Home Buyers according to the income groups they belong to have different requirements when they are looking to buy. Buyers always keep in mind aspects such as extra amenities and will only pay extra for an apartment once they are convinced it has more to offer than similar and neighbouring real estate projects.
1. Construct Keeping in Mind a Targeted Buyer
Real Estate Projects should always be constructed for a certain niche keeping a buyer profile in mind. Pricing is the most important factor especially for buyers since they decide to buy a property based on their income group. A project or a house should always be priced correctly according the category it fits, say luxury or say mid range.
Often buyers tend to compare the pricing in terms of X amount per sq. foot between different projects. If the neighboring houses or apartments on sale have better amenities or society they will pay more for that.
A developer can also scout various sites online to get a measure of what his quoted price offers to the buyers in other projects. Developers can relist as a last sort measure if they fail to find the correct buyer for the best-kept price.
Highlight Your USP
Advertising and marketing your project in the right way can do wonders. It’s all about reaching your target buyer in the most convenient way possible and making a good impression on them.
Your project’s USP (Unique Selling Point) is what will help you beat other competitors. The decision to concentrate on a particular medium, say digital or traditional is also dependent on your targeted buyer profile. Are they old school and prefer newspaper ads or tech savvy like the present young generation?
List your projects in popular real estate sites to give it more exposure that will result in more leads. People from far off areas who do not know about your brand will also be able to find it.
A developer can also run special digital referral programs to get prospective and present buyers to refer their friends and family to the project. Loyalie is the perfect RERA compliant digital platform for running hassle free referral programs. Click here to know more.
Develop Missing Infrastructures of Neighbouring Real Estate Projects
A listed project is simply not a house buyers are looking to invest in but a sum total of amenities, society and infrastructure. They will look for the best possible option among the neighbouring projects to invest in.
Mid-income groups gravitate towards easy access to transport, educational institutions, hospitals and grocery stores. High-income groups may have their individual preferences in terms of infrastructure. Having extra special amenities such as extra secured locks and 24/7 CCTV etc coverage may influence this group more.
A developer should analyze the pros and cons of both his and neighbouring projects to check extra requirements. Say constructing a shorter route to the stores, schools or transportation centers is always a plus.