PART ONE: Making a development that outsells your competition 3:1
I am often asked why Bagel Factory was the fastest selling development in London in 2018 (according to JLL). We have tried to examine the evidence and despite having a sales funnel, focusing on the data, analysing the leads and carrying out after sales surveys, it is still hard to pin down the one magic ingredient that made this development out perform its competition, often by 3:1. To give you an idea on volume, we were on average, reserving 15 apartments a month. Our agents (JLL & Currell – now Savills) kept on reminding us that ‘this is not normal’ and our competition were not seeing activity anything like this (they were averaging 5 sales per month).
So, I began to think about what made it so successful, and I believe there are just four ‘simple’ steps developers must focus on to deliver a killer development, all to budget. I will cover these subjects over the next few blogs, but as an insight, the four areas are:
1 - Know your customer, know your property
2 - Specification
3 - Marketing & branding
4 - Pricing
5 – Conclusion
So over the coming weeks I will blogging about our journey. I hope you like what we have to say and please, let me know what you think by commenting below.
This blog is part of five easy to read segments:
Blog 1 of 6 - Making a development that outsells your competition 3:1
Blog 2 of 6 - Know your customer, know your property (Part two)
Blog 3 of 6 - Getting the specification right! (Part three)
Blog 4 of 6 - Marketing & Branding that packs a Punch! (Part four)
Blog 5 of 6 - Pricing, Pricing, Pricing! (Part five)
Blog 6 of 6 - Conclusion