THE PROPERTY DEVELOPMENT REVIEW
current demand, a mix of townhouses and apartments with some mixed-use components can offer a well-rounded portfolio. These offer options for varying lifestyles and life stages, thereby broadening the customer base. When bringing properties to market, what is the most effective approach to marketing, and what is your advice to vendors looking to sell this year? Digital marketing channels, particularly social media and targeted online advertising are proving very effective in the current market. For vendors looking to sell, my advice would be to invest in professional photography and staging, and to leverage digital platforms to maximise visibility. Absolutely still advertise on the main stage platforms like realestate. com.au and Domain.com.au but speak to your agent about what else is available. As you well know, we have had some great success recently with your products at Development Ready and Commercial Ready. A good agent should know what other platforms are available in the marketplace that will suit your individual property and market. What are your expectations for the residential property market over the next twelve months? The next twelve months look promising, with the likelihood of increased stability and sustained demand. However, it’s crucial to keep an eye on macroeconomic factors and policy changes that could impact the market. A balanced and cautiously optimistic approach would be advisable. What strategies can small-scale builders & developers adopt to effectively navigate and mitigate the challenges posed by the continuous rise in construction costs? I won’t profess to know too much about the building industry, but I think I do understand the basics of running a good business and I imagine this concept is no different in small-scale builders and developers. Workplace culture and employee well-being are often overlooked aspects that can significantly influence the sustainability and success of any business. A healthy and motivating work environment fosters productivity and retains talent. Engaged and satisfied employees are more likely to stay on board with the company and limit staff turnover. Ensuring that your employees are well taken care of, not just in terms of compensation but also work-life balance, training, and career development, can lead to lower turnover rates, which can be a significant cost saver in an industry like construction where expertise and experience are invaluable. Consistency in quality, service, and communication establishes brand trust. This trust can act as a cushion during market downturns or periods of increased costs, as both clients and employees are more likely to stay loyal to a brand they trust. Good Customer Service. This goes hand-in-hand with a good workplace culture. When employees are happy and motivated, they’re more likely to provide excellent customer service. Satisfied customers can become your best promoters, which in the long term can help in securing more contracts. Transparent and frequent communication with both employees and clients can solve many potential issues before they even arise. This is particularly important in a sector where projects are time-sensitive and budgets can be tight. Know your identity. Understanding who you are as a brand and what market segment you cater to can help in focusing your resources and energies in the right direction and being more efficient. At the end of the day, the basics of good business — Good planning, responsible financial management, and strong leadership — are the foundation on which all these other elements rest. Putting in the effort to excel in these areas can act as a buffer against external challenges like rising construction costs, helping not just to survive but to thrive in a competitive market.
September / October 2023 – 115
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