Marketing Plans for Condo Sales
Marketing condominiums is different from marketing other types of homes. The marketing plan typically covers a large number of properties in a condo development, not just a single home. That difference reduces marketing costs for developers and realtors, but it means that the marketing plan is designed to promote the development as well as the individual units.
Condo marketing objectives operate at two levels: marketing a development and marketing individual units within a development. A key objective for a development is positioning it as the top condo destination in the area so potential buyers look there first for information. Objectives for marketing individual units are specific: Sell four units within three months or achieve the target price per unit.
The marketing strategy is tailored to the target audience. Developers may build condos to appeal to young professionals with no children, retired people, or singles who are looking for condos that offer an attractive lifestyle. Different features of the condo appeal to different audiences. Proximity to the sea may be important for retired people or young families. Young professionals may look for nearby transport for easy commutes to work. Singles value gyms and leisure facilities on site.
A condo marketing plan takes into account the market conditions and competitive activity in the area. During an economic downturn, the market moves slowly, so pricing and marketing investment reflect the conditions. In a location where new and existing developments compete for buyers, the marketing plan focuses on the condo’s features that differentiate it from competitors. A waterside condo may have great views over the harbor or a private beach. An urban development might be close to a popular shopping mall or subway station.
Research by the National Association of Realtors indicates that homebuyers make extensive use of online tools in their search for a property. The research notes that buyers use search engines and visit websites in the early stages of a search. Later they view maps to investigate locations. Toward the end of the search, they use mobile apps and social media. Effective marketing plans include online elements to reach buyers.
In a competitive marketplace, high-quality information and presentation give buyers a positive impression of a condo. Bloomberg Businessweek described how one condo developer created a "discovery center" that featured models of the development and the surrounding neighborhood along with full-scale rooms with fittings. Brochures and videos that give virtual tours of a condo influence potential buyers before a viewing. Information on local restaurants, cinemas and neighborhood facilities also have a positive influence.
The marketing plan should include a communications strategy to build and maintain relationships with potential buyers. Place the property details on independent listings or on listings managed by realtors specializing in condo sales. Email buyers who express an interest in condos in the area or who register on your website. Keep them up to date with details of available properties, special deals or progress on new developments using email, text alerts or social media.