The Meter is Running
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Trying to get your building’s name out after a renovation can be difficult.
AUTHORSteve Greenbaum, Mark Greenberg Real Estate
PAGE #p. 56
Raising your building’s profile after extensive renovations can be a difficult project, but one that has long-term benefits.
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.
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 managing agent’s role goes beyond running meetings and making repairs to the building. It’s also about improving everyone’s investment.