10 Smart Questions to Ask About Your Off-the-Plan Apartment Buyers

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10 Smart Questions to Ask About Your Off-the-Plan Apartment Buyers

1. What is a buyer’s most important objective when moving to a new property?

Get to the heart of the matter in the first instance. What (if anything) is the one, big factor that motivates a prospect to purchase an off-the-plan apartment?

Answering this question correctly will place you in the right ballpark before you start busying yourself with other details.

For example, if the buyer is looking for more floor space, then you can focus your marketing efforts on the most spacious apartments.

2. Which aspects of buying off-the-plan are keeping your prospects awake at night?

The biggest concerns are likely to be the most formidable barriers to a prospect making a purchase, as these will be the most stressful for that individual’s decision-making process. Understanding the answers to this question is therefore critical for your marketing strategy.

In some cases, relieving an otherwise enthusiastic prospect of this mental burden may be the only thing you need to do to convince them to buy.

3. Is there anything your prospects are afraid of?

Similar to the first question, relieving your prospects of fear and worry can help ease their concerns while building trust.

Bear in mind that fear usually comes from the unknown - so the more you can create certainty in the minds of your buyers the better.

4. What frustrations are buyers looking to solve by buying a new apartment?

Try to determine if a prospect has a certain number of irritations with their current property. Do they dislike the decor? Is there too much maintenance required? Or maybe there is a lack of decent sunlight?

Remember to capitalise on the fact that new builds are often best placed to offer a solution to such problems. This is especially likely to be the case if a prospect is looking to buy in the earliest stages of a development when there are more options to tailor the property to their preferences.

5. Focus on the big three

If questions 1 to 4 result in a deluge of answers, then try to focus on the three most important aspects.

Doing so will bring a measure of clarity to both your own thinking and that of your buyers.

6. Which trends are likely to affect the lifestyles of your buyers?

A property needs to be suitable not only for a buyer’s current lifestyle but also for their future needs as well.

So if, for instance, you discover that more people within the buyer’s demographic are starting to work from home then you can factor this trend into your marketing strategy.

Don’t overlook the value of small talk with a prospect in order to make these discoveries. Casual conversation may well reveal tidbits of knowledge that you can later capitalise on when suggesting a suitable property.

Further, there will be cases in which a buyer is unaware of the impact a certain trend is likely to have upon them. The more you can anticipate their needs, addressing issues that may not have occurred to them, the sooner you will gain a buyer’s trust.

7. Does a prospect have a certain method of arriving at a decision?

This question may take some experience to answer, but it can make all the difference to your marketing efforts.

For example, if you suspect that a buyer is analytically minded, then you may wish to craft a rational and logical pitch, focussing on why purchasing the apartment is a justifiable course of action.

Such buyers may also demand more detailed explanations of the features of the apartment - i.e. an understanding of the nuts and bolts - instead of just the end benefits.

Alternatively, you may be faced with a prospect who makes more of an emotional commitment during their decision-making process. In this instance, you will want to focus that prospect on the life they could be living should they purchase the unit.

In this regard, try to deploy a mixture of visual phrases (“Can you imagine yourself relaxing by this pool”?), auditory phrases (“How do you like the sound of that?”) or emotive phrases (“This space feels warm and welcoming”). You may find that different buyers are more receptive to different types of phrasing.

While it may be possible to discern a buyer’s approach from their occupation or background, be careful not to stereotype. Always treat each prospect as an individual.

Finally, try not to pigeonhole a buyer too rigidly. Analytical types are still living, breathing human beings, while emotional people must still be guided in making a rational decision that will truly meet their needs. A judicious mixture of approaches is likely to be best in most circumstances.

8. Is the prospect passionate or knowledgeable about real estate?

Some buyers will take an active interest in real estate investment. Others just want a place to live. Knowing who is who will pay dividends for your marketing strategy.

For instance, a prospect who simply wants a roof over their heads is likely to be disinterested in, or even puzzled by, details such as “return on investment” or “cap rates”. An enthusiastic investor, on the other hand, may well be disappointed if you omit such information.

Talking in the buyer’s own language will not only show that you have considered their needs but can also paint you as a kindred spirit.

