In the current climate, what can developers do to inspire confidence in their product and built trust in their brand?
Once upon a time, property developers would wait until a project was complete prior to commencing a sales campaign. The accepted school of thought was (a) Buyers preferred to experience finished product and would pay a premium to do so, over a speculative decision off the plan and (b) back in the ‘dark days’ we weren’t fortunate enough to have the array of sophisticated interactive tools, models and hyper-realistic 3D visualisations we have at our disposal today – all of which work to give buyers confidence in the product.
Changing times and new challenges.
Then came the emergence of the “off-the plan-campaign”. We were one of the first agencies to bring a large scale development to market in this fashion in 1998, with “The Hudson” in Alexandria seducing prospective buyers with its innovative New York inspired brand campaign, two full size display apartments and a swathe of clever engagement tools. In the following years, the market gained momentum and as things heated up speculative investors emerged, willing to roll the dice with inexperienced developers and builders on the chance of experiencing huge short term capital gains.
But soon the cracks started to emerge – figuratively and literally speaking. As the property market cooled, developers started mothballing projects and worse, a number of high profile projects experienced major construction defects. Consumer confidence hit the skids and so did off the plan sales.
Rebuilding buyer confidence.
There is a silver lining though – there are a number of simple strategies property developers can apply to help rebuild confidence with buyers. Our recent work for Infinity Park at Norwest highlighted the importance of leaning on an expert team of consultants to add equity to the sales campaign. The Infinity Park precinct was without a doubt a visual showstopper, however a critical component of the strategy was leveraging from the collective team’s depth of experience. Our team developed a suite of collateral, including a series of interviews with the architects, engineers and leading property experts to assist with the buyer journey. The net result was an astounding result at the VIP sales day and a number of price records smashed for commercial and residential off the plan.