Whether selling an individual TIC or a newly created multi-unit TIC, selling these types of properties is complicated – you need the best you can get. Many agents profess to know about TICs. Most don’t. We have extensive experience with this type of property on both buy and sell side, with a proven track record of selling TICs as well as successfully selling where others have failed. Here are some of the things your representative should know before going to market with a TIC:
- New Regulations: Recent changes to the condo conversion and tenant buyout regulations have had a big impact on pricing and desirability of TICs. Not knowing these changes can cause problems with offers or worse.
- TIC Loans: Only certain lenders finance TICs, and they have different processes and requirements. We always line up lender reps and have them create financing flyers before going to market to help best present the finance picture.
- Tenant Eviction History: Eviction history can have a big impact on valuation and the ability to condo convert. We will make sure buyers have a clear picture on this to help prevent them from bailing out of offers or coming back to you later.
- New TICs: Many sellers of TICs try to avoid the cost of paying for a TIC agreement. This is a huge mistake as many buyers will not make offers if there isn't a framework of rules to govern the building. We work with the best TIC lawyers to create agreements and/or review them for flaws or necessary changes.
Because selling TICs is so much harder and more complicated than other types of residential properties, you need the representation by people who know how these properties work and how to market them. We have extensive experience with this type of property and will do what it takes to protect you and get the most for your property.