Reinventing dorm life: the rise of condormitel

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MARKETING condominiums has always been a huge challenge. Real estate developers and brokers need to be creative and even tech savvy in order to break through the clutter, effectively engage potential clients, and stand out from the crowd.

It has never been an easy task.

While there are two ways to market condominiums – either as places where clients can live, or as a form of investment that can promise rewarding financial returns over time – the same old questions continue to haunt real estate marketers. How do you convince clients, who often already have places to live, to buy a new condominium? How do you convince potential investors that investing in real estate can be financially rewarding in more ways than one?

As it stands, there are already literally hundreds of condominiums in and around the metropolis. The problem is, not everyone can afford to rent, let alone own, a fancy condo. Likewise ubiquitous are the dormitories that line the streets around schools and government offices. However, these spaces are often found in old, battered homes that don’t really offer much in terms of comfort and convenience.

Condormitels' target market is single students and professionals, which is why most of Condormitel's buildings are located near schools, government offices, and business process outsourcing companies.
Condormitels’ target market is single students and professionals, which is why most of Condormitel’s buildings are located near schools, government offices, and business process outsourcing companies.

Step into the condormitel – a new concept that merges condominium, dormitory and hotel into one – and the marketing of residential property has never been the same.

The condormitel concept

Although the concept of condormitel has been around for some time, it is only now that condos are being aggressively marketed as such. But what exactly is a condormitel?

A condormitel looks a lot like a dormitory, but is inside a posh condominium and comes with hotel-like amenities, such as air-conditioned lobbies, lounges, and sometimes even pools, gyms, and bathrooms. hanging gardens. Think about it is a first class dorm for people who prefer to spend more for better comfort and convenience.

Condormitels also offer condo-level equipment, such as fire and smoke detection systems, water tanks, emergency power, security key system, centralized garbage collection, elevators high speed, closed circuit televisions, study rooms and outlets. These arrangements are especially true for the Space condormitels from Major Homes and La Casarita from Hospitality Innovators.

As a residential space, the target market for condormitel is middle to high income students and single workers who want a small space to stay while studying or working in call centers or government offices. As such, most condormitels are found near colleges and universities, government agencies, and business process outsourcing companies.

Like most regular condominiums, condominiums are often high-rise buildings with 25 to 40 stories each and approximately 500 to 2,000 units, such as University Home of JNJ Summithill and Harvard Suites by Ascott. There are also low-rise condormitels, like Arkiland’s eight-story apartment 20.

Each condormitel unit is fully furnished, often with three to six beds. The size of a unit is often between 14 square meters and 28 square meters, although I know of slightly larger units in development for a slightly different market.

An investment option

Interestingly, condormitels aren’t just for people who need temporary housing. They can also be aimed at people looking to invest in real estate, or “condopreneurs” as they are now called. These are investors whose main activity is the letting or letting of condominiums and apartments.

Investing in condormitels requires relatively little start-up capital, but it yields a stable income if managed properly and considering that the demand for affordable living space in prime urban areas will always be high. .

Condormitel’s investment is based on a “bagged business model”, in which units are rented by bed, much like a regular dormitory, which greatly facilitates the search for occupants.

To make the investment program even more tempting, some condormitel developers, like Major Homes and their Space condormitel series, are even adding property management to the mix. This means that an investor only has to pay the price of each unit, and everything else is handled by the property management company, including finding tenants.

Stress-free investment packages, such as those offered by condormitel developers, make real estate investing really attractive. Add to this the fact that the real estate industry has always been one of the most convenient areas for investing, as property values ​​often increase in value over time.

While quick flips – buying a property, whether new or used, upgrading it, and selling it for a higher price – are prevalent on the scene and are admittedly the easiest way to earn money. money fast, it is always in the rental of properties that the real finance returns are found. And the reason is quite simple: Renting generates a steady stream of monthly income that can literally last a lifetime. Plus, rental rates increase over time while investors’ monthly depreciation for the property stays the same.

I have always believed that investing in real estate is wise business. While many people are overwhelmed by the prospect and quit before they even get their feet wet, real estate investing is actually pretty straightforward. It’s all about good planning, setting clear and measurable investment goals, and matching your investment to your available funds.

And now, with the advent of the condormitel, investing in real estate rental has become an even more attractive idea.

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