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The foundation of a successful business is customer retention: returning customers are the most profitable.
It’s the same with property developments.
It makes good business sense to encourage repeat sales from existing purchasers for future projects.
Strata managers play a pivotal role as they are the ones that guide the owners corporation in building high performing communities.
Understanding what your customers want by taking time to develop long-lasting relationships with your purchasers is crucial.
At Smarter Communities, we take this seriously. We understand that strata management is an extension of the developer once a property has been sold.
So when you partner with Smarter Communities, we share our insights and experience based on our close interactions with owners and residents. Such unique intelligence will assist further refinement of future projects.
Basically, if you don’t know your clients better than the competition, they’ll simply invest elsewhere.
They say developers are only as good as their last project.
And in a neighbourhood where multiple projects are being built, this could be the difference between making a sale or not.
The more smoothly the project runs, the better the build design with attractive grounds and amenities, sound by-laws and affordable levies with transparent communication, the more confident buyers will be with their investment. Then other sales will follow.
Aligning with reputable suppliers is a smart move.
Enlisting a strata expert early in a project can save developers considerable time, money and hassle.
Smarter Communities NSW senior business development manager Philip Best says a smart strata manager can make a development project vibrant.
“A good strata consultant will work closely with the developer and advise how common property amenities can best be built and managed.
“They will draft the scheme's first set of unique by-laws to ensure clear and effective rules are in place to avoid conflict and to harvest accord.
“An experienced strata consultant will prepare accurate budget forecasts, so owners won’t be stung with a significant shortfall in levies.
“More importantly, a reputable strata management company will encourage the owners corporation to maintain the development to a high standard, so it remains as a place people will want to live and invest in.”
Prospective buyers of your new project will assess you based on the merits of your previous projects, particularly in a market where choice is prevalent.
So a well-managed community can literally be the difference between buyers purchasing in your new project or going down the road to buy in another.
“If both developments are equally attractive with similar amenities, but one has a community which appears to be aligned and the other one doesn’t, our experience indicates buyers will invest in the functional community time and time again.
“And why wouldn’t you? I don’t believe anybody likes to live in a conflicting environment.”
Customers are likely to buy again from someone they’ve had a good experience with.
“That’s where Smarter Communities comes in,” says Best.
“We’ve found the most successful communities are the ones that are most informed, integrated, and encouraged to have a say about how their community is managed.
“As strata community managers we work really hard to achieve this. In turn, this looks favourably upon the developer in the eyes of the purchaser.
“So when purchasers are looking to add to their portfolio, they’ll naturally go where they feel cared for and have already had a happy and profitable experience.”
For developers, it’s all about delivering the complete experience for buyers, including the special boutique-hotel touches.
Strata management introduces rules to create a sense of belonging for all owners and residents. It’s about affordable levies and creating a lifestyle so good it should be replicated in the next development.
“We’ve seen over the years that people really are creatures of habit,” says Best.
“They are most likely to buy again from a brand, or developer, they’ve previously had a good experience with. There’s your future customers.”
Smarter Communities is entrusted by over 5,000 communities nationally, awarding us exceptional insights into the operations and mindsets of owner occupiers, investors and residents across the country.
Call Smarter Communities on 1800 519 642 for a free consultation or visit the website for more information.
The Urban Developer is proud to partner with Smarter Communities to deliver this article to you. In doing so, we can continue to publish our free daily news, information, insights and opinion to you, our valued readers.
