Why Marketing Matters In New Development Sales and Leasing
Marketing is a crucial element for the success of any business, and this is especially true for new construction condominium and apartment buildings. Marketing helps to generate awareness, interest, and demand for your property, and it is important to invest in it early in the process to set yourself up for success. The worst thing you can do is wait until the building is almost complete before you engage with a sales and marketing agency. At that point, you’ll be significantly behind the competition. If you want to get out in front of other properties coming to market in the neighborhood, you need a strategic marketing partner involved from the outset.
Here are some key reasons why it is important to invest in marketing early for a new construction condominium and apartment buildings:
Marketing helps to create buzz and excitement around your new construction condominium or apartment building. This can help to generate interest and demand for your property, which can translate into higher sales/rents and a faster sell-out or lease-up. Even something as simple as signage on your construction site and a simple landing page to generate leads can go a long way in getting your sales process started on the right foot.
Reach Your Target Audience
Marketing allows you to reach and target specific audiences that are likely to be interested in your property. This could include potential buyers, investors, or renters. By identifying and targeting your ideal audience, you can effectively communicate your property's value and benefits to those most likely to be interested in it. There's no better insight into your actual target audience than real-time feedback from your sales and marketing team. Don't get caught up with useless target demographics.
Establish Your Brand
Marketing is an opportunity to establish your brand and position your property in the market. This can help to differentiate your property from the competition and create a memorable and positive impression in the minds of potential buyers, renters, or investors. But remember, brand does not equal demand. Once you establish a brand, make sure you have a team in place who can execute on bringing that brand to market to drive sustained demand for your project.
Create Sustained Demand
Speaking of demand...a top-tier marketing partner will have a plan to generate sustained demand over the course of your sell-out or lease-up. Shifting with the market, honing in your messaging as you move throughout the course of the project, and ensuring your sales/leasing team has the tools they need to convert prospects are essential to success. You want local, boots on the ground, insight into the market. You want a marketing team that is in lockstep with your sales or leasing team. In today's marketing and advertising landscape, there's nothing more valuable than that.
It’s important to remember that while a cool name and logo are nice, they’re not what sets your building apart. What truly will help you identify a strong marketing partner for your project is by digging into what they can do for you beyond the visuals. How can they partner with all the key partners on your project from the interior designers to the general contractors and build a strategic plan for success? If you want to know what we learned along the way, take it from our Managing Partner, Michael DiMella. His 4 Lessons Learned Marketing New Development Real Estate is a must-read.
The bottom line is, by investing in marketing early, and investing with the right partner, you can set yourself up for success and maximize the potential of your property. It’s about getting to the finish line faster, with higher returns, and less wasted spend.