Infinite Horizons, LLC will market the resale of its homes by working with Community Based Organizations to reach qualified buyers. For rental leases, Infinite Horizons, LLC will work with the local housing authority for household participants in the HPD Section 8 Voucher program.
Our website will enable interested buyers to assess qualifications and sign up for our mailing list to receive updates on the completed properties for sale or lease. Our website will also include a portfolio of our completed properties to-date.
Infinite Horizons, LLC has spent $750 towards basic website design and hosting with the possibility of spending a minimum of $7,500 up to $9,750 in expenses related to its marketing strategy. The company will eventually issue newsletters, brochures and upgrade the website to begin collecting information from individuals to start generating a contact list of future buyers and contacts (See attached Appendix A Marketing Budget for the Company).
Generating Business through Relationships
sInfinite Horizons, LLC has developed relationships with well-seasoned real estate professionals including real estate brokers, local builders, and property managers with foreclosed property listings. These relationships will help us in finding other foreclosed properties we can purchase. This “word of mouth” business can assist the company to generate leads to locate foreclosed properties at better prices. These long-term relationships can lead to other opportunities to invest in affordable housing.
Strategic Partnerships with Community Based Organizations
Infinite Horizons, LLC plans to outsource the marketing for sales of the homes to Community Based Organizations (“CBO”) that have direct marketing strategies for targeting low to moderate income households. Outsourcing to nonprofits is beneficial because of their direct marketing access to these target populations.
CBOs have prequalified buyers with First Time Homebuyer Funds. Infinite Horizons, LLC would reach out to these locally based community organizations and nonprofit housing groups to provide assistance in accessing these funds for potential buyers. This aspect would be outsourced to the Community Based Organizations two to six weeks prior to final construction completion.
Community Based Organizations that can be used for Home Sales:
Neighborhood Housing Services
Margert Community Corporation
Marketing for rentals
For rental lease ups Infinite Horizons, LLC would use the HPD Section 8 Voucher program in order to receive tenants for its properties. The HPD Section 8 Voucher has assisted over 3,000 low to moderate income households with their housing needs (Proposed Consolidated Plan 2008 Volume 1).
Infinite Horizons, LLC would apply to have the building registered with The HPD Section 8 Voucher list. The company believes this would be a good source for our renters. Once on the list, Section 8 can provide us with tenants to interview that are available to lease the property. The lease-up process would begin six weeks prior to construction completion. The Section 8 Tenant interview process generally takes 60-90 days before a tenant can move into the property.Marketing Vehicles As licensed New York State real estate agents, Infinite Horizons LLC has access to the resources necessary to market properties to potential buyers such as using multiple listings services, other brokers, and flyers/signage in order to generate exposure for the properties.
Another marketing tool that can be used for each project is a detailed brochure with a tear-off application. Each brochure describes the Infinite Horizons, LLC plan and gives information about the homes (floor plans, location, price, etc.). Brochures also advise applicants about the financial requirements (estimated minimum income, sales price, and down-payment). Infinite Horizons, LLC will be responsible for designing brochures and applications for their projects. Available homes will also be posted on the company’s website and listing services (such as www.craigslist.com) where homes can be posted will be used. The company estimates this would cost around $2,500.00 per project. This would be factored into the project budget softcost.
If ads are used, all ads must be approved by the Infinite Horizons, LLC president or vice president. Ads in larger, general circulation newspapers are only recommended when there is a need to attract additional applicants for a project. Infinite Horizons, LLC will provide localelected officials and the local community board district manager with brochures and other marketing material about the development.