Real Estate Business Expanding Across Region
By Dennis Phillips, dphillips@post-journal.comArticle Photos
CHAUTAUQUA - The simple business philosophy of more business equals more money is why Bill Soffel is expanding his business in both Chautauqua and Cattaraugus counties.
Soffel, the president and owner of ERA/Vacation Properties Real Estate, has expanded his business in Ellicottville in Cattaraugus County by purchasing Hunt Real Estate.
This is the second purchase of a real estate business in Ellicottville in the last four years for Soffel. Previously, he had purchased the Century 21 Town and Country office. At the time of the purchase, Soffel didn't changed the Century 21 office name because it's a known brand. However, Soffel now plans to change both Ellicottville office names to the name of his company in Chautauqua County - ERA/Vacation Properties.
''It's better brand recognition to be the same in both markets,'' he said. ''It was the right time to make the change. It gives us a larger presence.''
Soffel, who started his business in the 1980s at Chautauqua Institution with vacation rentals, has expanded his business throughout the county to include both rentals and residential property sales. Now, Soffel wants to expand his business in Ellicottville to capitalize on the area's winter vacation rentals to go along with the summer rentals he has in Chautauqua County.
''Now we will be able to promote both regions under one name for both seasons, winter and summer,'' he said. ''The vacation aspect is important. Now we're able to add another element - the winter rentals - to our summer rentals.''
Soffel said he picked up an additional 30 vacation rentals with his new purchase in Ellicottville to go along with the 70 he already owned. Add that to the 150 in Chautauqua County, and the business now owns 250 rental properties in both counties.
Soffel said even with the additional properties and starting out as a rental business, most of his business is residential sales.
''I would said 60 to 65 percent in sales and 35 to 40 percent in rentals. Even though we started with vacation market, residential market is where we our growing the most," he said. ''I think diversification is a good plan in any business. I wanted to diversify so we're not focused on one niche market.''
Soffel said because of the growth in residential properties, his business has started going by two names. First, the ERA/Vacation Properties and now also ERA/VP Properties. He said losing the vacation from the name has helped people understand the company deals in both rentals and residential properties.
Soffel's business has several offices in Chautauqua County. First, with the original office on the grounds of the Chautauqua Institution, the ''North Lake'' office along Route 394 about one mile south of Chautauqua Institution, the Lakewood office along Fairmount Avenue that is shared with Wells Fargo Home Mortgage and the Bemus Point office along Main Street.
