In her June contest, Debbie Reynolds asks What Sets You Apart: Your Value-Added Benefit. As an FHA/VA Condo Approval Specialist, I have worked diligently to set myself apart from the competition but if I had to choose one thing to write about, it would be service.
A major focus of our business has been to develop a system whereby it requires the least amount of effort as possible on the part of the HOAs and property managers. Property managers are busy enough as it is without having to be bogged down with this extra work. And HOA Board members are typically volunteers who don’t need the additional aggravation.
We have continuously worked to streamline our process in order to reduce the workload of our clients in any way that we can. We have modified our questionnaires and checklist more times than I can remember. And we are constantly asking for feedback from our clients on ways that we can further reduce their contribution.
A common trait among many of our competitors is how heavily they rely on the HOAs and property managers to provide the documents needed for FHA and VA project approvals. They simply provide a list, receive the documents, place them in a file and send it to FHA.
There is no way to cut our clients completely out of the process. Much of the information and paperwork must come from them such as the financials and information about the composition of the project. If there were another way to collect this information, we wouldn’t place this burden on them.
Obtaining copies of the recorded legal documents is another story. We have noticed that many HOAs do not have copies of the documents from town hall; they have copies of the documents prior to recording them at town hall. FHA and the VA require copies with the volume and page numbers stamped on them.
When our clients do not have these copies, we work to acquire them. The majority of our clients thus far have been in our home state of Connecticut. When the clients don’t have these copies, we go to the town/city halls or to the Secretary of State’s office to retrieve them.
One of the first property managers who contacted me asked me about this. When I told her that I would be responsible for collecting these documents, I thought she dropped her phone. In a later email to me, she wrote “when you told me that YOU go to the town hall and to Hartford to pick up corporate crap…well, let’s just say I fell in love.”
She related to me that the company that she had been working with required HER to get all of that paperwork. Not only this, but they charged almost 3 times what we charge to provide this “service”.
Because there is no geographical restriction to this business, one of the challenges could be to consistently provide this service across the country. When we picked up a client in Texas, for example, I wasn’t going to fly there to retrieve the documents. Although it was tempting because it was January and snowing here, that would have been silly.
Many of the states and cities are technologically-advanced and the required documents are located online. If they are not, we can hire a title agent to obtain the copies. Because of my partner’s connections, we have an expansive network of title agents stretching across the country.
By providing this added service, we have been able to greatly reduce the time and energy required of the property managers and HOAs.
For the remainder of the year, ReadySetLoan Condo Team LLC is offering free processing for VA condo approvals for all condominium clients who retain us for an FHA condo approval. If you have questions about VA or FHA condo approvals, please contact us for a free consultation.
The Condominium Project Approval Team at ReadySetLoan is dedicated to helping condominium projects across the nation to obtain their approvals with FHA and the VA or become recertified with FHA. We have assisted nearly 200 condominiums and we can help your association.
ReadySetLoan is an active member of the Connecticut and New England chapters of the Community Associations Institute (CAI) and is a frequent contributor to Common Interest Magazine as an expert in FHA/VA condominium project approvals.
Please contact us with any questions regarding FHA or VA condominium project approvals. You can email me at firstname.lastname@example.org or call me at 404-433-4565. I will be happy to answer any of your questions.
FHA/VA Condo Approval Specialist
404-433-4565 Cell Phone
860-644-3772 Fax Phone
Check out our article in Common Interest magazine on page 19!