So you’re ambitious, driven and an expert project manager.
Managing a team, building a legacy and making profits is the aim of the game.
You’re a property developer.
And I get that.
Just because you’ve succeeded in a few projects before doesn’t mean your next development will soar with the eagles. You want to be the best.
And that means being humble enough to constantly review what you (and your competitors) are doing.
The market and technology evolves.
So what are the major areas of concern and mistakes that every developer should be mindful of?
1. Relying on traditional methods of marketing.
Project marketing needs more than a few sexy renders, photography, signboards, an untargeted Facebook boost and listing online as a Project Profile. An integrated marketing campaign relies on a multi-faceted approach, designed to target your buyers from many different angles.
Did you know that Asian developers don’t prioritise listing their products via online portals?
They actually get dirty in the trenches and avoid the addiction of feeding the oligopoly that has an insatiable appetite for the lion’s share of your marketing budget. That’s right, they make their agents work super hard and not simply wait for leads to inbound via REA.
Coffee is for closers and in this instance, jasmine tea.
2. Thinking their product is superior because they have developer bias.
You can actually be too close to your product when it comes to identifying the strengths and weaknesses of your development. Get some advice about what possible barriers to sale could be from an independent source and use your marketing to address these.
The truth is that a lot of developers live in houses or have forgotten what it feels like to be in an apartment. How you can walk a mile with someone if you don’t know what shoes they’re wearing?
I’ve lived in 3 apartments, how about you?
By immersing yourself in the lifestyle you’re trying to sell, you’ll see what your potential targets see.
3. Being overly optimistic with numbers
It’s all very well to present ‘best case scenario’ to the outside world on paper but have you prepared a number of scenarios, which include a ‘Plan B’ if sales don’t go according to Plan A?
Leave buffers in case of unexpected roadblocks or factors which are totally beyond your control. The old adage ‘plan for the best and expect the worst’ has merit.
4. Not factoring the total cost of marketing.
When it comes time to market your property, have you factored in working out what your cost is per lead, the cost per acquisition and conversion ratio?
It is something most overlook. Even the most sophisticated.
You get what you pay for and there is ALWAYS someone who is willing to be cheaper, nastier, and thriftier.
And it’s as important as factoring in the cost of bricks and mortar. The team at Elite Digital Campaigns are experts on this, just ask us.
5. Prioritising profits over building communities.
Being a developer comes with responsibilities. How well do you know the community around you? Your neighbors and alliance partners (council, businesses, etc.) are not only potential allies but potential customers.
Educate them on what you’re doing and invite them on the development journey with updates and even a tour once you’ve completed your development. This is something developers on the east coast do very well. They understand that it’s about designing spaces that are conducive to being in a community, encouraging social interaction, and that loneliness and social exclusion are the biggest cost to the nation with the rise of mental health issues. You may as well consult an agency for property marketing to get some initial help and set the momentum.