The Importance of Pre-Sale for Condo Developers Today
Pre-sales highly impact the success of real estate developments, especially with condos. Developments are typically built on speculation after thorough research related to demand and pricing has been conducted. The success of particular condo developments depends on what will happen in the future, creating high risk since the market is unpredictable.
In order to reduce this factor, developers are assigned the task of successfully marketing the property and securing pre-sales. Inreal is one technology that can help developers secure these pre-sales.
Pre-selling is often defining factor when it comes to obtaining financing from the banks for projects developers have in the pipelines. If the developer fails to secure presales, some lenders may not approve financing. Presales are a way to prove that buyers have a heightened interest in a particular condo development, which then results in interest from banks and private lenders. Here are a few ways developers can help increase presales.
Give the Developer Validation
This is where Inreal comes into play. Presales are often difficult because the buyers have literally nothing to look at. It’s simple to come up with a few key points for why the condo is worth a purchase, but actually being able to show buyers what they are buying into is a real game changer when it comes to presales. Inreal allows you to show a potential buyer exactly what the condo will look like and exactly what the development as a whole will look like. They can take a virtual tour of the space and see everything firsthand. Inreal can help you boost your opportunity for presales.
Give Realistic Data
Marketing and promoting a condo development will require marketing the good points of the project, but buyers have become smarter and will appreciate receiving honest and realistic information. Keep in mind that delays are inevitable in construction, so make sure that buyers are getting a realistic timeline about the finishing date of the project. Disclose a longer time period rather than giving a shorter timeline to try to exceed the expectations of buyers. The last thing you want to do is promise them a move in date and have to push that date back due to construction delays.
How Inreal Can Help Secure Presales
Preselling has become less of a trend and more of a necessity, which places increased pressure on developers to snag as many presales as possible. Inreal can help showcase these condo developments in every way needed to secure as the presale, from a virtual tour to changing the surfaces within the unit. This type of technology will help buyers be able to see exactly what they are purchasing. One of the coolest and most advanced features Inreal offers is the ability to view the development with different lighting at different times of the day. Buyers can really connect with the condo, making the decision to purchase an easy one.