News

A recent Globe and Mail poll asked "Do you think Canadian home prices will drop in 2012?" And thousands replied with mixed results: 

24% Yes, definitely
28% Yes, but only slightly

31%  No, they'll stay level
17%  No, they'll rise

While this is far from a true study, it reflects the climate in which we live -nothing is absolute, nothing is certain, and everyone has their individual opinion. Like investors in the stock market, there are condo buyers who are actively seeking real estate bargains and value while others are second guessing real estate decisions or sitting on the fence. 

What does this mean for condo developers?

1. Stay true to your condo property's value. Concentrate on the lifestyle and amenities that are unique to your building as opposed to using aggressive pricing tactics. There are many investors who understand that Toronto condo prices are quite competitive on a global scale. Take advantage of what's positive. 

2. Nurture your leads. It's so much harder to acquire new condo prospects than smartly maintaining a conversation with your present leads. Here at N5R, we've helped top condo developers decrease their cost per lead by as much as 60%! Once you have a solid lead nurturing program in place, you can close more deals with less time and cost.

3. Have a contingency plan in your back pocket.  When the market isn't ideal, you need to engage in sales tactics that the others haven’t thought of. By creating contingency plans well before you need to use them (if at all), you'll be prepared for any way the market will go. 

Welcome to 2012!