CAI-NJ May 2018 (w)

Staying Competitive in an Ever Changing Condo Market By Joseph Chorba, CPA, CFE, Principal Wilkin and Guttenplan, P.C.

I t’s no secret that over the past decade or so we’ve seen incredible technological innovations. That technology revolution has changed the way we work, live, communicate, travel, shop and entertain ourselves. It has changed every facet of our lives, forever. Some companies have been able to survive and thrive while others have not “changed with the times”. In 2000, the founder of Netflix proposed a partnership to the CEO of Blockbuster. The idea was that Netflix would partner with Blockbuster to run the online brand

while Blockbuster would promote Netflix in its brick and mortar locations. Blockbuster, the then movie rental giant, laughed at the idea and we all know what happened next. Blockbuster filed for bankruptcy in 2010 while Netflix is now valued at over $100 billion and continues to grow. In 1999 Toys R Us received a $350,000 fine from the US Federal Trade Commission for fail- ing to deliver online orders to its customers

during the holiday season. Rather than fix their internal issues with fulfill- ing online orders, Toys ‘R’ Us struck a 10 year deal to sell toys online with Amazon. The two companies agreed, that in exchange for becom-

“The condo industry is not unlike these other industries. The supply and demand for homes is constantly changing.”

CONT I NU E S ON PAGE 24

© iStockphoto.com

22

M A Y , 2 0 1 8