Your HOA may have received unsolicited offers for a condo deconversion or you may have read articles about how condominium deconversions are a new trend in real estate. Condominium deconversions can be a confusing and frustrating process without proper guidance.
The first step is to engage the right professionals to represent the association. The right professionals include a broker to analyze the value of your property as an apartment investment and a law firm to advise the HOA on the process of deconversion.
Kiser Group has a dedicated Condominium Deconversion Team specializing in consulting HOAs with the information they need to make a decision on whether or not to pursue a deconversion. Our playbook simplifies what can otherwise be a chaotic process:
Discover what the price of your building, as a whole, is worth. Kiser Group underwrites the value of the building base on the techniques that we have perfected in two decades of Chicago multifamily sales. Without this guidance, the association has no true frame of reference as to what the building is actually worth.
Kiser Group Submits the report to the association and explains the result in easy to understand language. If a deconversion makes sense, we continue with the process.
Kiser Group assists the association in presenting options to the owners and determining owner support.
Kiser Group leverages its extensive relationships with local Chicago apartment building owners, condo deconversion investors and institutional real estate investors across the country to generate property tours and subsequent offers. Having multiple bidders ensures that you receive maximum value for the property.
Kiser Group presents every offer to the association and counsels the association on the merits of each. Kiser Group counsels the association on the background of each offering entity, including financial capabilities and history of behavior in past transactions.
Once the association chooses the most acceptable offer, Kiser Group, alongside legal representation leads the association through the process from acceptance to deal closing. It is at this step where most deals are most vulnerable, and where an association is most in need of professional representation.
Please reach out to us if you would like to learn more about the options that are available to your Condominium Association. Without expert representation, this type of real estate transaction can be messy. We are available to meet free of obligation, and a Broker Opinion of Value is always complimentary.