Real Estate & Vacation Rental Market Continues to Grow Amidst Pandemic
Real Estate & Vacation Rental Market Continues to Grow Amidst Pandemic
ELLICOTTVILLE - ERA Team VP Real Estate & Vacation Rentals has served Western NY and Northwest PA for over three decades and has prided themselves on a foundation of continuous growth and innovation. When the COVID-19 pandemic first hit, the company’s team leaders knew it was a “make or break” situation and quickly turned to their roots and core values to ensure they were “around for the rebound”. It also helped that the real estate market took a turn for the better – the opposite of what most industry experts expected.
Cathleen Pritchard, an ERA Team VP real estate agent/associate broker who has worked in the Ellicottville real estate market for over 30 years says, “I have truly never seen the market quite like this in my 30+ years in the business. Sellers are in the driver’s seat, receiving multiple offers and their homes being only on the market for a very short period of time. Inventory is incredibly low and properties are selling over list price in some cases – again, something we haven’t seen around here in a very long time. It also helps that interest rates are very low right now. I’m finding that clients want to be in an area they can ‘get away to’, which is exactly what our market offers. I honestly thought the market was going to move in the other direction when the pandemic first hit, but to my surprise, it has done a complete 360. We’re even still selling to Canadian buyers virtually even though the border has been closed for over a year now. It’s really incredible.”
In addition to the real estate market boom, ERA Team VP’s vacation rental department has also experienced growth and continues to evolve as well. “We’ve really seen an overall evolution in the way that folks are searching for and booking their vacation homes,” says Jada Carlson, Director of Vacation Rental Marketing. “Our Ellicottville vacation rental market skyrocketed last summer, and we saw over a 50% increase in bookings compared to the summer of 2019 – something none of us were expecting to see at the start of the pandemic. Reservations also seem to be steadily increasing in Chautauqua as well.”
Jada also notes the importance of housekeeping and social distancing measures that the rental department has taken since the start of the pandemic. “We knew right away that it was crucial to continue emphasizing the importance of proper cleaning measures – something we’ve always taken great pride in,” she says, “but it’s more important than ever now. We invested in better cleaning products and promoted contactless check in/out procedures. We feel this gave our owners and guests peace of mind when it came to staying with us and choosing our team to represent their vacation homes, and continues to do so.”
With the increase in business on both fronts, it was necessary to grow the team, says Bill Soffel, Owner/President of ERA Team VP Soffel says. “In order to keep up with the demands of the real estate and vacation rental markets and continue providing the best service possible to our buyers, sellers, owners and guests, it really made sense to grow our team. We’ve added numerous real estate agents across all 7 of our offices and have also welcomed several new staff members as well.”
The most recent real estate agent additions include Anna Marie Sischo and Brittany Mulkins, both working out of the Jamestown, NY office; Kimberly Connolly and Diane Price, both working out of the Arcade, NY office; Ben Soffel, Mollie Stutzman, Jennifer Bernard and Lynn Case, all working out of the Chautauqua, NY office; and Patricia Collier, working out of the Allegany, NY office.
Bill also notes that the company is always looking to welcome new agents to the team and feels strongly that the market will continue to stay strong. In addition to the growth in real estate agents, ERA Team VP has also expanded their marketing/advertising department, something Hannah Raynor, the company’s Creative Director, says is very exciting and will only help enhance the company’s ability to assist agents and team members. “The addition of two new Marketing Specialists within our marketing department is so exciting and rewarding. With the increase in business company wide, there has also been an increase in marketing needs on an agent level and we’re so thankful to have the resources to deliver on that with the expansion of our team.”
For more information about ERA Team VP Real Estate and Vacation Rentals and the real estate/vacation rental market in the Southern Tier of Western New York and Northwestern Pennsylvania, visit www.erateamvp.com or call their main office at 716-413-0200.