Ever Decreasing Circles

As the housing market ties itself in knots, developers continue to frantically search for solutions to move their condos. Sales Teams are switched, marketing strategies are changed and incentives reorganized.

Today will see the departure of Coldwell Banker’s The Condo Store from Downtown Orlando condo Solaire as rival company Lifestyles move in. Meanwhile, Lifestyles finds itself usurped at other communities to be replaced by The Condo Store or, in some cases, the developers own in-house team. New faces, new ideas, a change of pace - all of which, it is hoped, will boost lagging condo sales. It’s a merry-go-round, I tell ya.

Both of these major sales & marketing companies have not only been loosing clients as developers try new strategies, but also their own agents. Most agents work on a “commission only” basis and each day, many find themselves having to look for “real work” – a job that will actually pay the bills.

In an effort to stem the tide, The Condo Store has decided to do what many have been calling for for some time: Implement a salary for agents, coupled with a commission sharing program. Meanwhile, in a strange twist of timing, a developer near the Mall of Millenia is moving his agents from salary to commission.

Other condo projects have died completely. Since the last time we visited the subject, condo hotel Treasure Cove and condo conversion Belleza have disappeared. And we’re not done yet.

Other “sold out” condo communities are actually re-emerging as buyers fail to close on their contracts and units wind up back on the market. Most recently, Azur, Capri and Solaire have re-opened sales centers after announcing that they have units available for sale again.

As a buyer, one thing’s for sure, the time to prick up your ears is when pricing stucture changes. And there are a couple of communities where there may be some surprising deals yet to come.

Interested?

1 Comment

  1. A developer cutting salaries NOW?!? This conversion near the Mall at Millenia is doing the opposite of what should be done. Do they think they will be able to keep a sales team sitting there 40 hours a week to make nothing…at the slowest time of the year? Doubt it! The developer is just losing his mind, trying to save money in the WRONG way, and is going to regret it when he has NO sales people and NO sales. Good luck to those idiots running that company!

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