Here at Little Fish, we’ve discussed many times how developing residential real estate can be a fantastic way to grow your personal wealth.
By developing a lot and building two or more homes on it you can see greater returns on investment than the rental market.
But building a development is only one step in the development process.
Another is you need to market the new homes to sell. You’ll need to snare some buyers because without their money you won’t see your profits.
In this useful article, we’re going to explore how to market a property development.
You’ll learn everything you need to know about selling residential property developments off the plan.
At Little Fish, we always encourage off the plan sales because you settle quicker than if you put it on the market once completed.
This means you see your profit sooner.
1. Perception is Everything
There’s a quote we love here at Little Fish.
“How people perceive things determine how they react to them.”
In this context, this means that you need to create perceived value when selling off the plan.
Obviously, you’ll need to deliver on the value though. If you do this, everyone wins – which should be the ultimate goal.
You want to walk away a winner, but you also want your buyers to win. You want them to feel warm, fuzzy and positive about you, your work and your brand.
This sticks in their head. And remember, people talk, and word of mouth is one of the most powerful forms of advertising.
2. Visualisation – Rendering
You’ll want to engage a top-notch 3D render company to provide a full render representation of your project.
Renders are not cheap, especially good ones.
But you need to remember that renders sell, particularly of the plan.
People need to be able to picture themselves in the property and when selling off the plan your render is your inspection.
We see too many beginner townhouse property developers trying to skimp on the renders.
The renders provide the visualisation for your entire marketing campaign and they play a massive role in building confidence in your buyers.
If you take anything away today it is that you should not skimp on the renders.
3. Brochure Development
Next up you want to take your professionally developed render-set and have a professional development marketing brochure designed. Then you want it printed on some decent stock.
Again, this means spending money on a quality graphic designer and a great printer.
Remember that saying, “you need to spend money to make money”. We see a brochure as a non-negotiable here at Little Fish.
This should go without saying but your brochure needs to contain valuable information about your development project.
This will help no end to market your property development.
Now you might think at this stage that your sales agent can cobble a brochure together for you.
This is not good enough. Not to knock sales agents, they might sell well but graphic design and high-end project marketing isn’t their forte.
Take the bull by the horns and ensure your brochure is dazzling and perfect. Remember that quote from above about perception.
Your brochure, like your renders, is an opportunity to show your potential buyers the high level at which you operate.
It will also position your development as the stellar project it no-doubt is.
4. Inclusions Documentation
The next step in how to market a property development is about having watertight inclusions documentation. This is for your sales agent to leverage when selling your properties.
What we do here at Little Fish is engage a professional interior designer to choose all the fixtures, fittings and finishes for us.
We then ask them to include a co-branded “design intent” document with our package that goes to the agent.
Working with quality interior designers who get what you are setting out to achieve is super useful. By useful, we mean profitable.
5. Set the Mood
Next up we like to appeal to our buyers’ senses of touch and feel by creating what we call mood boards or mood trays.
These become additional marketing collateral for our sales agents to use.
This gives us another opportunity to position ourselves as a high-quality developer.
We prefer the trays, but that’s just our personal preference.
We like our buyers to be able to pick up and hold the different fixtures and fittings. This is a classic sales tactic. If you go into a shop to buy a smaller item a great salesperson will let you pick it up, feel its weight and form.
Already in your head, you picture yourself owning it. Mood boards are fine too, it’s all in the sales pitch and delivery. This will help you market a property development.
6. Big, Bold Banners
Another marketing tactic is about having big, bold banners for all development sites. For every residential development site, we build a large hoarding. As big as we can.
We put it in the most prominent location possible and then design a custom banner where we display those killer renders.
Buyers love being able to see the project rise from the ground up. Watching it come to life behind a nice crisp render is a sight to behold.
We’ve found it gets buyers revved up and gives them confidence in our work.
If we’re too early in a project to give this sort of experience we get our agents to take potential buyers to other sites, so they can get that experience.
We have found this priceless in our marketing approach.
7. Take it to the Next Level
Something that not everyone does but which can launch your marketing into the stratosphere is a live blog post for active projects.
It’s only for those with commitment and decent resources, but the ROI is massive if you nail it.
A live blog becomes a central hub for your project. Agents can direct buyers to follow along with the project’s progress.
You’ll upload regular images and construction updates from the site. Put anything else you can think of to add value and give your buyers confidence in your approach.
8. Transparency and Honesty
At Little Fish, we don’t believe in shady dealings and shifty operating. We value our honesty and transparency and our buyers value it too.
Be upfront and honest in your marketing and it will pay you back immensely.
Follow These Steps
At Little Fish, we most often sell our properties off the plan. It’s these above steps that we follow to the letter that helps them fly off the shelf.
If you take away one thing from this article, it should be not to skimp on marketing. Your marketing and associated collateral will mean a top-notch sales proposition.
And a top-notch sale pitch usually results in sales.
Hopefully, these tips will get you going in the right direction. Remember, marketing a residential property development is like baking a cake.
If you leave the flour out, it won’t rise. If you forget the sugar, it’s not tasty. So be sure to do every step according to our advice.
If you want to know more about a particular step, or you need assistance in how to market your property development, give us a call.
We can even project manage your entire project, end to end if that’s what you want.
Call Little Fish for a chat on 1300 799 277.