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Sep 19, 2022 Michael DiMella

The Single Biggest Mistake in Mid-Market Real Estate Development

Too many times, I’ve seen mid-size development projects rushed to market before they have established a strong marketing strategy.

I understand, everyone gets excited and focused on building the project — and executing construction is obviously critical.

But you’re not just building a building, you’re establishing and selling a community, a lifestyle, a home. And that must be properly positioned to drive demand.

“If you build it, they will come” is not a strategy. You can’t invest on hope.

But far too often, marketing teams are brought in too late, and there is little thought given to
  • the target audience
  • creating a brand and marketing plan that can actually generate demand from that audience
  • the right selling environment for a sales team
  • or the sales enablement resources to close deals

Don’t let your profits be swallowed up by poor marketing.

Not planning, preparing, and investing in modern, effective marketing is the single biggest mistake I’ve seen developers make that costs way too much time and can implode returns -- even for beautiful, well-built projects.

Here are some common signs you could use an established marketing partner:

How to tell your real estate development needs marketing support:

  • Sloppy, incoherent marketing that looks thrown together (often with a mix of branding -- some from the developer, some from a real estate sales/leasing agency).
  • Slow or non-existent pre-sales or pre-leasing demand generation.
  • Your sales or leasing velocity stalls out early after hitting the market.

Marketing has changed.

Too many developers (and the marketing & sales firms they hire) are relying on the same old playbook.

Instead, engage a marketing & sales-and-lease-up firm like CHARLESGATE early in the development process to position a project properly (including the design elements), and start generating strong demand from a core audience who will be excited to live in the project.

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Published by Michael DiMella September 19, 2022