Why Display Suites Still Seal Deals
While COVID has changed the way we traditionally transact real estate fundamentally, one thing that hasn't changed is the role display suites play in the journey for all apartment buyers.
Founder of Patch Agency Georgia Scanlon said off-plan apartments are brought to life when a potential buyer can interact with the product with transactions often occurring within the display, fast tracking the rate of sales for the development.
The expense of a display paid off for a recent Gosford project, Central Coast Quarter, with 50% of apartments either selling on launch or pre-launch and more than 75% of those buyers transacting upon first inspection at the display suite.
"It just seems counterproductive to have suggested we persevere with the project launch when the second Sydney lockdown hit in June," Scanlon said.
"But I encouraged the development team to persevere, knowing we had a bullet-proof strategy that could adapt along way."
"It led us down a path of an almost 16-week teaser campaign and more than 60 private inspections resulting in numerous sales pre-launch."
"There is no question that the display suite has been critical in converting enquiry, both during the lockdown stage and now we are returning to normal life with almost all purchasers visiting the display suite at least once and most transacting within the display suite."
"It's an outstanding project that ticks all the boxes -
And a display suite to bring the apartments to life."
"We've seen buyers from near and far with locals upgrading, down-sizers cashing in and investors from all over NSW taking advantage of the growth on the Central Coast. "
Display suites have traditionally been big ticket marketing items that developers often shy away from, but the past 10 years have seen incredible technological advances in the space with an array of online virtual display suites now available.
"I think what developers can often forget is it's not necessarily about giving buyers easy virtual access - it's about human interaction," Scanlon said.
"The display suite allows for a sales agent to understand the buyers' need, a space for the buyer to feel comfortable with what they are purchasing, and most importantly a place for the actual transaction to take place", says Scanlon.
Realestate.com.au data shows more than 79% of buyers are satisfied with their experience visiting an apartment display suite.
They consider it a crucial investment of their time with 53% interested in seeing a full layout, 46% wanting to compare various projects and 43% wanting to speak with a sales representative.
"Even through the Sydney lockdown we saw purchases booking private appointments at the display suite, most were already qualified, having seen the project plans and marketing," Scanlon said.
"It was clearly the last step in their journey was to visit the display before making a financial commitment,
"Cost is a huge factor for manage of my clients when it comes to a display suite, and my advice is always the same, it doesn't need to be over engineered."
"The most crucial part is getting the fundamentals right; a well-thought-out sales track, a model orientated correctly and a display kitchen - kitchens always sell," Scanlon said.