How to Change the Public’s Perception of a Once-Troubled Property

The Challenge

We have a 70-unit building called Hewlett Park in Hewlett on the border of Queens and Nassau. For a long time, it badly needed capital work and was facing huge tax bills. We got reductions in the taxes and restructured the mortgage, and used the money from that to implement all necessary repairs. Although the property was financially stable and beautiful now, we still had no sales.

The Solution

We then began an aggressive marketing campaign in which we branded the building. We hired a marketing specialist. He created beautiful two-sided postcards featuring a photo and lists of all the amenities. We mailed them to 500 brokers, to people in the neighborhood, and to the shareholders, so they would see all the improvements that went on in the building. We also created a marketing website. Our goal was to change the perception of Hewlett Park. We needed to change what everybody thought was the story, and we flipped it around. It was a success. We got a buzz, and apartments started selling.

The Lesson

The managing agent’s role goes beyond running meetings and making repairs to the building. It’s also about improving everyone’s investment.