Make your property stand out in a competitive market place
Director of EDGE Design Studio, Linda Rosen explains the best strategy to make your property stand out in the sea of opportunities that is London.
Great change equals vast opportunity.
Never could this statement be more applicable to the UK property market.
While many professionals grow exhausted of Brexit conversations and the seeming “uncertainty” that comes with it, the winners that will emerge from this turbulent period are the ones that stride forward, take risks, and grasp the gaps appearing in this ever-shifting market.
What we’re all a part of is the biggest revolutionary period in human history, consisting of:
- A booming population;
- Global climate changes;
- A new horizon of technology;
- The age of accelerated information.
The difference between the property companies that will thrive and those that won’t will be whether or not your company has the ability to adapt to the changing markets, implement new practices quickly and constantly experiment with emerging tools and trends.
For any investor, architect, developer or property professional wondering how to make sure your portfolio stands out from the rest, here are our primary pieces of advice.
More often than not, the easiest reaction to a slowing economy is to tighten our belts, reduce our overheads and deliver projects at the lowest possible cost. Of course, this is the opposite of what the market needs!
It is this knee-jerk reaction that leads to low quality production, unsatisfied consumers, elevated maintenance and repair costs, higher insurance premiums, and plummeting confidence in the market.
There is no need to complicate things! Just be sure that your designs are:
- Timeless, simple, or minimalist;
- Good quality, and therefore durable.
Low cost often means low quality, which of course will lead to low satisfaction. Particularly in a world where opinions, reviews, and word-of-mouth marketing are more amplified and accessible than ever before, meaning decisions that negatively affect your end users will haunt you much sooner than you think.
The benefit of soaking up a slightly higher up-front cost will pay dividends in the long run.
At EDGE, it is our position that being the champion for the next generation, innovating, and paying attention to your end-users is the best recipe for both sustainable commercial success and long-lasting consumer trust and loyalty.
Space-saving, integrated technology, and low- or no-carbon designs within any residential or commercial property will be of increasingly high value and importance to the future mass market.
A developer that builds a brand and reputation around the emerging markets of PropTech and sustainability will reap the rewards of ongoing customer loyalty and recommendations. For some small increase to your expenditure, and an effective marketing campaign to highlight your efforts of catering to the consumers, the word-of-mouth marketing is near guaranteed to convert into swifter sales, longer-term rentals, and higher-paying tenants.
During a time where cutting corners and passing on the problem is the standard practice, making honesty, integrity, and quality the central pillars of your business is a radical and worthwhile statement… but, you must make sure that it is a public and bold statement; one that is communicated time and time again to your target audience.
Many professionals do not realise that there is “controlled marketing” and “uncontrolled marketing”. Some things that all property professionals should take control of include:
- Letting your customers visualise the space with professional CGIs;
- Bringing your property to life with clear and crisp photography;
- Maximising the appeal of your units with professional design, styling and staging;
- Exhausting your marketing channels, such as: sales brochures, ‘recommend-a-friend’ benefits for tenants, online media marketing, open-house viewings – the list goes on!
Do not forget – wherever your next buyer or tenant comes from, you must recognise that they have come from somewhere! The journey of your brand starts long before that customer picks up the phone.
It is the comment from a friend in one of your properties; a conversation overheard on the train; a well-judged social media campaign; a consistent message across your online platforms; a humorous advert in a newspaper or magazine; a too-good-to-be-true review during a Google search.
Never underestimate the small things that are part of each buyer’s journey toward saying “Yes”.
For many entrepreneurs, business owners and decision-makers in property, historical moments like Brexit are seen as the chance of a lifetime. Why? It is the perfect time to seize opportunities that others are too fearful or hesitant to grasp.
With the age of information at our fingertips, accessing the mind of the consumer has never been more simple. And, if you’re ignoring the rise of market interest in technology, quality, sustainability, and functionality, then you might be in for a shock!
At EDGE, we’re interested in working with the long-term thinkers; leaders of the future; the risk-takers; the trend-setters; and those that consider sustained quality to be more important than cutting costs.
If this sounds like your type of approach – or an approach that you would like to explore – then please do not hesitate to get in touch!