Project marketing needs to dig deeper than the surface

Last week Samantha Reece presented REIWA’s first Project Marketing Course.

Speaking to 30 sales professionals, who all had projects underway, Samantha spoke about a number of key activities that PropertyESP undertakes when conducting research , which we always do before creating a marketing strategy.

Firstly, we look at the demographics of an area, particularly looking at changes over time. This tells us how many of the residents own their homes outright; which age groups are earning the most income; whether the suburb is a young family area, or is undergoing transition with the influx of new residents; and how the occupational profile of the area is changing. All of this helps us determine the key customers for the project.

When we look at this kind of data over the past 11 years we can see trends. For example, the chart below shows the increase of professionals and managers in Success and Atwell, and at a greater rate than the increase in the Perth Greater Capital City Area, while the percentage of professionals and managers in Ellenbrook has stabilised. This data helps to identify which customers we will target in an area.

March project marketing blog

Next, PropertyESP looks at sales trends over time. We believe that if you look at data over 10-20 years you can see a trend in sales and capital gains.

For example, the chart below shows the capital growth for the Murdoch area suburbs, which is useful in determining what sorts of price points might be acceptable to buyers who are now looking to purchase in the area.

March 2 2016 blog

And then we look at the competition and often phantom shop other sales offices to determine what the sales agents are saying about their projects, so that we can then determine a point of difference for our client’s project.

It was evident from the presentation and resulting feedback, that many of the sales agents were not undertaking the full gamut of research before developing their project marketing strategy.

It is important that before you appoint a sales agency you determine:

  • Who are your potential customers? (ABS data)
  • What has happened in the market place to date and how will this affect your pricing? (REIWA sales data)
  • What is your competition offering? (Phantom shop/web search)

If you would like to discuss these points in more detail, before you launch your next project, then contact PropertyESP on 0452 067 117 or info@propertyesp.com.au.

 

 

 

 

 

 

 

 

 

 

 

 

 

Sales success will lead 2016

We have heard consistently that 2016 is the year where the WA property market will stabilise and normalise – which translates to the fact that we are going to have to work that bit harder to achieve our sales targets.

PropertyESP often conducts phantom shops for our clients, because no matter how great your marketing strategy is, if your sale’s people can’t convert the buyers when they come in the door – the marketing spend is simply a waste of money.

Typically there are a number of poor practises that sales people employ that costs them the sale.

Firstly, I have seen some sales people show a total lack of interest in the incoming buyers.  Some have been so incompetent that they have stayed behind their desk and referred the buyers to the sales list without making any effort to engage in conversation.

Secondly, some sales people can be too scared to ask the tough questions such as:

  • So where else have you looked?
  • What do you like about our estate/property over the others?
  • What budget do you have in mind?
  • What’s stopping you from buying today?

Next a high percentage of sales people forget to brag about their project.  If your project or developer has some strong benefits then it is up to the sales person to sell these! But they also have to be different and unique, especially in highly competitive locations.

Lastly, very few of the sales people who I have phantom shopped actually ask for the sale.  They often let the prospect walk out the door armed with brochures galore – but they haven’t asked the vital question “So can you see yourself living here?”

The sales effort also shouldn’t end there.  Once the prospect has left the sales office, your team still need to follow up the prospect and maintain regular contact while they are still in the market.

I recently did an audit of a client’s sales list and determined that one third of buyers where no longer actively looking, one third had bought somewhere else and one third were still actively looking.  This meant that potentially out of every 100 registered leads, there were 60 who could still be converted.  Even if you only achieved a 50% success rate – in this market that would be a significant outcome.

If you believe that something is amiss with your sales team then contact PropertyESP on info@propertyesp.com.au and let us determine where the issues lay.  Once you identify the problem you can then work towards solving it!