In real estate, there are 2 main categories of products – primary market products (undercon or projects) and secondary market products (subsale). Undercon means a purchaser is purchasing a property directly from a developer. Subsale means the second purchaser is purchasing the property from the first owner and so forth.
As a realtor, you can choose to work with the vendor of the subsale property, or the developer of the project. The project can be either local or international projects; and both are very different by nature and in their approach.
If you’re just starting out in your real estate career; the easiest and fastest way to learn and to earn are to go into local projects. The learning curve in projects are steeper than in subsales but it lays the foundation in your real estate career.
When marketing undercons or projects, you’ll encounter these:
- Sales kits and decks
- Location and amenities
- Multiple listings, types, and layouts
- Pricing, discounts, rebates, and promotions
- Competition from other completed and under-con properties
- Show units and sales gallery
- Legal and loan
- Sales techniques and strategies
These topics, we’ll cover indepth in our next series in Project Marketing.
Undercon Project Marketing