Driving Sales and Unlocking Capital with a Show Home
Blog | 20.10.20 | 0 comments
For many residential projects, whether they are new build or refurbishment, a need to sell properties in earlier phases to unlock the capital for construction of subsequent units is integral to the development strategy.
This holds true whether the project comprises hundreds of apartments, or is a boutique development of just a handful of homes. The challenge for the developer is securing those sales, even though the properties are situated on an active building site. The construction company involved in the project has a key role to play in delivering that strategy and, at Edgeley Construction, it’s a responsibility we work hard to deliver for our clients when they need it, even if it wasn’t part of the original tender.
Bringing Buyers’ Dreams to Life
Not all buyers have the vision to see past debris and bare plaster when committing to a property ‘off plan’ with only a glossy brochure as a reference point for what their new home will look like. And with good reason. A property under construction can look far from finished even up to a few days before completion, and details in the brochure can change between design and delivery, so what a buyer sees in the computer-generated mock-up might not necessarily be what they get in real life.
Even if the property is completely finished when buyers view, an empty house or apartment does not sell a lifestyle and a feeling of belonging like a show home can.
It’s for all these reasons that Edgeley Construction fast-tracks the show home where necessary to help the developer secure early sales. It is not always a simple process; achieving a high standard of internal finish on a property while construction work continues all around it can be challenging, which is why expert project management and craftsmanship are critical.
Encouraging Interest at Rectory Gardens
This approach to prioritising the show home while keeping the core construction programme on schedule has been successfully applied to our Rectory Gardens project in Clapham by the Edgeley Construction team. The project involves refurbishment of 26 Victorian houses, including the addition of basements to many of them, along with a new build apartment block.
Fit out of a show home to a high standard during the construction programme was not part of the original scope of works, but the client requested it to help them market the properties. In response, we reconfigured the site set-up and rejigged the schedule, adding in some out of hours working to get the marketing suite up and running for the client as soon as possible.
This agile approach to working collaboratively with clients to help them achieve their objectives is all part of responding to evolving requirements throughout the project. Achieving sales is the end goal for the development, so we believe, as the developer’s construction partner, we should always support them in making sales happen.
In the case of rectory gardens, the show home has had a positive impact on sales at this desirable development, supporting the success of the project.