LORENA MAGALLANES & ERICA SMITH
The Condo Chicks
“We recently sold a condo – one bedroom plus den, 800sqft,” says Condo Chicks co-founder Erica Smith. “We had it listed at $549,000 and sold it for $755,000. We had 19 offers.”
In a city where condos are generating unprecedented interest, the Condo Chicks are perfectly poised to reap the benefits. While Smith, who started the brokerage with Lorena Magallanes in 2012, is focused more on helping clients navigate the ever-widening pitfalls of getting into the condo market than she is on driving profits, she says the key to accomplishing both goals is preparing her agents.
“What we train our Realtors to do is really qualify their buyers and educate them that market value is one thing but it really doesn’t mean anything in the market now,” she says. “It really comes down to who’s going to pay.”
Smith and Magallanes started Condo Chicks as a way of combining their talents for selling pre-construction units – they met while selling Canderel’s Aura at College Park – and have leveraged their experience into rapidly intensifying success. They recently landed their first development site, a church conversion near High Park, and have been making waves in the commercial, single family and resale condo markets.