As a construction firm, you will be hired to build many things. However, this task you are doing at a fee and nothing else. Therefore the profit margin in it is pretty low; with all your years of experience and knowhow, it is now time to start your own projects so that all the profit will be yours with no middle men or business partners.
Choosing the right location
In real estate business, location is everything. When embarking on a new project as this, make sure you buy the land in the perfect location. Obviously what a potential tenant is looking forward to is, easy commute and all amenities such as schools, supermarkets, highway access and others to be closer. Therefore look far and wide when you are buying the land plot for the project. Needless to say that a land with such efficiency in fulfilling life’s day-to-day tasks will come at a hefty price. But you are making an investment, not incurring a cost. So do not forget to run a cost-benefit analysis to see what the results are five or ten years down the line.
Prepare a business plan
You must then prepare a complete business plan; how the construction will take place, what is the timeline, when does the marketing and promotions start, what is the total budget and budget allocated to each sub section, what about a model apartment for potential buyers to view and so much more. Promotions will play a main part as most wouldn’t know of this new apartment complex and probably never heard of the firm as well. Therefore first you need some branding to place the company and project name in the minds of potential customers, then actual marketing for the apartment should start. Target the right channels, use personal selling as the clients are mostly high-earners and make sure you hire the right building concierge to add an extra edge to the proposition.
After sales and customer service
Not only a product but also a service must have excellent after sales service and second-to-none customer care. There are many players in this same industry and competition is now fierce. There is a limit to the quality of the materials one can use and finding the best available plot of land; but there is no waycustomers stop appreciating the service you render for them. The high-end market runs increasingly on word-of-mouth; making a name for a firm that is new but up and coming will be easier with providing a value added service such as excellent customer care and after sales service.
With the specified knowhow it is easier for you to succeed in this area of industry as a construction company. Most apartment selling companies started off as contrition firms and you also will reach the top rung where they are now if you plan and execute it right.