Flamingo South Beach To Market Apartments Nationally
By Samantha Joseph
Managers of Flamingo South Beach, a 1921-vintage luxury property, have hired a major real estate firm and placed the resort on a nationwide listing in what they describe as an aggressive effort to boost leasing.
The strategy coincides with the completion of 513 apartments and a plan to target major firms such as Burger King and Carnival Cruises seeking executive housing.
"We’re expanding every month," said leasing manager David Diaz.
Flamingo has opened 15 apartments for corporate use in the past six months, doubling the amount of inventory for that segment. It intends to add 130 corporate units by April in a bid to create another revenue source.
"The goal is to be at 160," Mr. Diaz said.
Flamingo, which offers only residential rental property, features 1,688 units including apartments and three-level townhouses ranging in monthly rent from $900 to $5,000.
The listing service is reportedly accessed by 28,000 brokers. Flamingo hired Keller Williams Realty Premier Properties, the Miami franchise of the sixth-largest US real estate firm.
Keller Williams will market the property to brokers even though Flamingo has an in-house leasing staff in a bid to access renters who prefer to do business through brokerage services.
"Brokers have a large market share of people who are looking for apartments to lease," said Louis Erice, co-owner of Keller Williams’ local operation.
On Jan.15, the two companies will host the first of what they hope will become a monthly cocktail reception for about 100 Realtors. They plan an e-mail campaign and notices to Brickell and South Beach brokers. Flamingo will offer brokers 6% commission – about 1 to 2 percentage points higher than market rate – and the opportunity to host onsite company sales meetings, Mr. Diaz said.
"We’re really aggressively going after the real estate market," he said.
Flamingo South Beach is a 16.5-acre property built in 1921 by Carl Fisher. It has operated as Morton Towers and Grand Flamingo Apartments.