Everyone knows that the name of the property development game is to sell-out projects within record time. The problem we face, however, is just how to get there.
When we see headlines announcing projects selling out within months, weeks or days, it’s easy to be struck with that all too familiar pang of jealousy.
But according to Marc Conias, Managing Director at PPS Tailored Furniture Solutions, there are a few trade secrets that you can use to give you the same results.
Ranging from property branding to incentivising sales, there are a number of things that every property marketer should have in their arsenal in order to kick-start sales.
5. Create a brand that stands out from the crowd
With thousands of unit dwellings being approved each month, it’s imperative that you work to build a unique brand that makes your development stand out.
“By building your brand, you’re essentially showing potential customers what it’s going to be like living in your development,” Mr Conias said.
“From your project’s architecture and interior design to your project’s specific furniture package, your brand needs to integrate seamlessly into your development.
“Successful branding is going to mean the difference between a sold out development and one that never gets off the ground.”
4. Keep it consistent
The honest truth is that even if you have a brand, it’s not going to do much unless it’s consistent. Your brand is going to be what converts potential customers into buyers.
As far as your sales are concerned, consistency is key.
“Consistency in your branding is paramount when you’re dealing with potential customers. Every little thing has to be perfect – especially your furniture, fittings and finishes,” Mr Conias said.
“With the rise of experiential marketing, it’s crucial that everything from your sales office, display apartments and every individual unit type is the absolute definition of your brand.
“You want to be able to give your potential buyers a tangible vision for the future – something they can touch, feel and become connected to.
“A really easy way to do this is by using a tailored furniture package for your development. This can be showcased at your display apartments and sales office to transform your project from a 2D idea into a 3D reality.”
3. Don’t underestimate the power of digital marketing
The beauty of being in the digital era is that property developers now have the power of digital marketing right at their fingertips – and this power is invaluable when it comes to fast tracking sales.
With digital marketing, you have the power to connect your development directly with your target market through not only advertising, but through interactive websites, SEO/SEM and social media marketing.
“Digital marketing is also a great addition to any experiential or traditional marketing strategies and can ensure that you are reaching your target market from all angles – a great way to fast track your sales,” Mr Conias said.
2. Incentivise your unit sales
According to Marc Conias from PPS, offering a buyer an incentive can be one of the most powerful tools for developers and property marketers who are looking to boost their sales.
“A practical option like a tailor made furniture package as an incentive can be a powerful tool for getting people to sign on the dotted line, particularly savvy residential investors who are chasing improved rental yields” he said.
You should give thought to your specific project and think about what incentives will work for you. To make them most effective they should be tailored to your brand and your target market.
“Over 70 per cent of our furniture packages are sold directly to developers who want to incentivise unit sales because they know investors are going to jump at the opportunity to buy a furnished unit,” Mr Conias said.
“Developers just need to think about the current demand cycle. We’re seeing a massive spike in renters both domestic and corporate looking for a furnished unit over an unfurnished one – that’s why, in order to satisfy this demand, it makes complete commercial sense to offer it as an incentive.”
Understanding your market is, without a doubt, the most important way you can fast track your sales. Once you understand your audience, you’re giving yourself the insight you need in order to help them make their decision – resulting in more sales for your development.
Recent statistics show that investors make up 80 per cent of inner city high-rise purchases, so it’s safe to assume that investors are going to make up a large portion of your target market.
Marc Conias believes that there’s no better time to get inside the head of an investor and think about what they need in order to make a decision.
“Investors are very commercially minded and are primarily focused on rental yields, return on investment and keeping costs down,” Mr Conias said.
“One simple way to appeal to this market is by including a turn-key furniture package with the apartment. We’ve seen some furniture packages generate up to a 20 per cent increase in annual net yield – that’s something that investors won’t ignore.
“A furnished apartment can also increase investor rental yields, with some apartments going for more than $100 per week more than their unfurnished counterparts. A statistic like that is more than enough to convert a potential investor into a customer.”
It’s also important to remember that each potential sale is linked to an individual, so by attempting to understand each personal circumstance you will be able to tailor your sales pitch in order to get the best results.
Marc Conias is the Managing Director at PPS Tailored Furniture Solutions, a pioneering furniture package business that provides high-quality furniture solutions to residential developments across Australia.
With a pipeline of over 1000 furniture packages sold (representing 1000 apartments sold) PPS are the go-to business if you want a unique and custom designed turnkey furniture solution or assistance to accelerate apartment sales. For more information on how you can use PPS to fast track your sales click here.