
Category : Investment
This guide covers 5 top tips for marketing off-plan property through nurturing the interest and trust of investors.
Selling off-plan developments has become a popular practice in the property industry. It involves marketing and selling properties that are still under construction, using architectural plans and sales brochures without the buyer physically seeing the finished property.
Selling off-plan has numerous benefits for both developers and buyers. For developers, it gives certainty and helps manage cash-flow, finalising the property sale as soon as it’s ready. For buyers, they benefit from a lower initial investment, and the property’s value appreciating as construction progresses and the market value increases.
While there are many buyer benefits, convincing an investor to purchase off-plan without a completed property to show them comes with its challenges. Here we cover 5 top tips for marketing off-plan property to help.
1. Design the ideal property
It all starts with creating a property that speaks directly to the needs and expectations of prospective buyers in the area. It’s no use allocating spend to extra specifications and features that aren’t in demand.
For example: if you’re targeting young urban professionals, a compact, low-maintenance space may be more suitable. If you’re looking to attract families, something more spacious with close access to schools may be more appropriate.
Once you’ve identified this, it’s important you then also price your property to match the local market. It can be easy to fixate on a specific price after months of investment and careful planning, but if this is vastly above or below your competition, you may have to re-evaluate.
2. Utilise a range of marketing materials
Different forms of marketing are going to resonante with different types of buyers. That's why it’s essential to use a range of marketing materials to advertise your off-plan property.
Not having a physical property to show a buyer yet means your task is to create a story that excites a prospective buyer. Fill any marketing materials with a diverse range of clear imagery and videos to create a compelling visual element. Consider using 3D renderings of your property design to give a real feel for what the property will look like.
Here are just some examples of formats to build this excitement:
- Brochures
- Your website
- Short presentations
3. Use a showroom
Get at least one showroom of your property completed as soon as you can. Again, it’s challenging to sell a property that an investor can’t see, so a tangible showroom is a great way to sell the vision.
Additionally, when an investor visits your showroom, this is a great opportunity to build that relationship and trust further. You could explain what makes your property different from others in the area, and give detailed answers to as many questions as they need.
Always be sure your showroom is kept clean, and dressed to a high standard to give you the highest chance of turning a viewing into a sale.
4. Partner with a quality estate agent
It’s one thing to have your range of marketing materials completed and ready to go – but partnering with an estate agent you can trust is also essential.
Your chosen estate agent will usually be the public face of your property, so you want to ensure they’ll make your development stand out. The key here is finding them early, and agreeing on how you want your off-plan development marketed and when.
5. Build a good reputation
Finally, building a good reputation as a reliable, high-quality developer is an unnegotiable part of your off-plan marketing strategy. You could have the best properties on the market, but a reputation for frequently delayed projects, poor communication and bad customer service has the potential to overwrite this.
Here are just some ways to keep your reputation intact:
- Finish projects on time and to a high standard. This may involve ensuring you partner with reliable construction businesses for example.
- Keep buyers regularly updated on the progress of the property, and give any necessary reassurances that everything is on plan, or whether to expect any unavoidable delays (for example weather issues).
- Keep any interactions with buyers professional and positive.
- Gather testimonials and case studies from previous buyers that you can pass along to prospects.
Working with a property management company
Ultimately, building the interest and the trust of buyers is what’s going to help you market your off-plan property. Without these, you may struggle to stand out amongst your competitors.
This is where working with a property management company like The Right Property Group can help. We can offer you more in-depth guidance on how to effectively manage the sale of your off-plan development, with a team of experienced property managers on hand. Simply get in touch with our team today.
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