Unique Alliance Energizes Condo Re-Sales
A major property management company and real estate firm team up to change the way condo re-sales are marketed. The key is returning to original marketing materials developed for the initial offering.
Hawthorne, NY (PRWEB) June 1, 2006
Patricia Cunningham of Cunningham Realty Ltd. and John Lamorte of Westchester Property Management Group, Inc. have recently announced the formation of a business alliance to better serve buyers and sellers of condominium and HOA units in the region. The firms believe that selling condos in a changing market requires new strategies and techniques.
Cunningham notes that, “Developers invest a substantial amount of time, effort and money into marketing the entire complex even though they are selling individual units. When these same units are offered for re-sale, little attention is paid to marketing the complex itself. Tapping into the excitement of the original project presentation can provide benefits to both the buyer and the seller.”
Lamorte adds, “Assisting in the sales of units I manage is just smart business. The relationship residents already have with Westchester Property Management Group, Inc. will now extend to include assistance with selling the unit. This alliance simply helps me provide an additional service. It’s exciting to work with an agency which is redefining the entire condo marketing model.”
Recently one economist noted that although in just one month, the supply of single-family homes rose 5.5% and condos 16%, prices were essentially flat for both single family homes and condos. High inventory, flat prices, with softening prices to come. All indications of a healthy market going through normal changes. Such normal changes require adjustments.
Given these market trends, such adjustments will create sharper competition among sellers. In a market drifting towards the buyer’s side, greater effort and more dynamic marketing tools will be needed. Making use of marketing materials reminiscent of original project sales, Cunningham and Lamorte seek to capture some of the enthusiasm of the original marketing program. “People are buying not just a unit, but a community,” says Cunningham. “We intend to sell the complex as well as the unit.”
The seller benefits from a marketing strategy which makes his unit stand out from the pack and which takes full advantage of the common elements he has paid for over the years. The buyer benefits from knowing the management company that maintains the complex is also dedicated to serving him at resale time.
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