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.
