Create competitive advantage when selling new build property in London
Some say selling off-plan developments in London might be a little more difficult than it used to be. We see plenty of reasons why off-plan property London will still sell post-Brexit. In fact, there are thousands of reasons why off plan property is still selling so well. Shortage of housing stock, planning consent issues, exchange rate fluctuations… Whatever the market conditions, there is always an opportunity. You just need to know where to find it and ensure that you maximise potential sales volumes and prices by deploying the right strategies.
Here I explore five ways in which you can give your sales an edge and ensure buyers follow through on their promises.
1. Select a partner with a proven off-plan sales track record
Many savvy investors don’t like to work through a developer’s sales agents when they want to buy new build property in London. They see the sales relationship as too close. They’re worried there’s a potential conflict of interest and that won’t get them the best price. On the other hand, local estate agents are unlikely to have the international reach (particularly valuable with the value created by the fall of the pound after the EU Referendum vote) you need to power your sales.
Partnering with an organisation with a strong database of high net worth clients – both domestic and international – is a huge step to achieving those vital early-stage sales of new builds. Despite what the doomongers were saying, London is still a destination for investment; you simply need a partner who can introduce those investors to you.
2. Get the best research available and Off-Plan developments in London will sell
A three or four-page glossy brochure may be enough for a homebuyer, but property investors need more. The more comprehensive their research, the more inviting your new builds in London will be. The easier and faster you can make that research available to them, the faster your sales. Your preferred partner should be working hard to provide property investment research to their clients and investor base. Check out their previous materials and see if they stack up. Would you have considered buying one of their previous developments if you had the money? This will be part of the reason you chose them.
3. Pay attention to the fine print, property investors do
High net worth investors will have contracts examined forensically. They’ll be looking to make sure that the opportunity is all above board and they are playing on the level field. Make sure you have necessary warranties in place, and that you’re not seen to be attempting ‘underhand’ tactics through the contract’s fine print.
4. Make it clear what is included in the new build London investments
Property investors don’t like the ‘what you see is what you get’ developers. They want to know they are getting a quality product that will appeal to onward buyers or renters. If your model home or example illustrations are adorned with all the mod-cons, investors will expect the same. Make your offering documents as detailed as possible, so that there is no room for complaint or confusion.
Again, your off plan sales partner should be able to provide some guidance if needed, and liaise directly with clients to remove any misperceptions.
5. Always be there for the snagging inspection
Investors will want to snag an off-plan property the easy way. Help them by being present during the snagging inspection, explaining what can and can’t be changed. Working with the investor at this stage will ensure that the next time they are offered off-plan developments in London from your company they’ll already be a favourable buyer.
Off Plan Development Sales – In summary
By working closely with an investor, you’ll ensure your sales go smoothly. Many developers don’t put a value the amount of time it takes to progress a sale from initial discussions through to completion. This can be time-consuming and distract from other marketing efforts. Costs increase, opportunities might be missed, and you might have underestimated the resources needed to retain your investors.
By teaming up with a reputable partner – one with an extensive investor client base and suitable experience in the market for off-plan developments London – the pressure on your sales team is reduced. They can focus on their channels and converting customers visiting the site office or making enquiries. You’ll benefit from early-stage, off-market sales which will not disrupt other marketing initiatives.
To find out more, call the Castlereach team today on +44 207 923 5680. We have investors ready to make a difference to your sales.
Any questions? I do hope so…
Live with Passion,
Brett Alegre-Wood