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While luxury condos are on the rise in the Philippines, finding the right buyer takes special skills. Here is how to get them to pay attention to your property listing.
The real estate boom in the Philippines has brought about a drastic change in Metro Manila’s landscape and skyline. Residential towers now rival commercial buildings in height and scale. The then-vacant lands of Fort Bonifacio have now transformed into an urban jungle—among the most in-demand areas in the metro. Meanwhile, in the provinces, various luxurious townships have taken shape, gathering all of life’s conveniences in one community.
This consistent growth in real estate development had to start somewhere. The favorable macroeconomic situation of the last few years made an increase in affluence possible, giving the middle class in particular greater spending power. This, in turn, has influenced the demand for real estate investments.
Luxury real estate, in particular, has enjoyed a growing interest mainly because its offering does not end with investment worthy dwelling space. It extends to other value-added services that appeal to the discerning taste of the luxury market. To understand the market and their buying behavior, it is important to consider what constitutes as value for money for the wealthy.
The demand is there, it is now a matter of attracting the target market for a higher chance of a sale. To do that, a seller will want to highlight these particular elements of a luxury property:
Price
Just because one is dealing with people that shell out millions without batting an eye does not mean that he should overprice the property for sale. At the end of the day, a house or a condo unit is only worth its price once it is sold. Look at the other properties being sold in the area and do a comparative study to determine a competitive price. But of course, also consider the other factors that are unique to the property such as its size, age, and improvements.
Space
A huge chunk of the condo boom in the country is dedicated to small units priced at very an affordable rate. The flipside of this is the high-density arrangement of condo buildings that skimp on the space, privacy, and possibly comfort in exchange for a slim price tag.
One very important element to highlight luxury properties is the value of space. A large condo unit goes beyond providing ample breathing space, it grants the dwellers the freedom to be as creative as they can be in designing their home and to move around. For some buyers, this is non-negotiable.
For good measure, dress the place up a bit to highlight the best features, but be careful of overdoing it.
Services
A lot of the other factors that convince buyers to purchase a house extend beyond the unit itself. Amenities and value-added services also play a big role, so best to communicate these to the prospects. Luxury buyers, in particular, are on the hunt for services that make living worry- and stress-free. Amenities such as butler service, a helipad, a state-of-the-art fitness center, and an in-house spa take every day living experience to another level. All these elements add to what the wealthy consider as value for money.
Neighborhood
Further extending outwards, the neighborhood is also an important consideration. The exclusivity of a neighborhood is connected to its prestige, so the allure of living alongside prominent individuals and families in a prestigious complex is an attraction in itself. Besides this, buyers will also want to know about nearby leisure places like a golf and country club and a yacht club.
Time
Finally, the time factor puts it all together in one package. If there is one characteristic that these luxury condo buyers share, it would be the ceaseless on-the-go lifestyle. To them, productivity is making the best use of their time so they would not be wasting it by traveling far for what they need or want to do especially in their downtime. It would be good to play upon the benefits of having all of life’s necessities and conveniences within reach. Such is the reason why buyers are finding townships—cities within cities—increasingly attractive.
As with any selling endeavor, it is vital to communicate the real estate property’s unique selling proposition in order to attract the right crowd. This, coupled with an understanding of the market should take one’s property from listed to sold.
Sources: Max Real Estate Exposure and InMan
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