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Marketing efforts may begin before you even break ground to sell speculative units.You’ll want to garner free publicity through public relations campaigns and design an advertising campaign that draws customers to the development once it’s completed.Real estate investors should consider one thing before they even think about starting a company: learning how to write a business plan.
Maintain a sense of excitement with signage around the lots depicting the finished development.
Use billboards to direct shoppers to the area and set up a model as quickly as possible to give potential buyers a tangible product to view.
Your advertising plan should clearly follow the direction you gleaned from your feasibility report, with ads placed in magazines and other media outlets frequented by your target market.
If you expect to attract low-income home buyers supported by the U. Department of Housing and Urban Development, you must include plans to market to that population.
Early announcements of your site plans serve two purposes: You can sell lots or units prior to construction, giving you additional start-up funding, and you can satisfy local government requirements to notify neighborhoods of impending developments.
Whether you use in-house representatives or hire an outside real estate firm to handle final sales, your main goal is to close on all the units in your project as quickly as possible.
It’s not a foregone conclusion to assume every real estate investor should know how to write a business plan.
Yet, it is safe to assume that not everyone knows how to write a business plan that can actually contribute to the growth of a company.
Your marketing plan should include efforts to reach low-income buyers through targeted print vehicles such as local newspapers and radio stations, billboards and posters aimed at specific audiences.
To be considered for HUD approval, your marketing plan must indicate which populations you’re targeting and where and how you plan to reach those citizens.