50 Ways to Riches in Real Estate
#21 - Homeowners Associations / Neighborhood Associations:
Homeowner Associations (HOA's) can be a resource. HOA's are formed by a developer and pertain to a specific subdivision, plat, or project. They generally provide a framework for development. All homeowners in the area are compelled to follow codes, covenants, and restrictions (CC&R's) that govern the project. These HOA's often have newsletters that you can place a business card sized ad in for a small fee. They also often have bulletin boards. Though sometimes maligned, these are usually professional folks working very hard to maintain a standard dictated by the development and community that they often also live in.
Meet the folks that manage the HOA's in your market area. Wear your name tag. Ask them about the neighborhood they serve and it's CC&R's. Ask them about the dues and services provided. Ask them about the conflict resolution process. Ask them about any recent conflicts and how they were resolved. Ask them about the development and its future plans.
These folks are more than happy to chat about these things, as a clear understanding of the CC&R's of an HOA is critical to a good relationship between the property owner and the HOA. They will appreciate you taking the time to learn these things and let them know that you are working to make their job easier. Now that you know many of these things, you can pass this along to customers of your that may, or may not, be interested in this type of arrangement and how it works. Let them know you understand this arrangement isn't for everyone.
It is also true that the folks that work at HOA's have a good line on who will be selling soon. A good relationship with them could land you a referral.
Neighborhood Associations are also a great resource for making contacts and spreading your brand. Here, you usually have several options. Neighborhood Associations can include crime watch or neighborhood watch volunteer opportunities, sometimes they are formed for political reasons to represent a group of folks in a specific area with specific needs. Most municipalities have some sort of registration process that a Neighborhood Association can take to establish a legitimacy. This usually means the City will keep them informed of things that impact their area, zoning changes, construction projects, etc.
You can join or volunteer or sponsor these types of organization. If it is in your neighborhood, it is a great way to meet those neighbors that are too far away for pie. It is also a great way to spread your real estate brand while doing good for your community. This is also invaluable information to those folks that you will be showing homes to in your neighborhood, next week.
Neighborhood Associations frequently also offers newsletters, a website or a clubhouse where you can offer your advertising materials.
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