With the burgeoning population, the Australian real estate is expanding and opening up new channels of revenue for landowners. There is a surge in demand from both local and international investors for the development of land for commercial as well as residential purposes. The contribution of the industry to the economy is expected to increase yearly by 1.8% over the next few years till 2022-23. However, money-spinning deals are still elusive to both the buyers and sellers because of the difficulty of reaching out to each other in the cluttered marketplace. Marketing a residential or commercial property for sale in Australia can be tricky as it is essentially selling an intangible product to the buyer who has been saving all his life for this purchase. Still, there are ways of identifying and attracting investors seeking land development opportunities to generate cost-effective transactions. Marketing for a development land deal must begin at the time of the proposed planning of the project. Here is how to effectively market a development land deal:
Study the market of Australia thoroughly while keeping the property that will be developed on the land in mind. If it is a luxury housing project, then the target market would comprise the high-income strata of the society. On the other hand, if it is a commercial complex, then the target audience would consist of entrepreneurs launching a new venture and established business houses wanting to expand. The structures standing in the neighbourhood of the land will also affect the marketing plan. The demographics of the target market will help in devising all the future marketing plans for the project.
Communicate with the council
The local council of the area is the governing body that should be contacted at the beginning of the project to know about the precinct structure plan. They are also helpful in recommending the schedule of any existing master plan. It is a good idea to be in the good books of the local authority to avoid any feuds later.
As soon as the project is announced it should be communicated to the media via press releases so that it gets covered by the local newspapers and radio channels without having to pay for the advertising. This will also make the local community aware of the development plan which is necessary to gather support for the project. It is also important to get initial investments from interested buyers which can further help in the construction process.
It is usually difficult to sell a single property in a big development project. Thus if a single seller has a small stake in the plan, he can partner with other landowners to attract big investors and sell the lots as a consolidated property.
Price the land carefully
Usually, the number of buyers available for vacant land is far less than those wanting to purchase ready to move-in properties. That is why the land must be priced cost-effectively to match the aspirations and budget of the target market.
The developer must design a sample house or office space that will act as a window for the buyers to judge the quality and ambience of the actual property. A walk through this sample will put their doubts to rest and answer a lot of questions related to design and architecture.
Signage and model
Besides media coverage, out of home advertising plays a significant part in marketing a development land project. Set up signage and billboards around the land and on the road leading to the property to attract buyers. Posters and flyers circulated in the area can also help in getting people interested in the proposed plan. These are not too costly can be used as an ongoing marketing strategy.
Hire a real estate agent
Marketing a big land development deal requires knowledge of the industry and acumen to negotiate with the buyers. An experienced real estate agent who is a specialist in land deals should be hired to understand the market, decide on a suitable price, and to market the project effectively.
Go the digital way
Use digital marketing to sell your land deal by creating a website for the project and social media pages. Upload relevant and informational content on these sites, and use CGI to create videos and images of the planned structure to lure the buyers.
When a seller is marketing a property, they have to market the neighbourhood too as the buyers would be interested in knowing about the surrounding areas. They will show interest in the property only if the location is easily accessible and has all the amenities. It must promise to create a certain kind of lifestyle that the buyer wishes to experience after starting to live or work in the area. This means that the seller must study the neighbouring communities and showcase their values in the marketing plan.
Advertising through traditional media channels like newspapers and radio can cost a fortune as it is an ongoing activity. The smarter way to advertise for a land deal is to use the property listing websites to promote the project. These sites offer right amount of space for posting an advert with pictures and details. The reach and popularity of these sites is much wider than any other media. These listings can easily fetch thousands of enquiries from potential buyers.
Buyers who do not have financing options readily available may turn away from the project which can lead to a loss. In such a scenario, the seller can offer owner financing methods. This is beneficial for the sellers as they can generate more revenue from the interest paid by the buyers.
Selling a land will typically take more time than an already constructed property. Thus the marketing will have to continue for a long time till fruitful results start showing. However, listing commercial property for sale in Australia has proved beneficial in attracting prospective buyers and sealing rewarding deals in a quick time. That is why sellers must pay attention to all the marketing tips mentioned above and enjoy the benefits of cracking successful development land deals.