Toronto, Ontario – Tasked with creating a strategy to energize sales at a Florida condominium complex, The ReVision Group, Fisher Auctions and N5R literally turned the process upside down by launching sales with an intensive pre-auction sales program and strategically timed auction.
The end result: Nearly 3,000 people visited Oasis during the pre-auction sales process and 53 units sold for nearly $10 million at the auction for the two-tower luxury riverfront condominium project in Fort Myers, Fla.
According to Friedman, ReVision, Fisher Auctions and N5R found an eager market by kicking-off pre-sales with an auction.
"In this economy, we have watched banks and other financial institutions desperate to sell inventory use the auction method as a last resort," said Friedman. "In this instance, we reversed the model and used it to start our sales effort. The excitement, buzz and activity generated as part of the auction process also served as perfect lead-ins to a more traditional, ongoing sales campaign."
Condominiums at The Oasis, built in 2008 and managed by Miami-based The Related Group, originally sold for more than $400 a square foot. Following the collapse of the Florida real estate market, many buyers at The Oasis did not close, and subsequently the project went through a friendly-foreclosure with its lender.
"In today's economy, developments often require a 'jump-start' and therefore our program is the right economic engine choice for those seeking maximum results in only 60 days," said Lamar Fisher, president of Fisher Auctions. "The combination of ReVision's expertise in pre-and post-sales programs Fisher's accelerated marketing expertise and N5R’s Canadian buyers resulted in a very successful kick-off of sales at Oasis."
Units at The Oasis were being offered at a deeply discounted rate of $160 per square foot during the pre-auction sales process.
In the months leading up to the auction, Friedman traveled throughout the U.S. and Canada holding sales events designed to both register potential buyers for the auction and make specific unit selections available for purchase in advance of the auction.
Friedman maximized the Canadian impact by partnering with Roman Bodnarchuk, Chairman and CEO of N5R, a leading Toronto-based real estate sales and social marketing company.
"We literally reached out to thousands of people and received an overwhelmingly positive response at our sales events from both brokers, potential bidders and buyers," Friedman said. "There is certainly great demand for The Oasis product, yet people are most intrigued by the notion of re-starting sales at a community through the auction process. It definitely generated an abundance of interest."
Friedman and his team at The ReVision Group and N5R helped Fisher Auctions welcome more than 600 people to the November 20 auction in Fort Myers.
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