Selling new build property can be more difficult than selling second hand. Whilst some new build properties will be built by the time they are marketed for sale, most will need to be sold off-plan. Clients cannot physically see what they are buying and so it may require a slightly different sales technique to achieve that all-important reservation. Here is a brief guide to selling a new build property development.
Advertising
Advertising a new build development can start long before the house building process begins. Assuming the development is forecast to commence within 9-12 months, it’s a good idea to erect some visible signage on the site. This will create local awareness and the compilation of a mailing list can begin. The more clients potentially interested, the more likelihood there is of a successful sales launch when the time comes. As time progresses, signage wording can be increased, flags can be erected and ‘Coming Soon’ advertising can begin. Whilst prices are usually not released until the last minute it is worthwhile giving ballpark indications to those who have requested this information.
Marketing
If only a handful of properties are being built, it makes sense to market the development off-site. Many estate agents are experienced with new build sales and can sell on your behalf from their premises.
If, however, the development is larger, it is worthwhile arranging a temporary marketing suite. This should be in situ a few weeks before the launch. A generator will be required to supply power and light services to the suite. Fuel providers such as Beesley Fuels can supply generator fuel which will be stored securely on-site and replenished as necessary. Office furniture should be delivered in advance and an on-site sales advisor appointed.
Competitors
Speak to other local developers who have a comparable product to find out how their sales are going as well as the price per square foot that they are achieving. Whilst this is not common practice in many industries, it is very common in the new build property sector.
Sales Launch
It is essential before the day of the sales launching that the sales advisor has been given all the information he or she requires. As well as a full specification and price list, they must be provided with various plans and drawings. Floor plans, elevations, and fencing drawings, to name but a few, should be produced. The Home Builders Code of Conduct is a set of regulations that all home builders must adhere to. Part of this Code includes providing buyers with as much information as possible. If this is not done or information is altered without warning, a buyer may be able to withdraw, so the developer must be on the ball.
Contact those who have expressed an interest and advise them of your launch date. Get the local press involved and have directional signage erected. Being prepared and organised will ensure that on launch day the focus can be solely on selling.
