By: Chris Hodgkinson, Managing Director of House Buyer Bureau
In the increasingly competitive world of property development, only those who put the effort in to stand out from the crowd and drive sales will succeed.
Are you doing all you can to maximise sales opportunities and improve the bottom line? With a new year dawning, now is the perfect time to review your sales strategy and prepare to up your game in 2022. If you’re just starting out in property development, this beginner’s guide will set you up for success.
Learn All You Can about Your Target Audience
Knowing your ideal client inside out will give you a solid foundation on which to build your sales and marketing strategy. Create a detailed profile by asking yourself questions such as, who will buy these houses? What do they want and expect from a home? What features or optional extras will they fall in love with? What budget do they have? Do they have a family or live alone? If you have sold similar developments before, you will be able to glean some insights into who your target audience is by scrutinising the data from your customer relationship management (CRM) system.
Once you know who your ideal client is, plan your branding and marketing to attract them. If your properties are most likely to sell to young professionals, choose classic colours that shout luxury. If you’re catering for families, make sure that your marketing includes details of the outstanding local school and the nearby parks. No one development will appeal to every type of buyer, so focus on one and sell to them.
Sell a Lifestyle Not Just a Property
Buying a house is one of the biggest financial investments most people ever make, and it’s a daunting prospect, especially for first-time buyers. Your marketing needs to make potential buyers fall in love with your development — not just the properties, but the lifestyle they offer.
Think about your ideal client and consider what would persuade them to buy a property. Are there plenty of employment opportunities locally for career-minded professionals? Is your development near excellent transport links for commuters? Does the local area have green spaces and facilities such as leisure centres that would appeal to a young family? Think about what your property itself offers too — open plan living? A safe community?
Be sure to include all of these benefits in your marketing to maximise opportunities to sell a dream lifestyle to your target audience.
Create a Brand Identity for Your Development
Once you understand who your target audience is and what their dream lifestyle looks like, you’re ready to create a strong brand identity for your development. Choose a name that will appeal to your ideal client. Parents with young children will be drawn to a name that suggests safety and practicality, whereas professionals may be more attracted to prestige and luxury.
Make sure that the fonts and colours of your branding tie in with the name and the overall lifestyle you want to sell. The best way to achieve this is to encourage your branding experts to spend some time walking through the site or reviewing the plans if construction is still in progress.
Once you’ve created your branding, make sure that it is consistent across all marketing materials — your website, sales brochures, emails and onsite signage.
Be Proactive about Tackling Obstacles to Sales
Maximising sales opportunities means effectively managing objections and overcoming barriers that could prevent a buyer from going through with their purchase. Investing the time in building relationships with buyers will help you to spot potential problems almost before they arise, giving you the opportunity to nip them in the bud. This will not only mean that you don’t lose a sale but also that your customer has a first-class experience (which in turn means a boost to your brand reputation and more referrals).
Put systems in place to tackle common issues as soon as they arise. For example, one of the main reasons why buyers withdraw from a purchase is because of problems selling their existing property. Partner with a part-exchange or quick house sales specialist so that you can step in and offer a speedy solution if your buyer’s house sale runs into difficulties. Your customer will be happy because they have found a new buyer at lightning speed, and you can keep the sale of your new build moving forwards — everyone’s a winner!
Embrace New Technologies
When it comes to maximising sales opportunities, data is your friend. Invest in a comprehensive CRM to gather as much information as you can about your customers and potential customers. A decent CRM, if used effectively, will enhance your efficacy at tracking leads, meaning that fewer opportunities to sell will be missed. You’ll also be in a better position to nurture warm leads until they are ready to convert.
Marketing automation is another game-changer. Automating mundane and repetitive tasks, such as social media posting and email marketing, frees up your sales team to focus on what they do best — selling your properties!
And don’t be afraid to try something that may feel a little “out there”. Artificial Intelligence (AI) is fantastic for making the most of the data in your CRM. It can help you to optimise your marketing efforts for your ideal client as well as connecting potential clients with your sales agents more quickly. Virtual reality (VR) is a great way to help people appreciate the potential of your development when selling off-plan. Virtual tours allow people to “walk-through” a property and imagine what their lifestyle could be like if they bought it.
The most successful property developers spend as much time planning and implementing effective sales strategies as they do building new homes. Surround yourself with a team of experts who can put systems in place to maximise sales opportunities while you focus on house building and growing the business. Investing time and money in your sales and marketing strategy will help you to identify and target your ideal customer, boost sales and improve the bottom line.
Author Bio: Chris has spent all his career working in the property sector and has extensive knowledge of the sector from having worked in the estate agency industry and running a successful property buying company.