Your development project is like a high-maintenance relationship, it needs love and attention on every level 24/7/365. So while you’re finding the financing to build her, meeting with architects, designers, city officials, and the next door neighbor who hates construction noise, you also need to think about how you’re going to make your project stand out in a sea of developments. I’m fortunate to have a marketing staff who excel at crazy, attention-grabbing ideas. And in L.A., we love to party.
I paid around $8 million for a Bel Air project and knew we had to tear it down (only in L.A., I know it). So we invited 200 friends, insiders, some models, a couple TV crews and a live band called ‘The Red Muffs’ (they played on the roof) and we hosted “The Wrecking Ball Party”. Sledgehammers were included and the guests took turns bashing the walls.
The morning after….
The take-away. This project was the talk of the industry for days (we had the new renderings displayed at the party), everyone posted pictures on their social media, and a few days later we were brought TWO similar projects, one of which we bought. “LANDSHARK TIP: Get attention! Stay on the radar as an active developer. Show off your projects and you will attract more deals!” You don’t have to host tear-down parties but you can get creative regardless of the size of your project.
- Create warm marketing pieces to distribute in the neighborhood where you have a project (only AFTER you have approved permits!). Once the locals know who you are, they may call you as they see your project in motion because they are ready to sell.
- Take ALL your meetings at your site. Especially meetings that have nothing to do with your project. Set the site up as your office, bring in a table and chairs. Own it!
- When your project is complete, invite the neighbors to see it first as a “thank you” for their patience. They will tell all their friends and family – they will be your best marketers because they already love the neighborhood.
- When you are on a budget, keep it local and use social media. When you have $$$, throw a wider net and go a little nuts. Get people talking about your project.
As always, if you have a challenging project and need input, email me at Jay@JayBelson.com and if I can guide you toward a solution, I’ll do it.