So the market finally turned the corner! You just received your Development Permit and have built a solid database of leads. Congratulations!

Now…what?

Finding the right pricing and sales release strategy to maximize your sales revenue plays a big role in your sales launch. How do you execute your strategy without killing your Grand Opening momentum? That’s like overseeing an orchestra.  Good thing you’re the conductor.

In Part 1 of our Multifamily Sales Launch Process, we walk you through crucial first steps to ensure you maximize your sales revenue without stalling out during your grand opening.

Gone are the days of set-it-and-forget it – when it comes to optimizing your sales revenue, we don’t have to tell you that in all stages of developing projects, details matter. And before you go about setting a price, when preparing for the launch of your development, it’s important to properly strategize the value and pricing of your project.

Pricing strategies, when done right, influence positive perceptions, creating lasting impressions that won’t fade in the market. Think about what your prospective buyer wants. They want visuals. A view study that grounds them in their potential new home. Investing in a detailed view study not only takes the guess work out of your view assumptions, it creates ease of mind for your prospective buyers. And it pays for you to know every inch of that floor plan, committing each corner and crevice to memory, so that when you are fielding questions and interest, you have a bird’s eye view in mind to answer confidently. That’s the difference maker. A detailed floor plan and your dedication to your development places value, not just a dollar sign.

Location is also instrumental to building genuine excitement. Prospective buyers want to see the community they are investing in – what sorts of shops, parks, and beaches are close by, what gems are steps away from the property? While these are simple questions, they focus on the bigger picture: how will living in your development improve their quality of life?

It also prompts the smaller, more detailed ones, such as how long is the walk to the closest sky train or bus? Where are they in relation to public amenities? Where are the café’s and trendy boutiques? What events usually happen around the neighbourhood, what is the level of outside activity like on a daily basis? Really familiarizing yourself with the neighbourhood shows your passion and commitment to the project – one that won’t go unnoticed during your sales launch.

Finally, rating each home based on their features is another tool to unlock value. What will each home have that benefits (or won’t benefit) your home owner? The type of view from their home increases value to your buyer, and therefore increases the price point. Access to natural light, proximity to a park or outdoor space, is another way to rate your home’s value, whereas noise levels and views of a busy street may decrease its value.

Sounds simple, but a good foundation for a successful sales launch is in the details. Transforming elusive ideas into concrete home plans is key to unlocking potential value for a successful project execution.