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|Posted by Park Place Realty Network on November 2, 2022 at 4:40 PM|
Whether you’re a real estate developer or a real estate agent, you should know that selling new construction is not easy. New homes may be appealing to some potential buyers but not to all. There will always be those that prefer an older house with a history and charm. At the same time, some clients are only interested in new homes. But even if the new construction is in line with all the current home design trends, that’s not a guarantee it will sell. Things like the architecture, the amenities, the location, and the price will always influence homebuyers. So, to give you a helping hand, here are some tips for selling new construction to potential clients.
No. 1 If you’re a real estate developer, you should partner up with a real estate agent
We’re not saying it’s impossible to sell new construction independently. However, as a real estate developer, you already have a lot on your plate. That means you won’t be able to dedicate yourself to the selling process fully. That’s why partnering up with successful real estate agents is one of the best tips for selling new construction to potential clients. Moreover, these professionals have knowledge and experience in the field. Therefore, they know how to attract potential buyers and negotiate a great price.
No. 2 Using 3D renderings is one of the best tips for selling new construction to potential clients
Nowadays, people often buy homes while they are still in construction. Sometimes it’s the location that attracts them. Other times, it might be the price. Regardless, the sooner you attract potential clients, the better. But how can you determine people to buy something they can’t see? With the help of technology, of course. 3D renderings show potential clients how the new construction will look on the outside and the inside once it’s finished. You can even provide 3D renderings of the furnishings, similar to staging. All of this will help clients imagine themselves living there.
No. 3 Price it correctly
The price is critical when selling new construction. There’s no doubt that you want to make a big profit, but overpricing a property is risky. It will likely stay on the market for a long time, during which you’ll lose money. On the other hand, underpricing is bad for your business. Therefore, you have to price it correctly. That entails doing market research. You have to identify the market price of similar properties in the area. You should also take into account the average household income in the area. Plus, you should identify your local competitors and the prices they offer.
No. 4 Identify your target clients
You should have thought this through if you’re a real estate developer, you should have thought this through. After all, you should build new construction with a target client in mind. Otherwise, you won’t be able to satisfy their needs. However, if you’re a real estate agent selling new construction, you must work with what you’ve got. Therefore, you must determine which type of client would be the best fit for that property. For example, you can target young families, single people, or seniors.
No. 5 Staging is key
The benefit of new construction is that you don’t have to do any repairs or updates before the sale. Everything is new and shiny once it’s finished. Plus, since it’s empty, potential buyers can imagine how they would furnish and decorate it. However, this can also feel a bit overwhelming to some clients. It’s like putting them in front of a blank canvas and asking them to paint it. That’s why the consultants from miamimoversforless.com advise you to do a bit of staging. But don’t worry, you don’t have to furnish it. Just use floor plan renderings and virtual staging. You can walk clients through each room and show them what it could look like.
No. 6 Market the new construction
It doesn’t matter if you’re selling the most beautiful property in the area if homebuyers don’t know about it. Therefore marketing is critical. There are many marketing strategies to choose from, and you can apply more than one. However, you have to think about your target clients. If they are young, then digital marketing is your best option. Specifically, you should focus on marketing the new construction on social media. Nevertheless, if your target clients are seniors, you should use digital marketing and traditional strategies. For instance, make some flyers, newspaper listings, the word-to-mouth strategy, etc.
When it comes to marketing new construction online, there are certain things you should consider. For instance, first-time homebuyers in Florida probably need to become more familiar with the location. Therefore, you should give them some insights into the neighborhood. After all, the location is often more important to buyers than the property itself. You should also provide high-quality videos and 3D renderings to encourage remote homebuying.
No. 7 Make sure potential clients can afford it
Now that you’ve done everything to attract potential clients, it’s time to get to business. Namely, once you meet clients interested in placing an offer, you should first ask about their finances. It might not seem very polite, but it’s necessary. Because if they can’t afford to buy the property, you’re wasting your time. Of course, you’ll rarely find clients that can afford to pay out of pocket. After all, the prices are pretty steep. However, you should ensure they have been pre-approved for a loan. To be safe, you should work closely with the lender and the buyer’s real estate agent until the closing date.
These tips for selling new construction to potential clients can benefit real estate developers and real estate agents. However, as previously mentioned, real estate developers have much to gain from partnering up with agents. If you market it right, you can sell new construction before or after it is finished. Use technology to your advantage and show potential buyers what their future homes will look like. It’s just like staging old properties, except it’s all virtual.
Written by: Lisa Roberts with US Moving Experts