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July 23 2015
What you need to know about post-recession developer/new construction marketing
Re-sales have seen a great comeback, and new construction is particularly hot of late. A lot of brokers are re-considering developer/new construction marketing as a way to expand their offerings and increase revenue. However, as I talk to many brokers who were very active in this space pre-recession, they are telling me it's a different world these days.
Many developers (and brokers) were burned during the recession. They were stuck with inventory and huge marketing bills when things dried up. As a result, many are infinitely more cautious and analytical about things today.
But I also see many are making the same mistakes when it comes to developer/new construction marketing:
- Making investments in traditional print media without a plan beyond distribution. "Let's print up a bunch of pretty brochures and give them to agents in town."
- Many developer and broker developer marketing services websites are substandard. And definitely not responsive (mobile-ready). A huge misstep in this day and age!
- Few have a true strategy for attracting foreign buyers, who predominantly prefer new construction!
On the other hand, many developers — especially those building in hot markets — lean towards focusing on the consumer rather than developing relationships with agents in an attempt to save commission dollars.