For my team, new construction is our bread and butter. I have always focused on new construction inventory, and, in the past, when the market was level and sales were at a reasonable pace, I would always make sure I had new communities ready to go online at different periods of time.
There would be a subdivision under agreement and going through the approval process; while another one was fully approved, closed and ready for the infrastructure to be constructed; and then there would be another, at the same time, that I would be marketing full force with homes being constructed and occupied. Those were the good old days.
New construction today has taken on a different look and a different presence. Today we are devoting our time to our new communities with open house events every weekend, and a flood of internet and direct mail marketing, to assure that the activity is present every weekend. We now need to make certain that the standing inventory does not stand longer than 90 days. We need to monitor prices and make sure we are competitive with resale properties in the area and other new communities in adjacent towns.
We have banks to which we are marketing our expertise in moving product in failed and abandoned new constuction communities. We have the ability to market and service four or five subdivisions at one time, but we do not have a series of subdivisions waiting to go on the market in the future. It's now one at a time, and each requires an intense marketing program to get it off the ground. Once off the ground, we are capable of maintaining that momentum. Times certainly have changed, when it comes to marketing new inventory, but success with this is just another notch in our belt to capture future business.
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