You would think listing a multi-million dollar condo project would have it's unexpected challenges, and this one did. We began the project by assembling a group of qualified and experienced Real Estate Agents from the Greater Milwaukee area. Each Real Estate Agent possessed superior qualities in a vast array of fields. We pooled our experience and resources to develop a marketing plan to reach as many qualified buyers in the minimum amount of time.
The condo complex was a high rise consisting of individual units ranging from 1200 to over 3000 square feet. Projected prices ranged from $200,000 to $350,000. Standard features included a choice of ash, birch, or oak cabinets, granite counter tops, natural gas fireplaces, two parking spaces, storage units, and balconies.
The complex was under construction while the Real Estate team was being formed. We collected data on area attractions, negotiated with local backs to provide financing to individual buyers, reviewed blue prints and plans, offering suggestions on model colors, layout, and features. An advertising budget was set, printing and advertising estimates gathered, samples were printed and reviewed. We also set up a standard Condominium Offer to Purchase contract listing disclosures and contingencies.
All the details were in place ready to launch the advertising campaign when the unexpected occurred. The developer was experiencing difficulties with delivery of some of the customized construction materials. The delays made the local bank providing the funding nervous. The back demanded a balloon payment which the developer was not able to provide. The local bank decided to cancel the loan and proceeded to take over the development.
The take over took more than a year. Needless to say, the local bank saw no need for an advanced marketing plan. The listing contracts were canceled once the deed was changed. It was a great learning experience showing how a group of Real Estate Agents can come together and cooperate in a common cause. I am not sure anyone has ever tried this concept before. Based on my experience, this may be one of the best ways to market a major project. It takes organizational skills beyond normal practices, written agreements between Agents and Brokers, assignment and fulfillment of duties to collect information and implement plans. Large projects require big plans and organization to reach goals. This is a method of marketing I hope to use in the near future.
