There are many organisations monitoring the vital statistics of the London property market that it is easy to forget what those numbers actually represent. Real people are disguised behind the cost of the average home and the rising cost of stamp duty in the capital. The newspaper headlines about percentage points and transaction volumes only serve to blur that reality. Every statistic that describes the property landscape in London disguises real people trying to buy a home.
Finding buyers in the current climate
My clients often ask me how they can attract more buyers to their new developments. This question is particularly relevant question in the current economic climate. Buyers have many reasons not to commit to a purchase right now:. There is a lot of uncertainty about job security, not to mention the fear of a ‘significant price correction in the London market’ which UBS warned of two weeks ago. There is an oversupply of certain types of new build property in London.
A decade of working as an estate agent taught me that irrespective of market conditions and price point, all buyers are convinced that they are buying at the wrong time..
Buyers always worry that they are buying at the top of the market. All buyers worry that their investment in bricks and mortar will somehow turn to dust. So any buyer prepared to take on the market right now deserves the red carpet treatment.
Good marketing collateral is a start
To return to my clients’ question regarding attracting buyers, the foundation of any effective sales campaign is obviously great marketing collateral. A stylish brochure, clear floor plans, good web presence and advertising are all part of that success formula. Buyers need to know what a development offers before they will pick up the phone to enquire about purchasing.
Treating your buyers right
But how an agent treats a buyer on that initial call will very often determine what happens next. How many times do buyers request a callback that never comes? Or a copy of a brochure that never materialises? Or worse, how unpleasant is the experience of registering to view the property in the first place?
A financial advisor from boutique mortgage brokerage Heron Financial recently told me of a client who was told to provide a PDF of her bank statements before the agent would book a viewing.
They had never met! It’s hard not to feel put out when booking a viewing involves a set of intrusive questions and irritating box ticking. I really object to the new ‘requirement’ to share personal financial information with someone you have never met.
Maximising sales comes from working just as hard on what happens after a buyer has enquired about a property as on attracting the buyer to call in the first place. In a market crowded with competition a development’s point of differentiation can come from delivering really great service. That means ensuring buyers have a positive experience from the moment they first get in touch.
Treating buyers as individuals is a great starting point.
Following that up with a willingness to listen and understand their concerns is even better. No one enjoys feeling railroaded by sales’ agents. Agents should treat buyers prepared to purchase a new home now in a way that makes them feel respected and significant. Property is not just about numbers. It is above all about people!
If you would like to book a 30 minute free consultation with me to discuss your property development, click on this link here.