”  The owner responded by saying that his property was not for rent, it was for sale.  The couple said they had seen the property somewhere online for rent. Apparently, a skillful hacker had taken the “for sale” listing and refashioned it as “for rent”.

Technology has also created a dilemma for real estate agents in that they have no control over who is looking at the listing once it’s “out there”.  Many listings include interior pictures or a video tout of the home that shows not only the floor plan, but the silver candlesticks, artwork and children’s names on their bedroom walls.  The possibility exists that some people viewing the listing may not be bona fide purchasers, so while internet exposure can be good, limited personal information is wise.

The technological downside doesn’t affect just sellers, it can also impact tenants.  Here’s a recent story:  A couple wanting to rent a shoreline property contacted the listing agent in an online posting.  The couple paid the agent the first month’s rent and security deposit in cash.  They went to “their” property only to find that the home had a family living in it and that it never had been listed for rent or sale.  The “listing agent” had gathered information on this home from online sources, created an ad and posted as the listing agent.  By the time the couple realized they had been scammed,, the “agent” was nowhere to be found.  In this case, technology made this transaction fast and east for the crook, but not better or safe for the tenant.

Judith I. Johansen is Assistant Counsel for the Connecticut Association of Realtors®, Inc..

 

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The Board/Management Relationship – A Joint Effort

Source: By Hannah Fons, Manning Krull, Article Options www.NewEnglandCondo.com

ImageUnless they’re self-managed, most urban residential buildings employ

professional property managers to handle their books, bid out repair

jobs, hire contractors and deal with the day-to-day administrative

functions that few unit owners or trustees have the time (or desire) to

handle themselves. The property manager is a key player in a condo

building or HOA’s day-to-day functioning.

So how do managers and boards of trustees work together for the benefit of their building communities? As with most such relationships, it depends on the manager, the building and the expectations each has for the other. By clearly communicating roles, concerns and expectations, the management /trustee relationship can be a rewarding, functional partnership.

Put It in Writing

Every building community is different—and while certain aspects of running them are similar, there are bound to be points at which buildings differ. A good manager will adapt his or her approach to each building in his or her portfolio and find out exactly how that community wants to do things.

“Some boards like to be told every little thing,” says Mark Weisman, president of Boston’s Brownstone Real Estate, “and some don’t. Sometimes, a board will say, ‘Don’t call us unless the bill is over $500.’ Some don’t want to do anything themselves. They may not even want to take their trash out—they want us to pay the bills and keep the place clean and just send them a bill every month.”

Whatever your building’s preferences and expectations, it’s impossible for anybody to carry them out if they don’t know what those preferences and expectations are in the first place. To ensure that everybody’s on the same page, it’s wise to articulate expectations clearly and then commit them to print. In other words, put it in writing.

For example, if your trustees feel that the manager should be on-site at least one day a week to deal with building business, meet with residents and staff, and inspect the property, while the manager feels that one day every other week is adequate, clearly there will be friction unless a compromise is met. By clearly stating your expectations to your manager, then allowing them to explain their own obligations and concerns to you, working through to a mutually agreeable solution and then putting that solution in writing, the potential for misunderstanding is greatly reduced.

It’s also important to have things in writing for the benefit of non-trustee residents. If a tear sheet or informational memo is available outlining exactly when management will be on-site, whom to contact in case of an emergency and the schedules for things like trash collection and snow removal, residents will more likely adhere to house rules and regulations. Better still, they may be less likely to complain about lack of communication from trustees/management.

Another benefit of spelling out roles and expectations is that your trustees will have a ready-made checklist against which to compare your management company’s performance. Should your building ever opt to change companies, you won’t have to reinvent the wheel with the new managers. You can simply present them with a copy, so everyone understands what’s expected and there are no surprises for either party.

Reaching a joint agreement about what your building wants in a manager—and what your property manager can reasonably provide—is one of the most important elements of the trustee/manager relationship. With clearly defined expectations, both sides of the relationship can know where they stand and have a good idea of whether or not the relationship itself is working.

Your Manager Works for You

It’s sometimes easy for a group of trustees to forget that their building’s manager is really their employee—and that they, the board, are the ones charged with making the final decisions about how to run the building. Given that most trustees are volunteers, and not professionals in the real estate industry, informed input from the management is vital—but it’s just that: input. The trustees have the final word in the decisions that affect the building community.

To that end, boards and managers must both commit to an agenda for meetings—and an action plan for afterwards—and to do their part to carry out that action plan once the meeting adjourns. That means establishing deadlines for specific tasks, delegating responsibilities fairly and practically and following up to make sure everything that needs doing has been done.

When it comes to handling problems and complaints within the building, trustees and managers must determine who will receive complaints and how they will then be acted upon. Whether it’s a complaint committee, a phone hotline, or simply a designated go-to person for managing hot-button issues, the important thing is to establish a system and adhere to it consistently.

“I like to get an e-mail list going,” says Weisman, “so I can get in touch with everybody all at once. I know who the owners are, the tenants, the mortgagees.”

“You need to be on top of everything,” agrees Ed Lyon, owner of Preservation Properties in Newton. “As a manager, you need to set the pace for the agenda. You need to be one or two steps ahead of the trustees, the tenants and the boards.”

A good manager with years of experience can be invaluable when it comes to this part of building administration by divvying up assignments and helping individual trustees take on only as much as they can reasonably accomplish in the given span of time. It’s also up to the manager to check in periodically with committee members and other trustees to make sure the projects and initiatives decided upon at the meeting are coming along on schedule. While managers are working for their boards and buildings, it’s their experience and cumulative wisdom that enables even the greenest trustees to hit the ground running and conduct their community business smoothly.

For questions, quotes, information about Condominium Property Management in Connecticut, feel free to call

 Alan Barberino Real Estate, LLC at 203-265-7534 or visit our web site at www.BarberinoRealEstate.com

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