In this edition of 'Selling off the plan' for agents and sales partners, we dive into markets that are crowded with new opportunities for buyers, potentially resulting in complexity and confusion, and discuss how we can create cut-through for our own project.
Navigating the complexities of project marketing within the Australian property sector, and particularly in Sydney's bustling property landscape, has changed notably over recent years.
Yet, despite the vast increase in digital promotion, for property developers on a mission to distinguish your projects from a sea of other offerings, creating connections that deeply engage buyers remains key to success.
While headlines and politics frequently focus on housing shortages, and the industry is significantly suffering at the hands of both labour and materials deficiencies, for many buyers entering the space for the first time, the market can still feel quite cluttered.
Not only are they confronted with a range of different options and opportunities; as well as the temptation of existing properties, they are also often battling the fear and uncertainty of buying off the plan, after a few years of news coverage that has eroded some of the confidence in the industry.
Fostering that authentic connection, building trust and empowering buyer security is the foundation of a successful strategy for cutting through the noise and really resonating with potential buyers.
Though digital ads and other above the line tactics may have some impact and grow awareness, successfully selling at record pace and price is nested in a much more intimate and informed approach.
Effective selling starts with deeply understanding the very specific market being targeted – and what they want and need on various levels.
This goes far beyond simple demographics and knowing your project is best suited to families with specific compositions and incomes, or singles who are looking to be close to the city.
It leaps into their psychographics, behaviour and motivation, not to mention the various factors unique to that particular time and place (economic factors, security, education and so on), that will influence their decision and actions.
Understanding potential buyers is about actually ‘knowing’ them, because trying to create a relationship and real trust can’t happen until you do.
Though there have been some developer brands that have fallen into disrepute in recent years, the fact is, the vast majority are genuinely invested in delivering quality to their buyers. To reinforce that position, many of you will have a long list of case studies of past projects that have been completed successfully and are now home to happy owners and tenants.
Building trust around your brand through focused brand marketing efforts, and frequently linking successful projects back to it can create credibility and a sense of security in buyers a lot faster, reducing the length of the sales cycle.
As noted, ads can do some of the heavy lifting when it comes to creating awareness around a project, but once that awareness is achieved, buyers will still progress through a standard marketing and sales funnel. It will see them research to satisfy their interest, compare and question to inform their consideration and intent, all before they get to the point of purchasing.
Those later stages of the funnel are where that trusted relationship really comes into play – and fortunately, agents have been working for years to develop just that, within their local communities.
At LINK, we have one of the most extensive networks of trusted agents in the industry, ready to activate their buyer network on your behalf. They bring local knowledge, market expertise, and they have worked hard to create long-lasting relationships that can be capitalised on in the marketing of your projects.
A major trend that all marketers see continuing and in fact increasing over time, is that of personalisation – and this can be very beneficial when it comes to property purchasers.
A home or an investment is not just a major purchase, it is an incredibly personal decision driven by the buyer’s vision for the future – whether that’s living in the property, or growing their wealth through it.
The research and expertise drawn on in building that initial understanding of the market, combined with a commitment to genuinely exploring the needs and motivations of each specific buyer (the craft of an expert agent) enables a truly personal approach to the sale.
This can be further enhanced through a large number of digital tools that enable streamlined, yet highly personalised communication and marketing to a long list of prospects, all at once.
A property purchase feels so personal to a buyer, making the sales process feel the same, can create immediate and impactful cut-through.
Storytelling is an integral part of any sales process – it’s about helping the buyer see how they fit into the picture, and in fact, how the picture is built around them, their requirements and desires. It also needs to be nested in reality, transparency and clarity, so it never undermines the trust you have worked so hard to create.
The story around a development can play a major role in achieving increased visibility, and attracting the right people.
It can be easy to fall into the cliches and the usual phrasing when storytelling, but by working from deeper market understanding and detailed buyer profiles, the story can become unique and much more memorable.
In a time when digital bombardment is the norm, a focus purely on advertising, socials and email can render new developments background noise to an already overwhelmed market, leading to a disconnection from potential buyers.
But by combining these mass approaches with a more personal, more relationship and trust-centred approach, developers can increase the awareness and attractiveness of the offering to accelerate sales and increase return.