Monday, March 30, 2009

Real Estate for the New Mexico Film Industry? Absolutely!

One of the best things about the film industry is the way in which is has a wide-ranging impact on the economy - and that includes the real estate market. There are several ways that realtors and property owners/managers can open up their marketing efforts to the film industry - it just takes understanding your market!

  • Firstly, there's your every-day home sales. The average film worker earns $20,000+ more per year than the average New Mexican. They are a migrant bunch, with a large swath of LA and New York based filmmakers making New Mexico their new home. With real estate prices significantly lower here (at least in the ABQ market), and high wage jobs, film professionals are an excellent home-buying demographic. From grips to studio executives, film professionals are moving to New Mexico. Here's a realtor listing page.
  • Second. List properties as filming locations (earn $500 - several thousand $ per day, depending on the film, the property, the duration, and the size of the production.) Productions carry at least a $1 million bond to take care of any damages that occur during the shoot, but quite frequently your location will look better after the production leaves than before they arrived! That's because they'll sometimes re-paint or re-plaster, fix up the landscaping, (all with your express permission, of course). You'll work with a locations manager who is essentially the liasion between you and the production - and they'll make sure everything goes smoothly. Any any kind of property can make a great location: residential, commerical, ranch, factory, vacant lot - you name it! See our Locations section to see some listings!
  • Consider marketing your home as a furnished rental. Whether its for the Above the Line film crew, or just film professionals coming to town for business or play, furnished rentals are a very common element of production housing, and a great way to generate income for an investment property. Search our furnished rentals database now!
  • Commercial properties - do you have an open commercial/industral space that can be used as a temporary production office? The film industry needs office space for their productions; leases are typically short-term (3-6 months). Helpful things are: plenty of parking, climate control (obviously), and a flexible amount of space. Some productions just need office space, and some need casting facilities, storage/warehousing, catering/dining spaces, production vehicle parking - it runs the spectrum.
  • Do you have a commercial property that you think makes a good fit for a film professional, a film business, or film studio? Realtor De Ann Ottaway just listed the historic Fred Harvey Hotel La Castenada in Las Vegas with A great fit, as the Hotel has been used as a film location - and perhaps it can stay in the film world under new ownership.
  • Here's some of the folks who have taken advantage of our current 50% off special for realtors:
  • Frank Warmath and his great new lodging listing! Watch for more details.
  • Great new furnished rental offered by Garrett VeneKlasen. Watch for more details.
  • Realtor De Ann Ottaway (we wrote about this last week but we're so excited we have to say it again) who's listing the historic Fred Harvey Hotel in Las Vegas, NM!
  • Santa Fe Realtor Nancy Chiriboga, who's listing the amazing property Inn of the Turquoise Bear in Santa Fe.
Whether you're a home owner, or a listing agent, you ought to consider the opportunities available to you now that the film industry has become a sizeable and increasingly established part of the New Mexico economy. In 2007 alone, the film industry itself pumped $250,000,000 into the state - and that doesn't include the expenditures made by film professionals in their personal lives. We're proud to be part of such an exciting industry, and always welcome your inquiries and are happy to do what we can to help get you involved!