https://gotoby.com/wp-content/uploads/2020/10/go-toby-logo.jpg 0 0 Toby Tobin https://gotoby.com/wp-content/uploads/2020/10/go-toby-logo.jpg Toby Tobin2008-09-20 00:00:002021-03-19 15:26:23Ginn Company May Outsource Hammock Beach Sales Duties
Ginn Company May Outsource Hammock Beach Sales Duties
Bobby Ginn is rumored to be talking to outside sales agencies about taking over his Palm Coast area sales activities.
Palm Coast, Florida – September 20, 2008 – From the rumor mill: The Ginn Company faces problems on many fronts. Fighting credit issues and a cash flow crunch, Bobby Ginn is looking for ways to cut costs. His Hammock Beach sales and marketing team is rumored to be one cost center that is under scrutiny.
Maintaining his own sales team is expensive for Bobby. Other than Ocean Tower Condominiums, a few units in Yacht Harbor Village and the stalled Gardens project, he has little "developer inventory" to sell locally. Most of the sales activity within his Palm Coast area communities is resale, a category in which Ginn’s sales team has been historically inept. Bobby has stated in the past that he doesn’t want to be in the resale business. Ginn listed properties are not even posted on MLS, although Ginn recently became a member of the association that provides the MLS service.
Ginn revenue is also generated by "preferred builder" sales. When a builder is contracted through the Ginn sales team, the builder pays a "royalty" to Ginn. Preferred builders are required to buy lots and build model homes in the Ginn community in which they will build. In today’s depressed market, they are struggling to cover the carrying costs of their models. In an effort to ease the builders’ burden and spur more new construction, I’ve heard that Ginn has reduced this fee from 7% to 3% at Reunion, his resort community near Disney’s attractions in Orlando, and possibly his other communities as well. While this is the right thing to do for the builders, it further reduces potential cash flow for his sales team.
Outsourcing Palm Coast sales would be a smart thing to do. I think this is a "solid" rumor. I’m told that Ginn is in the talking stage with multiple interested parties, including possibly Sotheby’s and former Ginn employees. Look for outsourcing of other activities in the GINNdom in the near future.
Rumor: (noun) A current story or statement without confirmation or certainty as to facts
He’s just closing down
The smoke and mirrors of the Ginn operations would let you think one thing while doing the other. He is not getting generous in his old age, just getting out before the last dime is attached by the courts. Any deals he signs now won’t be first in line for claims when the hammer drops in court.
Dear GoToby readers,
As an employee of the Ginn Hammock Beach sales staff I felt that it was important to make sure you had some additional informtion. The term "inept" would suggest that the Hammock Beach sales team has been outpaced on the resale side by local real estate teams, which is simply untrue. Additionally, close to 70% of total in house sales by the Hammock Beach sales team in 2007 were resales. Those are the facts. Thanks for reading.
From a source that works for one of above mentioned companies, I hear that Stirling Sothebys of Orlando is attempting a takeover of the Ginn Sales operation rather than let the new Hammock Dunes Sothebys have it.
Apparently, one of the heads of the new Hammock Dunes Sothebys rubs people the wrong way throughout the community.
As a resident for over 15 years in the area, I won’t believe anything until I see it !
Ginn sat around all of 2007 and did nothing to move properties. Well they did get into nascar the blimp buisness and host some golf tournaments. Oh and we cant forget about the concerts. Congratulations to Bobby and his inner circle great job. Heard the Sotheby’s auction was better then Vince Gill.
Bobby Ginn’s upper level management team has not only strongly opposed resales but has gone so far as to threaten jobs because of them…
He is a joke, I would never ever buy from a guy who ripped people off in SC years ago. Plus the people who work for him are a joke as well
Heard from a Ginn inside sales rep that the reason Ginn is outsourcing sales is because of potential SEC litigation from touting past RE sales as investments with projected rates of return. Look for the close down by months end, with a small East Coast firm slated to provide interim sales staffing.
Reply to Starsky
I have heard nothing to substantiate your comments. I recomment that readers ingore it.