Condo Marketing Set to Evolve with Cooling Market

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Condo Marketing Set to Evolve with Cooling Market
January 06, 2006
By Colleen Corley, News Writer

Concessions are being shaved left and right from the apartment market, which had been forced to concede monthly rents and other perks to gain tenants after occupancies shrank because of the condo craze. But it seems that the roles are beginning to reverse, panelists explained during the Marketing Strategies for Success panel at CPN's Condominium Summit in Fort Lauderdale, Fla. yesterday, which was co-presented by sister publication Multi-Housing News.

These days, condo buyers--including first-time home owners, baby boomers and investors alike--are beginning to taking their time to weigh the considerable number of options out there, explained Dick Bryan, president of The Bryan Group. Developers are creating some benefits and amenities to continue to attract this audience, such as free underground parking, on-site health clubs and mixed-use elements, he pointed out.

While the change doesn't exactly translate to a decrease in demand for condo units, co-panelist James Haft, CFO of U.S. Condo Exchange L.L.C., said that the sense of urgency that has accompanied high-priced condo purchases has dissipated somewhat. "We've noticed people are much more price-conscious than they were a year ago," he said.

The panel explored how developers will market their condos in the face of a market slowdown, such as pushing their respective websites, creating preview and VIP campaigns gradually leading to grand opening events. But Bryan predicted that the industry will move toward face-to-face and VIP appointments in 2006, as opposed to the more traditional grand opening party atmosphere.

The panel also included moderator Sharon Dworkin Bell, senior staff vice president of multi-family for the National Association of Home Builders, and Chris Hill, president & creative director of HILL, a boutique marketing and branding firm in Houston.