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 andÂ incentives reorganized.
Today will see the departure of Coldwell Banker’s The Condo StoreÂ from Downtown Orlando condo Solaire as rival company Lifestyles move in. Meanwhile, LifestylesÂ finds itself usurped at other communities to be replaced by The Condo Store or, in some cases, the developers ownÂ in-house team. New faces, new ideas, a change of pace -Â 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 beenÂ loosing clients as developers tryÂ new strategies,Â but also their ownÂ agents. Most agents work on a “commission only” basis and each day, many find themselves having toÂ look for “real work” – a jobÂ that will actuallyÂ 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.Â Meanwhile, in a strange twist of timing,Â a developer near the Mall of Millenia is moving his agents from salary to commission.
Other condo projectsÂ 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 actuallyÂ 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,Â the time to prick up your earsÂ is when pricing stucture changes. And there are a couple of communities where there may be some surprising deals yet to come.