March 2nd is the Read Across America Day. The National Education Association has sponsored Read Across America Day since 1998, this organization works for the advancement of public education. Today is a perfect marketing opportunity to educate your prospects about the importance of reading all the paperwork that you share with them, including the HOA docs. For more marketing ideas for new construction professionals, check out this Monthly Marketing Calendar.
As sales professionals in new construction developments we often dread the mention of the HOA (Homeowner’s Association) and all the time that it gives new buyers to review the documents and potentially back out of the agreement of sale. Most new construction communities will have an HOA set up that manages the development and it comes with a set of rules and regulations that buyers will have to comply with if they choose to live in that community. It typically comes as a hefty stack of paper that not many buyers choose to read, and this mistake can cause issues down the road for them. It’s your job as a sales professional to educate your potential buyers about the importance of reading the HOA docs, it will show that you care and further reinforce you as an expert and trusted advisor.
You should be familiar with rules and regulations of the HOA, so be sure to read it thoroughly and be able to answer most common questions associated with living in a development such as: number of pets allowed, rules about parking recreational and work related vehicles, restrictions on renting, etc. If you’re knowledgable about the HOA rules it will further build trust and confidence in your expertise in your potential buyers. Ultimately, you should encourage your buyers to read the documents on their own and refer any specific questions to the management company.
You should also be knowledgeable about the fees associated with the HOA, what it covers and does not cover so you set up proper expectations with your prospects. Make sure that you’re familiar with HOA fees of your competitors-they can range wildly depending on the amenities and can be a deal breaker for some people. Be familiar with typical objections about the HOA and know how to overcome these objections.
For example if it’s the monthly price of the HOA, break it down on what that price actually covers and compare it to a price they would pay if they had to either do it themselves or hire a professional in your area. This includes lawn care, open space maintenance, mulching, etc. Talk about the convenience of not having to be responsible for doing or hiring someone to do this and ability to lock the door and travel without worrying about their grass, etc.
If it’s the rules and regulations that they’re against-explain that the rules and regulations are in place to preserve property values for the neighborhood in order to keep the community looking its best. To drive this point home, ask them how they would feel if their neighbor painted their home purple, had clothing lines in the front yard and 5 trucks parked in their driveway at all times? Get the picture? Most people don’t realize the benefits of living in an HOA community and only think about the costs.
So how will you spread the word and educate your prospects on this Read Across America Day? How about taking some funny pictures of yourself under a pile of HOA documents or reading HOA docs in your favorite nook in your model home? Share pictures via email, text and social media giving some pointers on what to pay attention to when reading the docs and highlighting all the benefits of an HOA community. For more marketing ideas for your community this month, check out the Monthly Marketing Calendar for new construction sales professionals.
For additional resources on the topic of HOA, check out an article from NOLO