Family owned and operated Heatherwood Luxury Rentals has built and managed successful upscale residential rental communities, commercial properties and urban spaces across nearly every aspect of the New York City real estate market for more than 60 years.
Today, its prime rental property portfolio spans Brooklyn and Queens to the east end of Long Island, and includes more than 20 luxury residential rental communities and extensive commercial properties, as well as additional building and development projects.
Already an established market force, Heatherwood looked to broaden its expertise and subsequent success in two key areas.
First, the company wanted to sharpen its competitive information edge. “We were looking to gain a clearer understanding of what the competition around our properties had to offer – including amenities, pricing, and other elements,” explained Michael Spampinato, Heatherwood Marketing Director.
“Our goal was to become more educated and strategic when it came to pricing and offering specials,” he continued. “We also wanted to see what new buildings or projects were being proposed or constructed near our existing Queens and Brooklyn locations.”
Heatherwood also wanted to gain the most accurate information about land and/or buildings for sale in areas where the company wanted to pursue new development. “We needed to make sure this information was provided to us fast – as opposed to learning about it weeks or months after the fact,” Spampinato explained. “We also wanted to be able to identify reliable information about building owners and sale details.”
Heatherwood had already been advertising many of its properties on Apartments.com, owned by CoStar Group. However, in the wake of significant new enhancements to Apartments.com over the past year – including a $100 million marketing campaign, a simplified listing and user experience and renter-friendly search tools, imagery and information – the company decided to upgrade its property listings and advertise all its communities on the site.
In addition to upgraded listings on the Apartments.com network, Heatherwood also began using Costar Market Analytics, which offers multifamily professionals the most up-to-date, verified information on competitive rent comps, occupancies, concessions, construction plans and high-quality visual content. Apartments.com listing data informs the CoStar Market Analytics database; as a result, when Heatherwood leaders view competitive rents, they can be confident they’re viewing real-time numbers.
“From a competitive standpoint, we’re seeing great value through the combined power of Apartments.com and CoStar Market Analytics,” said Spampinato. “During a time when we’re looking to expand our portfolio, we’ve been able to use the data generated by CoStar Market Analytics to set up alerts on competitive projects and new development updates, as well as land and building sales in areas that matter to us.”
Spampinato added Heatherwood gains and leverages the right information quickly through the CoStar Market Analytics database. “We now have a process for looking into the competition and gathering the right information,” he continued. “We know what’s coming, and we have the advance notice necessary to make modifications to our approach on current projects, which gives us a true market edge.”
For more information, visit http://www.costar.com/home/heatherwood-case-study.