This TIC apartment was the middle unit in a lovely Queen Anne Victorian. Situated where the Mission and Castro meet, it was in a super location at Sanchez and Market.
I was excited about getting it on the market. Built at the turn of century, it had been completely remodeled and seismically retrofitted about 10 years ago.
Among the many upsides were a shared yard with colorful flowers and fruit trees, grand 11-foot ceilings and the vibrant and convenient walkable neighborhood.
Plus, public transportation and tech shuttles stopped practically at the door.
Not so wonderful
The lack of parking would be a dealbreaker for many buyers. I spent three weeks calling around and combing the neighborhood for rental parking to sweeten the listing, but couldn’t come up with a spot.
We made the parking story clear in the listing. Many people who toured our open houses said they didn’t own cars, which matched our buyer profile perfectly.
Assisting the buyer
Selling a TIC is complex, and I come prepared. First, many mainstream lenders don’t like TICS so you need a specialist. Why wait for buyers to find out the hard way? I brought two TIC lenders with me to open houses, so interested buyers could zoom past that stumbling block.
Another part of buyer education is explaining that a TIC gives you a percentage of co-ownership of the entire building, with all the associated pros and cons. It’s not as simple as purchasing and owning a clearcut condo unit.
Getting the neighbors’ OK
I also prepped potential buyers about the intense interview process with the other TIC members. Each owner meets and evaluates the potential buyer and must give a thumbs up before the sale can be finalized.
We received multiple offers above the asking price and the apartment sold in June for $1,565,000.