This is a situation we are all too familiar with. You’ve been working on a project for years, marketing, selling and developing, and now you’re having a hard time moving the final properties. The bank loans, fees, and time are cutting into your development’s profits. Not to mention, the marketing budget is all gone. A natural response can be to panic. Reduce the price and increase agent commissions. A choice that doesn’t necessarily sound appealing nor does it guarantee to drive the desired quick results. I mean think about it, you end up paying an extra 3+% per unit in commissions on a price reduced unit or you implement a new strategic mini-marketing plan for the entire development for the same amount as one commission. No brainer right?
Here’s the deal, there is no quick fix. This is a tricky situation and there are always plenty of variables to consider. Without a doubt, you need to revaluate your strategy. Your marketing campaign is broken. So fix it. Go back to the drawing board and make adjustments. At Blueprint Effects we’ve made a list of budget-friendly areas to focus your limited marketing resources on to help you move the final units. In this post you will read 4 Marketing Strategy Ideas to Help Sell Your Final Properties and bring any development to completion.
1) Give your project a facelift.
The first step is to take a second look at your current marketing material. Ask yourself, can you do better? Nowadays there are many ways to enhance your most important marketing tool, your website. Through interactive and digital architectural animations new build projects can be viewed clearly and exactly the way you want them. And the best part? They are affordable. We are not saying, reinvent the wheel here, but we are saying get current. If your initial marketing collateral was made 2-5 years ago, it will feel dated. Often just revamping the landing page on your current website can be enough to draw in and convert buyers. Ensure that once a prospect visits your page it is driving engagement and converting them to register.
2) Use what you already have.
Look internally at your existing database. Ask yourself whatever happened to all those initial leads? If they weren’t fully prospected this could be a chance to capitalize on previous marketing spend. First step is to have your sales people reach out to them again directly. And thanks to email, they are also easily accessible via the internet. Email still may be your most effective marketing tool, make sure you are making it work for you. If it’s been awhile since they’ve been contacted, you can email them directly to announce project updates and new information on the development, ideally with a repositioned website.
Tip: This may also be a good time to re-evaluate your CRM system. Your database is one of the most valuable assets your company has. How do you build and nurture it? To understand this topic further see: The Importance of CRM System in Real Estate.
3) Get your project Online. Really Online. We’ve said it before and we’ll say it again, 90% of real estate buyers conduct their preliminary research online. Make sure your project is positioned for success. Find out how your project’s SEO strategy is working and how well your keyword optimization strategy is implemented. Hint: specifically focus on geographic keywords like “Calgary Condominium Downtown”, or “Minneapolis Lakeside Community Townhomes”.
Tip: Click to learn more about starting your SEO strategy.
4) Venture into new territory. In this case, change is good. If your previous advertising channels didn’t drive the website traffic and lead generation you thought it would, don’t use them again. Many developers get caught using the same old channels they always have because that’s what they are comfortable. These channels are often old media and difficult to track so there is no data showing their effectiveness or ineffectiveness. With that being said, real estate buyer’s consumer behaviour has changed. Pricey print ads will likely not give you the most bang for your buck. Depending on your geographic region there are multiple online real estate portals available, often at very reasonable costs. Also, take a look at your online advertising campaign. Utilizing these two advertising channels properly should help you cast a wide net over your geographic online market and get quicker results than organic SEO campaigns that take time and resources to cultivate results.
The moral of the story here, don’t cut costs when you don’t have too. Make sure you’ve truly explored all marketing channels before you risk cutting into profits. Nowadays, there are many budget-friendly and effective marketing strategies you can deploy to reenergize your project and generate new interest and leads to help you finish the last leg of the race.