Finding Buyers For Your Pre-construction Investment
Finding great deals in the preconstruction market is easy many developers will even bus you in from out of state to show you the latest hot property and attract your investment. The hard part once you’ve signed on is finding the next buyer. For a preconstruction investment to work someone has to want to live in the property once it’s finished. As the initial buyer it’s part of your job to find that market.
This second wave of buyers also known as followon buyers can often be divided into several categories: local; investor; second home buyer; and retirement buyer. Since preconstruction projects are almost always condos these buyers are a little easier to target but to understand them it’s important to look at each group individually.
Local buyers typically find your condo in the newspaper or from area real estate agents. They are usually looking for a yearround home and are typically selling or planning on selling their other one.
Investors are always looking for an opportunity to grow their money and commonly find preconstruction deals online through investment groups or through brokers. These buyers are wellnetworked and can often put you in touch with a larger community of buyers.
Second home buyers can be local residents or they might come from out of state or another country to purchase your condo. They typically look for new homes in magazines mailout brochures home shows or while traveling through your area.
Retirement buyers are most often similar to second home buyers but are more likely to be networked to other retirement buyers and can help bring in multiple sales.
It’s important to know the developer’s marketing plan when you look at a preconstruction deal to gauge whether each group is targeted effectively. If you can think like the second wave buyer when buying and marketing your preconstruction property you’ll be more likely to close the deal with a solid return on your investment.
About the writer: YourRaliegh.com is the website for all your Raleigh real estate needs. The site was developed by experienced local real estate professionals and offers area information a guide to local activities and services and tools to help you enter the Raleigh real estate market.
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