Relaunching a Property Development

Re-launching a failed project should be done with a new team and a fresh approach.
A team that is untainted by the first failure.

Harsh words but true - however before you drop the axe on the old team, and before the new team emerges from their chrysalis you need to "harvest"the experience because what they learned is very valuable and can be helpful in the second launch and in the projects "next life".

Here are some but not all of the key questions that you would need to know before you “jump in”:

What are the costs and time needed to fix a product. (Yep -there may be few things that need to change)

What is the required capital investment to re-launch the product. (It is useless to think or say “well I’ve spent my entire marketing budget the first time and now have no money left”) Get creative – find a way to make it work for you and your new team.

What is the optimum pricing strategy (Painful I know because right now it usually means lowering not raising the prices but the market is now VERY different to the one in which you did your initial pro forma)

What is the current “appetite” of the different market segments to the re-launched product i.e. what are the prospects/consumers saying about your Studio’s, 1, 2, 3 Bedrooms, Penthouses, common areas, etc.

These questions and there answers will give you and your new team a better insight into

Why potential customers are not buying your product.
What the market segmentation is and what they now want.
Better understanding of what they value for each segment.

If I were running the re-introduction of [Property Development name removed] I’d run it like a product launch campaign, but with a few interesting (but profitable) variations.

· I’d change the product name to be more exciting, descriptive and different to what’s been used previously and what is currently out there.

· First priority would be an effective sales/informational website – with redesign and sales-driving content and new information.

· 2nd would be an informational blog that goes above and beyond what almost everyone else is doing. I would have streaming video content i.e. Vblogs from the Developer, Architect, GC, Interior Designer, Local Neighborhood Expert, etc. All talking about what is special and unique about this project and this location.

Why these two? Because they will cross-pollinate with each other by sending traffic back and forth to close more sales. Plus, the linking back and forth will drive you to the top of the search engines faster. All of that means is more sales.

3rd would be to have a new true “Blue Chip” brokerage firm put in place and replace the incumbent agency. They would focus on a “co-broker program” that gets it out and across all of their agents, branches and agencies in addition to a specific plan of attack to do that with all other competitor agencies.

Why? Because most sales are co-brokered and it is now all about how many people know and “get” your project.

It is absolutely useless to have just a handful of people who know it well – there is strength in numbers – make no mistake about that.
It’s not about “who you (your current brokers) know - It is about “How many people (brokers/potential customers) know you – AND it is now about how easily AND how much info that they can get beforehand.