Today, TOWN Residential is a true force to be reckoned with in the real estate market. While certainly not known for taking a cut-throat approach toward competing real estate firms, the company has a solid reputation for serving clients, and it commands a large percentage of the market share in the luxury real estate niche in Manhattan. This includes with both sales and rentals. For a company that is less than five years old, this is an astounding accomplishment in a short period of time, and it may be fascinating to look back in time at what the founder’s vision for the company was. The founder, Andrew Heiberger, was interviewed about the growth and vision of the company after it had been in business for just a year.
The Company’s Initial Focus
Heiberger stated at the time that he fully understood the challenges associated with both selling and renting space in Manhattan. This is a community where agents require the skill and expertise to sell a condo that may be priced well over $10 million or to rent a space that may have a monthly rent well above $3,000 per month. Because of the challenges associated with the market and because Heiberger saw that there was ample supply in the area to focus on, he did not foresee extending the company’s reach beyond Manhattan at the time. He also said that he believed the majority of his business would be from sales, but he would continue to offer rental services in order to better meet the needs of all clients.
The Early Growth of the Company
At the time of the interview, TOWN Residential had expanded into four office spaces in Manhattan within one year. It also had a large team of real estate agents and 40 full-time staff members working for it. Within that year, they had listed more than $250 million of real estate for sale or lease. Of course, within the next year, the company would continue to expand to fill nine office spaces and to have more than 520 agents working for them.
Heiberger has a solid reputation in the industry for working with successful firms, such as Citi Habitats and Buttonwood. The vision and experience of a solid leader may also be one of the reasons why TOWN Residential has been so successful from the start.