When it comes to selling real estate, the home is the focal point. Regardless of how you stage it, the home is physically there for you to show potential buyers.
But what do you do when the houses aren’t actually built?
As in, what do you do when you are faced with the task of selling newly planned developments?
An entirely different game altogether.
The Dirt On… Dirt?
Selling planned developments is basically selling dirt.
When it comes to selling homes, you have the different features to lean on. With planned developments, not so much.
In order to sell planned developments, the first thing to realize is that there is a big difference between those that buy houses and those who buy planned developments. You’re looking at two different groups of buyers with different needs and interests. In the case of buyers interested in purchasing a newly planned development they are looking for opportunities to customize their own house and space, as compared to homebuyers who are looking for everything to be set up beforehand.
Here is our guide to selling planned developments.
Study, Study, Study
When it comes to getting ready to sell a planned development to potential buyers, it’s best to take the time to do some research about the neighborhood and the developers themselves so that you have all the necessary information to give to clients.
What should you be studying? You can look into what the current price of homes and other developments are to see how the new planned development will do in comparison, as well as how reputable the developer is.
For example, if you’re looking to sell the new Paradise Valley development ‘Azure’ to your clients, you can first look into who Shea Homes is.
Then, you can take a look at current market trends in the area, like this:
As you can see in this graph, the median listing price in the Paradise Valley area is almost at $2 million, which is about a $300,000-$400,000 increase since 2015. With such information, you can start to plan your marketing strategy and figure out how to effectively sell the planned development.
People Buy From People…
… and people want to know what they’re getting!
By identifying your buyer’s needs, you will be able to have a clearer indication on what the prospective buyer is looking for and how to best market the development to them.
Have information about the different features surrounding the area of the planned development. This can be by way of nearby schools or community centers, access to shopping, or proximity to a major city center. For example, a young family with two school-aged children will more than likely be looking for something completely different from a newly retired couple.
It’s also important to have information about any zoning laws and other important information, so be sure to check with local authorities so that you can also provide this to potential buyers!
Stage the Planned Development
You now have all the facts and information on the nearby amenities and what makes this a great place to live. Now it’s time to stage the development.
Even though there is no house to present, it is still critical to present the planned development in a way that is appealing so as to bring interest and entice potential buyers to inquire.
It’s hard for potential clients to visualize what the final product will look like. Having floor plans and artistic renderings of the homes can really help potential clients see what their new house could look like.
For example, if you’re looking to market a new development such as Azure to your clients, it definitely helps to have some artistic renderings on hand to help your clients visualize their brand new home in Paradise Valley!
Selling Planned Developments in Stride
Selling newly planned developments can be daunting, especially since they pose unique challenges that aren’t typically found when selling single-family homes. Hopefully, this guide provided you with some tips and insight into how to go about selling planned developments.
Rachel Wong is a Digital Content Co-op student at RESAAS. She loves coffee and beer, writing and talking, and has been the same height for pretty much ever. Check out her RESAAS profile ›