Garrison Insider – Real Estate Blog

I love Webinars. Unlike the seminars of yore, you can attend these meetings while sipping cognac in your pajamas. Now, for the first time, I’m moderating one, and it’s not just one of these self-promotional filler-type Webinars. This one is going to transform hearts and minds.

Remember when I talked about the rebirth of a doomed project a few weeks ago? I likened it to a “phoenix rising from the ashes.”

It almost seems like magic when you talk about it like that. Rest assured, it’s not magic. It’s the result of a series of marketing techniques that are planned and executed to precision.

It’s hard to go into great detail in one blog post about the techniques needed. You really need a Webinar for that…a planned multimedia presentation/conversation that takes place in real time. There is no substitute.

This one I’ll be moderating on October 22 will go into great detail about how to sell multifamily projects. You need to be there. It’s going to expand your horizons and increase your bottom line; it’s going to propel you into 2010 with the info you need to make it the best year since 2006. (Keep your fingers crossed.)

It’s an all-star panel and you can learn about it in detail here.

When: Thursday, October 22, 2009
2:00 – 3:00 pm ET
Price: NAHB Multifamily Council Member Fee: FREE;
NAHB Member Fee: $100; Non-NAHB Member Fee: $125

Speakers: David J. Tufts, President, The Marketing Directors and Jon Gollinger, Founder and Chief Executive Officer, Accelerated Marketing Partners, LLC.

First off, thanks for all the comments, emails and support. I’m excited to be doing this blog, and it comes at a perfect time because there’s plenty of real-world examples that I can draw from right now.

Case in point: The Point On The River, a true “rise of the phoenix” situation that we became involved with in May of ‘08. I’ll be reporting ongoing insider info on this Milwaukee condo development, right here on Garrison Insider.

The developer for this 147 unit condo went into bankruptcy and the project went into receivership. A consortium of nineteen banks (that’s right, NINETEEN!) hired a new developer, Mandel Group, who in turn, hired us, to reposition the project and take it back to market – and hopefully do something about the existing debt.

Only about 30 homes were under contract or closed. There was no sales center. It was one of a million projects conceived during good times, but it didn’t stand a chance against the dramatic economic changes that have left the industry reeling.

The lenders needed to make a choice. Cut their losses and get out, or go for the bigger payoff by giving the project a final push, a breath of fresh air. In our 2.5-inch-thick proposal (19 copies) we encouraged them to go for the latter.

The property, previously named First Place On The River, needed a new name, a new image, a new sense of credibility. More importantly, it needed its value re-established; not by slashing prices, but by adding substance.

This brings me to an important insider tip: when competition cuts prices, sometimes the best defense is a great offense. Go on the offensive by maintaining or even raising prices, and building in new amenities and quality, thereby re-establishing an effective price-to-value relationship. (More on this in a new video, later this week.)

The bankers, following our proposal, reinvested in a new lobby, sales center, hallway amenities, a social networking room, movie theater, a wellness center and a high-end business boardroom. Also added were $1 Million+ penthouse plans on the top three floors.

The result, a phoenix rises from the ashes. Units are selling again, at
higher average price points than before. We’ve sold 30+ units since February, in a market that’s only had 138 sales in the first half of ‘09, with at least 25 projects competing for equal market share.

The Point outperformed five times its natural market share.  The property wasn’t doomed after all, it just required the right approach.

I happen to be writing from Milwaukee right now. I’ve been hands on since the inception of this project, and I wanted to be here physically, at The Point On The River, to make sure our plans were, and are, executed properly.

Truth be told, I live for this stuff. Nothing makes me happier than seeing a “doomed” property rise from the ashes.

I know at least 19 others who feel the same way.

Stay tuned for more broad-spectrum real estate wisdom on this community and other assignments Garrison Partners is working on.

I’m glad you’re here. My vision for this blog is to connect with you on a personal level and I believe video can help us do this.

I expect this blog to become something of an addiction as I relax into it and I encourage you to do the same – please participate, ask direct questions and be outspoken about your perspective.

You need this blog. Please bookmark it and subscribe to future posts. I intend to post THE TRUTH and limit it to things you need to know that you won’t find anywhere else.

For years my opinions have been relegated to the board room and came with a high price tag. This blog is your chance to access my opinions at no cost, with the click of a mouse. It’s my small contribution to the democratization of real estate wisdom.

In a future post I’ll announce members of The Garrison Alliance, a national network of independent professionals and organizations who have joined forces under the Alliance umbrella to perform all manner of real estate services.

One vision for the Garrison Alliance is to help clients advance a full-scale assault on tough projects that require quick monetization. More on that in my future posts.

Please follow me on Twitter to stay in the loop.

– Garry