Sunday, October 28, 2012
Do developers give thought to long-term governance in the communities they build?
-Do not create a budget with artificially low amounts to entice purchasers. Your customers certainly want to make an informed purchase decision and you deny them this right when they are unaware of the costs it takes to really provide the common area services you deliver while you are still building homes.
-Take out your calculator when creating your documents to ensure that the percentages of ownership actually add up to 100%. One of the most egregious cases of developer error I've seen was in a large condominium where the percentages of ownership did not add up to 100% and were inconsistent with the surveys attached to the declaration.
-Create a real sense of community from the beginning. Rather than just highlighting your sales office, set up a Welcome Committee that is run by the residents and has nothing to do with your remaining sales. Hold regular meetings and set the tone for inclusion and transparency.
The economic woes over the last few years have given developers ample free time to consider new ways of creating planned communities that will support long-term enjoyment by the residents. It all starts with a plan that makes sense for those who live in the community and not just those who buy.