Industry News

Marketing converted properties as stylish and practical

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: In this three-part special report, Inman News examines the challenges and rewards of pursuing property conversions in today's market, a case study of conversion-frenzy-gone-wrong, and marketing techniques developers and agents use to sell these properties. (Read Part 1, "Changing building's use presents challenges and rewards," and Part 2, "Speculation in condo conversions: South Florida's cautionary tale.") "Historic." "Authentic." "Grand." "Elegant." Adjectives such as these are common in the marketing of conversion projects, which swim upstream against the tide of demand for newly constructed buildings. Marketers often refer to a property's past history as, for example, a jewel in a turn-of-the-century industrialist's crown, selling history as well as space. History is only one selling point for conversions, which may have to battle preconceptions of such buildings being drafty, or of uncertain condition, or in bad neighborhoods. Indeed, each of these can reason...