How to Sell a Condo in Vancouver Before It Exists
Today’s developers aim to sell most of their condos before their latest high-rise is even built. Each marketing strategy must be airtight, so much so that a person they’ve just met will sign a cheque for more than a million dollars without standing inside the space they’ve bought, or even studying the view.
The role of a broker has changed. Traditionally, the broker educated the potential buyer about inaccessible details such as pricing, floor plans and other details. Today’s consumers go online to find this information instead. The real estate broker is more easily compared to his competitors and as a result, must sell differently to stay relevant.
The Shift from Traditional to Holistic Selling
Imagine reading about a Vancouver condo development that’s slated for completion in three year’s time. The presentation centre is already open and you can enjoy a 360° virtual tour. The website also offers a rendering of the high-rise and various floorplans.
Behind that website, a marketing team has become its own internal think tank devoted to a wellness storyline that brokers bring to life and use as a modern holistic selling technique. This kind of marketing increases sales according to the Global Wellness Institute (GWI.)1
“GWI estimates that wellness lifestyle real estate and community projects positioned at the middle and upper ends of the market are currently achieving price premiums of 10-25% over comparable properties in their regions, based on analysis of home sales prices in a cross-section of fully and partially built-out wellness-focused residential developments. GWI looked at the sales prices per square foot, and a mix of resales and new construction sales, to come up with a fair, independent assessment of the premiums that buyers are willing to pay to live in wellness-infused homes and communities.”
“Wellness lifestyle real estate is a nascent industry that recognizes, and has the potential to meet, today’s immense health challenges. It represents a shift that explicitly puts people’s wellness at the center of the conception, design, creation, and redevelopment of our homes and neighborhoods.”
Today, a broker can show a client a wellness lifestyle instead of a floor plan. Instead of reading a brochure, the client will listen to the broker describe his future in vivid detail. Instead of reading bulleted amenities on a brochure, the client sees himself swimming in a beautiful pool that’s extravagantly raised in the air. The client can see himself working out in the building’s wellness centre, practicing yoga, sprinting on a world class treadmill as the fittest he’s been in his life. After his workout, he can shop at the new organic grocery store across the street and make a smoothie back in his modern condo.
The Secret to Closing a Deal Fast
The broker must possess valuable traits that are conducive to the selling process.This comes with the territory of a stressful brokerage environment that requires constant communication with other people who have high expectations. For an effective sell, a broker benefits from self-discipline, organization and strong negotiating skills. Because the real estate market is saturated with brokers, an inventive mindset can be used to compete and make the applicable property shine.
Real estate brokers’ sales rates also benefit from an emotional intelligence that increases one’s ability to bounce back when conflict and stress arises. According to research, realtors “…deal often with [clients experiencing] change, such as divorce, marriage, changing careers and relocations” which can help them cope with negotiating complicated sales. The efficacy of the selling process is optimized because “…an emotionally intelligent real estate agent will get more clients, have greater advantages, and will positively contribute to one’s success.”2
Social Media and Real Estate in the Age of Influence
In today’s age of influence, an active social media presence can increase a broker’s bandwidth and selling power. For real estate brokers, social media promotion can be used a powerful artillery of non-stop digital marketing that reaches a valuable demographic.
According to a report by National Association of Realtors, “44% of buyers look online first for properties for sale. Plus, 66% of the first-time homebuyers are millennials, a group that is largely represented on social media. If social media for real estate agents is utilized properly, then real estate marketing can be taken to the next level. With these, realtors have the chance to be more visible, build trust and boost business further.”3
Brokers can use Instagram and other social media to constantly market new properties to attract buyers and people who aren’t even actively searching. If the property doesn’t yet exist, they can use it as a podium to humanize the condo in a way a website can’t. They can also use the platform to show property in real-time but most of all, as a platform to flaunt their personality and build a connection with others.
Closing a pre-construction deal isn’t easy in Vancouver’s challenging real estate market. The good news is that many skills can be learned. Brokers can build trust clients’ trust by deploying their emotional intelligence in difficult circumstances. To turn dead ends into opportunities, they can also create an exciting, relatable framework that attracts the client to a pre-built condo. If brokerages adopt a holistic real estate mindset, they will continue to bring tangible value to discerning clients.