2017 was an amazing year for en bloc sales with S$8.7 billion of transactions from 28 residential and 3 industrial/commercial sites.
The en bloc market shows no sign of abating with 2018 looking set to top that with 31 property sites transacting for S$9.5 billion year to date.
This also means that there are thousands of cash-rich millionaires looking to buy a new place in the near future.
As agents, you should be reaching out to these potential customers because they might be less price sensitive and just want to find a good place in the same neighborhood.
Having said that, please be mindful that some of these people might be going through an emotional period in their life and hard selling may backfire completely.
These are some strategies that you might want to consider to put you ahead of the competition:
- Organising viewing tours for groups instead of individual families to visit new developments in the area. Residents who might have been neighbors for a long time may consider buying in the same development as their ex-neighbors. Developers should consider giving them special rates.
- Working with home movers, bankers or interior design companies etc. to give special rates to en bloc residents of the same development.
- Setting up Facebook groups to support the residents affected by the en bloc process. Offer your free advice for any property-related issues that they might have. At the same time, build a community as they might be your long-term clients.
The current en bloc fever is not going to last forever but it is important to make the best use of it as an agent while it lasts.
The Rejig Team really feels that it is best that agents build long-lasting and meaningful relationships with all their clients. In the long run, it is going to lead to more referrals which are a cheaper way of customer acquisition compared to other marketing methods.