By Adrienne Albert, CEO and founder, The Marketing Directors
While there is no one size fits all when it comes to marketing new residential developments, there are several key steps that can help developers and owners of luxury residential properties around the country launch a successful marketing campaign from the planning stages all the way to the completion of sales or leasing.
Even One Detail Can Separate Your Product from the Pack
Although it might seem like a given, during the product development phase, developers must make sure their product is better than anything that has been built before to best appeal to the targeted market. Right down to the smallest detail, be it ideal closet measurements or a different kitchen layout, buyers and renters will be enticed by something they cannot get anywhere else. Any incremental cost to do so would be a small investment compared to carrying an unsold or unleased home. By aiming a notch higher, a developer can differential the property from the competition and even garner a higher monthly rent.
Common Areas and Amenity Spaces Still Reign
Value engineering a building from the inside out can help a developer imagine and deliver the most productive building for its residents. Do not forsake that which the customer sees and uses to save costs or include a non-essential item. Things like a pool, outdoor space, quality fitness center and common areas for gathering are always in demand. Make sure that the common areas are well-furnished; these are not places to neglect. Common areas are the true extensions of the home and are what residents show their friends (who might also be future customers) and are a big factor when they are contemplating to buy or rent at a specific property.
Models Still Matter
During a property’s marketing phase, THE most powerful sales or leasing tool is still the model apartment. Carefully consider your choice of designer – selecting a firm that can “speak” to the target audience and create models that really “wow” the customer will help increase interest in the property.
Even in today’s digital world, people want to touch, see and feel products, especially when you’re looking at something within the price point of a home. Model units, when unique and creatively presented, help a future renter or buyer imagine making their home at the building. It is worth spending the time and money to create a message that is memorable, not mundane.
Creating a model home for each unit line featured, especially if planning a longer sale or rental program, is also advised. As the building sees more and more leasing or sales activity, model homes can always be relocated.
Training is Key
In this challenging and overcrowded market, we welcome any advantage over the competition. The sales or leasing team is one of your greatest tools. The right training will allow the team to confidently know the product inside and out, fully understand the competition and how the property stacks up against it. The ability of the team to know the strengths of the product and how to promote it is ideal. Also, knowing the weaknesses and how to counteract them is also a must. Investment in the right on-site team can give you an edge above the rest.
Encourage your team to listen to any and all responses from the market and be prepared to make quick adjustments. Try to meet the demands of your clientele; this is a time for flexibility. Once a customer buys or leases somewhere else, you have lost them, so don’t be cavalier…make the deal. Once lost, it is costly and difficult to replace.