As developers delight in their condos fetching premium prices in key West Coast markets, accelerating land prices and rising labor costs are threatening to put a significant dent in profit margins.
The demand for urban living, driven by both Millennials and empty nesters looking to downsize, reflects a preference for smaller but highly amenitized space. Promoting these projects efficiently and making the most of a marketing budget has never been more pivotal for developers who need to maintain financial viability and are hoping to capitalize on their sales.
We sat down with Bisnow partner Polaris Pacific’s director of marketing Lindsay Lessman (pictured) to chat about five marketing “magic bullets” developers should consider adding to their arsenal when targeting clients.
Go Where Brokers And Buyers Are
Engaging the local brokerage community early is important. Having a dedicated internal sales team is undoubtedly powerful, yet many times potential buyers have formed close relationships with their existing real estate agents who know every inch of the market landscape. These agents can serve as partners for customer conversions, helping quickly move residences off the market.
What often happens in condo sales, particularly in second-home markets, is the selling season is compressed during the cooler months of the year. Polaris creates targeted ad campaigns, personal mailers (like the brochure pictured), even local info sessions, aimed at leveraging the shoulder season fully, so when buyers come back into town, their interest is already piqued.
Don't Skimp On The Sales Gallery
For developments with multiple phases and construction spanning years, the impact of a sales gallery, like this one at Optima Kierland's Scottsdale location, can't be overstated. Offering prospective buyers a preview of the product, and affording them the opportunity to envision the lifestyle at their new home, proves a worthwhile investment.
From highly stylized video walls showcasing handcrafted custom furniture reflecting the look and feel of the public spaces, to fully built vignettes of customizable kitchen and bathroom options, there is no limit to the inspiring sales gallery concepts sure to move the needle for a sales team.
Owners = Best Referrals
No one can sell a new condo like someone who has already bought a unit and is eagerly anticipating delivery. When future homeowners have been engaged in a project before groundbreaking, and won’t be able to move in for months (sometimes years), it’s essential to keep them excited. Lindsay advises sales teams to budget ahead of time for homebuyer retention events—from cocktail hours at the hippest local restaurants to local art gallery pop-ups to innovative events like the TEN50 Superchief one pictured here.
Buyers want to meet their future neighbors and feel inducted in the community they’ve invested in. Most importantly, if they’re blown away, they won’t be able to stop talking up their new home to all their friends, who may be looking to purchase as well. Creating a referral program as an added incentive also never hurts.
Lastly, sales teams should never pass up an opportunity to play up their project’s product variety. If homeowners have already purchased their dream two-bedroom on the fifth floor, it’s likely they could be enticed into snatching up a prime one-bedroom in Phase 2 for their son or daughter and real estate portfolio.
Know Thy Neighbor
While marketers are busy connecting with future homeowners, they sometimes fail to get to know the project’s neighbors.
Oftentimes, the neighborhood in which the development is located is one of its greatest amenities—so why not treat it as such? During slow stretches in the sales gallery, marketers can extend an invitation to local shops and restaurant owners to check out the space or spend some time on the patio with a glass of rosé in the hot summer months. They’re likely curious about the new building and have potentially been fielding questions from patrons on what’s happening around the block. If they’re informed on the project, the word-of-mouth can be invaluable in sparking interest from their most dedicated customers.
Bring The Vision To Life Through Video
A picture is worth a thousand words; thus, visuals are instrumental in getting a marketing message across. Renderings and photos are essential, but why not take it a step further and craft well-produced videos?
A pro tip of Lindsay’s is to incorporate text into the video, displayed on the right, to make the message digestible. Viewers are probably going to watch it on silent on their mobile device or at their office desks the first time they see it.
