Continued growth in the Okanagan region calls for a demand in housing! New residential real estate developments in are popping up all over the Kelowna area to meet the influx of people seeking new homes!
As a developer, what steps do you take to make sure you are front and centre of home buyers? While the saying “build and they will come” has been heard before, this isn’t necessarily true. Yes, activity on site can peek purchaser curiosity, but that alone isn’t enough to get your development sold and money in your pocket!
From my experience with new real estate developments here in British Columbia, I have gathered a few key findings that have served useful when helping developers sell their product:
Research and Analysis
Real estate markets are constantly evolving. Analyze regional data and cross reference with a competitive analysis. This will ensure your project is positioned in the sweet spot to maximize messaging for sales and profit. Each area has features that make them desirable to buyers!
You need to leverage the data you have collected to position your development in the market. Partner up with your architect and design team to maximize the value of you space.
Let there be life! Creating a compelling brand gives life to the development. Being able to share your vision with future purchasers will create momentum for sales, even if all you have to showcase is a pile of dirt! Great branding will generate leads, even if there is nothing built yet!
Print ads, websites, social media and radio ads are just a few of the many marketing channels that are available to use when advertising your development! Allocating some of your budget to marketing dollars will better generate interest from the public and in turn gain sales faster. Don’t forget! Make sure you establish your project’s target market, this will help you get your advertising in front of the RIGHT audience. People won’t buy what they don’t know about!
Equip yourself with a sales team that is just as passionate about your project as you are. They will be driven to get purchasers into the right home in your development, handle administrative tasks and be the point of contact for sales. This will leave you to do what you do best – build!
I can personally attest to these key steps from the success generated in several projects. Drysdale Row is the most recent project at Fortune Marketing that has followed this framework and was 75% sold the FIRST WEEK! Don’t worry, there are still homes available in this desirable Glenmore area.
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