What off-the-plan apartment buyers want – and what they don't
Over the years, we have helped more than 550 residential projects come to fruition throughout Australia.
And part of what we do, in our efforts to ascertain what works and what doesn’t, involves focus group research.
Here’s some of what we’ve found:
Resident feedback from apartment renters and owner-occupiers tells us that the most important features of an apartment complex are as follows:
The main dislikes are:
In order of preference, the most important apartment inclusions are:
In order of preference, the most important complex inclusions are:
Buyer feedback is what we undertake on behalf of clients with people who have expressed an interest in buying apartments off the plan. Often the most valuable feedback relating to the sales and marketing of a new project is gained from people who did not end up buying.
Here are some of our findings:
Brochures are often too generic – “Could have been advertising any new apartment project” is a common complaint.
Most brochures fail to show the exact location of the proposed new apartment tower and how it relates to the local area.
The lack of pricing information is very frustrating – most people want as much relevant information (pricing, floor plans, body corporate fees, etc.) up front so they know if the project is worth looking at.
People hate receiving pricing advice that turns out to be misleading.
Previous buyers expect to receive special offers and do not want to have to prove their bona fides all over again.
Illustrations of apartment interiors, colour schemes and display furniture often do not appeal to the (older) target market.
Kitchens and bathrooms seem often to be designed by men, not women.
Many buyers thought the cost of additional storage space was excessive. Some noted they could purchase over-car storage cages themselves much cheaper; others thought they shouldn’t have to pay for storage anyway, seeing it is such a basic design requirement.
Developers generally don’t stress their track record highly enough.
Many potential buyers object to the pressure they feel they are put under by sales staff, particularly at the official launch of a project.
So, our question to you is, what have we missed? Is there something on your list of likes or dislikes that would compel you to buy or rent in one project over another? Is there something in the sales process that you have found really helpful, or really sticks in your craw?
Don’t hesitate to let loose. Click here to give us your responses – and then stay tuned for a follow-up – we’ll let you know when.
And at the risk of overload – but we don’t do this very often – here’s a final call for our regular Matusik Pulse poll.
This week’s poll asks what it would take to get you to seriously consider a new dwelling investment. Don’t hesitate – it only takes a few seconds to click through and give us your response.
Michael Matusik is the founder of Matusik Property Insights, which has helped over 550 new residential projects come to fruition. Readers can follow Michael's blog or follow him on Twitter – five tweets a day, some of which are on the property market.
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