Buying land, developing it and then selling the resulting apartments is a great recipe for those with building know how and skills. Or for that matter for anyone in the associated industries like architecture, law, financing or even engineering. But the truth of the matter is that those are the easy parts of the process. The real key to success in the property game comes in the sales and marketing department. Because the truth is that being able to build a high-quality block of apartments is quite easily done – most modern cities will have multiple new developments going up at the same time, the difficulty is persuading people that yours is the one to buy and being able to differentiate it from all the others. Here are a few tips to help.
Estate agents are old school
Okay, not entirely old school, but the reality is that there is a lot more involved in property development marketing these days than just showing a place and putting an advert or two in the local paper. Firstly, property sales are now a very digital process and you need to make sure that when you start thinking about the sale of your development that you are looking for partners who are digitally savvy. Digital channels are now the primary route for discovery for purchasers. The old days of driving around on weekends to view show houses is not such a thing anymore. Now searches are targeted online and that is where potential buyers will look first.
Photography is king
Make sure that when you start to advertise the development that you make use of the services of a proper photographer. High quality images are very often the difference between a quick sale cycle and a long one. We have already spoken about the importance of digital and if a potential property buyer can view high-quality, seemingly living images, online, they may well be tempted to make an offer then and there – before they have even viewed the place. Don’t hold back with the pictures, cover as many angles as possible and all the rooms. Also focus on the exterior and the views, anything that can help the experience of the apartment come to life.
Sell off the plan
If your intention is to sell, then start to do it as early as possible. As soon as the architect has finished with the designs start the property sales process. If you are going to wait until everything is done before you start the sales process, then you are going to be on the back foot. The goal should be to ensure that as soon as an apartment is completed that it can be occupied – if you are not able to do that then you are going to find yourself with an expensive asset that is not yielding a return. Rather start selling early, come up with great designs and impressions of what the finished product will look like and incentivise buyers to commit early. It is great for cash-flow and it will also help a lot with word of mouth marketing as the more people commit the more they will tell friends and others who could potentially be looking to buy.