Integrated mega projects and strong demand are spawning hypercompetition in the residential real estate markets of the Gulf Cooperation Council (GCC). To excel in these markets, developers need leading-edge sales strategies that combine pricing, financing, marketing, and differentiation in a manner that drives buyer demand and delivers sustained growth.
Developers can create a winning sales strategy by asking themselves six questions. The answers to these questions will enable them to:
- Clarify
- Identify
- Determine
- Formulate
- Create
- Incentive
Clarify
Clarify their sales objectives and properly balance the inherent trade-offs among the objectives.
Identify
Identify their target buyers and create the right mix of buyer segments to generate sales velocity and build vibrant communities.
Determine
Determine the combination of sales channels needed to reach buyers and move them through the sales funnel to purchase.
Formulate
Formulate a release plan for developments that limits risk and maximizes returns.
Create
Create the sales operating model and attain the sales capabilities needed to bring the strategy to life.
Incentive
Put in place the incentive plans, partnerships, and sales technologies needed to support the execution of the strategy.
Developers in the GCC countries that formulate comprehensive sales strategies based on the answers to these questions can gain a significant edge in the region’s increasingly competitive residential real estate markets. Those that do not are likely to find themselves running behind as the designs and amenities that formerly created differentiation and attracted buyers become more commonplace.
Residential real estate developers in the GCC countries need comprehensive sales strategies that strike the right balance between short-term goals and long-term value creation. They need to rethink the way they sell, using precise target segmentation, optimized sales channels, and a well-structured sales function to move buyers through the sales funnel. Moreover, they need the latest technologies to expand their buyer pools and provide a compelling buyer experience. Developers who become astute and agile sales strategists will gain a significant edge in the GCC’s increasingly competitive residential real estate market.
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