The majority of fractional buyers are savvy individuals. Once presented with information on the product they should be left to make a decision on the purchase, rather than being sold to. The property and location should largely sell itself, leaving the marketing and sales process low-key and no pressure.
Sourcing your market and the necessary information on potential clients can prove challenging. However there are a number of ways to address this:
People buying a fractional are looking for a wise purchase and as such they are intelligent buyers. A fractional property can by nature be a complex product. For these reasons it is critical that developers employ specialist and experienced sales teams. It is not enough for sales teams to be recruited solely from the whole ownership market as the product has a very different structure.
Equally sales staff used to working within timeshare may treat the sale as a deal that can be closed in minutes or a couple of hours. But as the fractional is aligned to that of a freehold purchase, potential buyers may want to visit the property a number of times. Thus sales relationships with purchasers should be nurtured and can span several days or weeks. Sales teams need to understand the financial needs of purchasers. They should also understand the limitations of the development. They need to appreciate the nature of the property, its legal structure, as well as the country of operation’s legislative and regulatory requirements. While the deeded sale appeals to many fractional buyers, there are also those who appreciate a more flexible model, such as a limited lifespan fractional. With these the period of ownership has a life of say 10 years after which the property is sold and accrued equity is divided between owners. Sales teams need to be fully conversant with each business model and those available within a property’s structure.
Developers that make significant investments in the recruitment and training of sales staff will see the best results. Suitable investment will help attract and cultivate the right calibre of salesperson and the mindset necessary to develop the relationships crucial to sales success.
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