Before lodging your development approval, it’s imperative that you sit down with a sales and marketing professional to discuss the project.
This guarantees you’ll get independent feedback about the product you’re thinking about bringing to the market.
It can save you huge money, time and peace of mind.
As a simplistic example, if your project includes 40% one and 60% two bedroom units but the current market is preferring two and three bedroom units then you will have an issue selling 40% of your project and will also miss out on the opportunity to capitalise on the purchasers in the market chasing three bedroom units.
It’s important that you avoid the risk of obtaining a development approval that the market does not receive well because generally the only two outcomes for the developer in this situation are:
- Sell the site if capital has become fully expended. However, if there is a fundamental problem with the configuration of the development approval this will be picked up by the next developer.
- Amend your development approval which will incur additional design and town planning costs, not to mention additional time.
Make sure that the discussion with the sales and marketing professional is collaborative with other team members, specifically the architect and town planner.
The solution to the best outcome of the project won’t be one-sided. It will be a blend of the contributions from all parties which gives the best shot at achieving an outcome that satisfies the market, council requirements and the architectural intent.