In the recent years, the market for luxury condos has greatly increased. The baby boomers are not scaling down; moreover, they’re buying residences that fulfill their retirement needs, like luxury condominiums. Millennials are in competition to also purchase these as they are gravitating towards multi-family condominiums in vibrant urban areas that are walkable and easy to maintain. Sustainable living is on the rise and condominiums are the perfect place to live an environmentally friendly lifestyle.
The challenge lies in the hands of financing and marketing a project the size of a luxury condominium. For most luxury projects, there needs to be proof in sales to instill confidence in homebuyers that the vision will come to fruition. Today, developer strength and security are key components to any buying decision. Timing is equally as important though. Reaching retirees within the 2-year window that they are researching their new address is paramount. A presale program should market to all three types of condo buyers. Here are four vitally important steps to follow before breaking ground on a new luxury condo project and launching it towards success. The project should meet the needs of the buyer.
Studying the analytics of a market’s buyers is key, especially in micromarkets. The needs of buyers in one neighborhood may be drastically different than those of buyers just a couple of miles away. 100 Las Olas, a Fort Lauderdale luxury condominium project, was marketed eloquently to the “empty nesters” of the area. They were ready to leave their gated communities and head to an urban environment where every day and night can be a new adventure. And the market has responded very favorably to the offering.
The largest issue with pre-selling condos is that the buyer does not understand the vision of the project. Using expert renderings, virtual reality, and beautiful brochures are all critical components to the sales process. Stressing developer creditability is also an important pre-sales strategy. And customization should be highlighted for buyers who are interested in buying new to make it their own.
2. It is important to articulate the value of buying sooner.
This can help the buyer see themselves living in the property. Although presales are critical to getting a project off the ground, the buyers are provided significant benefits for taking part. The greatest incentive is fiscal. When buying new, it is standard that the sooner you buy, the greater the value you receive. Early buyers get the chance to choose their units and have more input in the result of the project because in the initial phase, changes are easier to implement and once the project is nearing sellout prices can increase.
3. Presale marketing strategies should tell a compelling story.
They should be aggressive and focus heavily on digital marketing, storytelling, and events that help generate leads and allow the buyer to see the potential of the project. The website should be easy to navigate and optimized for mobile usage, combined with a robust social media campaign.
The best sales and marketing strategies demystify the process of purchasing a luxury condo and simplify the future for the buyer. Cotton & Company is dedicated to providing traditional and digital marketing services for residential real estate developers. From branding and project planning to web development and media buying through advanced digital and social advertising and even including collateral creation and branding – Cotton & Company is the perfect partner for any luxury real estate developer. To learn more about our process or request a quote, please click here.