9. How Are Your Competitors Marketing Similar Properties?

Knowing where other real estate agents are succeeding and failing can be useful when crafting your own effective marketing strategy.

For example, should you find that your competitors are failing to close any sales by marketing their products as “luxurious”, then you may want to focus your pitch on affordability and practicality.

On the other hand, if your competitors are succeeding in selling the properties in question, then you should seek to emulate them.

10. Where has a buyer been looking previously? Have other estate agents been unsuccessful in selling to this buyer?

If a buyer has turned down several prior, similar opportunities then knowing their reasons can help to avoid a repeat of this disappointment.

For example, if you know that a buyer found another property to be too expensive, then you can market your offering as being the most affordable option.

CASE STUDY

Battersea Power Station

For an example of a brilliant, off-the-plan marketing strategy that was successful in addressing the varying concerns of different buyers, we turn to one of the most significant of recent development projects: the £9bn regeneration of Battersea Power Station in London, UK.

The landmark, twentieth century structure - one of the largest brick buildings in the world - remained derelict for three decades since it was decommissioned in 1983.

Following several failed attempts at redevelopment, a consortium of Malaysian investors has succeeded in transforming the 42-acre south bank site into a vibrant, mixed-use neighbourhood, boasting high-end residences, bars, restaurants, offices, shops and entertainment venues.

A key plank of the marketing strategy was to emphasise the site’s cultural and iconic status, preserving the essence of its historical importance while creating a new village suitable for twenty-first century living.

With such an ambitious and sophisticated project, marketing strategists Muse made an active exploration of the needs and wants of the potential end users. In fact, they made the deliberate choice to avoid “presuming to know” the desires of prospective buyers, which, according to them, “is so often the case in the sector”.

In particular, each phase of the development is marketed differently so the complex as a whole appeals to the wide range of apartment buyers who would be keen to take up residence in this corner of a wealthy, global city such as London.

For instance, marketing for the centrepiece - the 254 apartments available within the former power station itself - emphasises luxury and exclusivity in addition to promoting the landmark as a cultural, historical and architectural treasure. With the original building having been noted for its Art Deco interior, each apartment’s choice of palettes and fittings is designed to evoke various aspects of the earlier decor.

This segment of the complex therefore has appeal not only for buyers who are older, established adults, but also for investors. Focus on the scarcity of the units together with the uniqueness of the site serves to foster the impression that each apartment is a prized asset, or - in the brochure’s own words - an heirloom, “passed from generation to generation.”

On the other hand, marketing for “Koa at Electric Boulevard” (the latest phase of the complex) generates a more exciting, contemporary and progressive feel - a modern “High Street” for London. As such, focus on the spacious sky lounges and the proximity to nearby shopping and entertainment amenities is oriented to attract the sociable, lifestyle-oriented, cosmopolitan buyer.

Further, by boasting decors designed to evoke freshness and modernism, and with only one and two-bedroom apartments available, the target audience is narrowed to single young adults or childless couples. Indeed, none of the marketing material contains pictures of adults with children.

That said, families are not excluded entirely - the site’s proximity to Battersea Park and to children’s playgrounds is mentioned.

As a further illustration, the “Battersea Roof Gardens” area of the complex serves as a bridge between old and new. Standing immediately next to the former power station, palette options for each unit are reminiscent of the earlier building’s decor. This new part of the development, however, is, itself, unquestionably modern, designed like the undulating sails of a ship. The result is a building that bears a somewhat bohemian and creative feel, underpinned by a focus on the architecture and the exclusive creators involved: Foster & Partners and Gehry Partners.

Finally, a minor, but interesting aspect is the varying ways in which the transport links to the site are described depending upon the target audience. For “Koa at Electric Boulevard”, speed and accessibility are the focus; for the power station, the abundance of local destinations. The proximity of airports, meanwhile, is described as either meeting the needs for “international travel” or an opportunity for “exploring the globe”.

In other words, the marketing material makes detectable differences when pitching to the professional on the one hand and to the leisure traveller on the other. Such small, subtle variations may make all the difference to the way in which a benefit falls upon the ears of a prospective buyer.

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