Selling out your property development is how you become a profitable developer. Ben Buxton from Grenade, a creative agency that does a lot of work with developers on marketing their projects, shares some tips on how you can sell out your property development.
Ben comes from a family with a rich tradition of involvement with the property industry and real estate development. He has 20 years of experience working on large and high profile projects, so he really understands how you go about successfully selling a property development.
Our conversation covers the key elements you want to cover with your project marketing, mistakes developers make when marketing their project, and some ideas for how you can market your next property development.
I do think that great marketing is often the difference between similar property developments selling out faster and for higher prices than their competitors, and you would be wise to continuously improve how you market your projects. Whether that be through using a design agency or pushing your agent for better quality materials.
Key tips for selling out your property development project
In terms of what I took out of the conversation, I thought Ben’s five things great developers get right was a terrific summary of what you can focus on to take your developing to the next level. Ben covered these five areas:
1. Get your renders right
I tell you I have seen some shocking renders for off the plan sales around the area where I am developing. I know it can seem expensive to get renders done, though I believe it doesn’t have to cost thousands, you can go to places like Upwork.com and find freelancers who can do good artist impressions, but in comparison to the value of what you are trying to sell, it is a worthwhile investment if you get great quality, emotive images. As Ben said, you might only need one or two aspirational images to get the buyer’s emotions running but you need something visual for them to lock onto and get an emotional, aspirational connection happening.
2. Develop a story to support your project
Again this is a powerful tool when done well. We all love buying into a story, whether it is the mystic of the engineering in a Mercedes Benz, or the style of Apple products, people love stories, and they want to be able to share them with others. So see if you can make a connection with the history or context of your location and work that into your marketing copy and imagery.
3. Spend money efficiently
This goes without saying, but be careful to not run off and start pumping money into the latest bright shiny object, whether that is a new social media channel or piece of printed collateral that the agent really likes. Make sure it is going to serve your project and provide a return. Which leads into the next one…
4. Put in place measures to ensure good reporting
Make sure you are meeting with your agent or team regularly, whether it is once a week or every two weeks. Keep them accountable for the number of leads, where they are coming from, how they are being followed up. Review what is working and what isn’t, and if need be then adapt your marketing.
And last but certainly not least.
5. Make sure you sell everything!
Keep pushing for those sales right up until you cross the finish line. Be wary of your team suffering from fatigue and then getting excited about the next project that is coming along. Make sure you stay focused and enthused about the project and sell that bad boy out! As Ben said, the last 10-20% can be the hardest but that is also where all your profit is!
Latest photos from Justin’s development
The drainage set out is underway at Paperbark Place.