We’ve all been there, right? Imagined the perfect summer vacation and got excited over a dream destination that promises paradise. Everything seems perfect and great until you actually get there and realize that it is not as good as you were anticipating. It’s like saving up for the travel of a lifetime, only to be underwhelmed upon arrival.
Have you ever fallen for a hyped-up tourist destination? All that wasted time, effort, and emotional investment for nothing! You have half the mind to leave, but you’re already there, and the voice at the back of your mind tells you to take whatever is left including that overpriced souvenir. But deep inside, you just know that it’s a miserable experience and that you may have made a mistake.
Now, if you are planning for your future investments and wealth accumulation, you should know that those types of dilemmas are in the property game as well, especially in New Launch Properties. So whatever you do, stay away from the property sale traps.
The Truth About Pre-Launch Sale
A New launch sale is a common strategy that lures potential property buyers into making a hasty purchase. It capitalizes on emotional purchases, called emotional selling: it’s an approach that focuses on appealing to customers’ feelings rather than solely relying on rational or logical arguments.
The idea is to connect with customers on a deeper, more personal level, leveraging emotions to influence their buying decisions. This approach recognizes that people often make purchasing decisions based on how a product or service makes them feel rather than just its features or specifications.
For sure you are familiar with emotional purchases. But not a lot of us realize that this trick is very commonly used in the property game by sellers who simply want to take advantage.
To paint a clearer picture, let me give you this example:
Sellers who market limited Slots for an “ideal” property so crowds would queue for their turn, only to be informed that the units they’ve been eyeing are sold out.
When this happens, of course, sellers recognize the opportunity and pitch other options–not the same as you’ve had the budget and idea in mind, but different “options” nonetheless.
And with the adrenaline and excitement still there to purchase a property, unfortunately, even when disappointed and disheartened, weary buyers settled for less.
Do you see the picture now? Does this sound familiar to you?
Don’t worry too much about it! As long as you are aware and prepared, you should be able dodge this manipulative tactic pretty easily. Besides, new launch properties do offer a lot of opportunities so you should not dismiss it altogether.
Hot Takes on New Launches
Pre-launches are a good thing as they provide you an opportunity for a head-start investment and they give you the majority of the information upfront. However, there is no way to avoid the expectation versus reality situation when things don’t plan out the way you’d hope.
The thing with new launches is that units are limited, and prices are only released later, giving you a vague picture of your investment and its potential. That’s why it pays to have all the right information and come extra prepared.
If you must attend a pre-launch, here are five tips to help you steer clear of emotional impulses when investing in real estate:
1. Establish Clear Investment Criteria:
Clearly define your investment goals, criteria, and priorities before searching for properties. Determine budget, location preferences, desired returns, and investment horizon.
2. Conduct Thorough Research: Come prepared and prioritize research on potential investment properties. Analyze market trends, property values, rental yields, and possible risks. Relying on data and facts allows you to make informed decisions, and you are less likely to be swayed by emotional factors.
3. Create a Checklist: Develop a checklist or set of criteria that align with your investment goals. This checklist may include essential features, financial metrics, and risk factors. When evaluating properties, refer to this checklist to ensure you make decisions based on predetermined criteria rather than succumbing to emotional impulses.
4. Stick to Your Investment Plan: Always stick to your property investment plan. Avoid deviating from your predetermined criteria or making impulsive decisions based on short-term market fluctuations. Discipline helps resist the urge to follow market hype, emotional trends, or external pressures that might influence your decision-making process.
5. Seek Professional Advice: Best of all, find a consultant who has your best interests at heart. Consult with real estate professionals, experienced financial advisors, or mentors who can provide objective insights.
Engaging with experienced professionals can offer a more rational perspective, help counterbalance emotional influences, and guide you in making well-informed decisions aligned with your investment strategy.
Do you want to start your property investment journey but need a hand in making strategic decisions? Set up a consultation. Reach out and let’s build your dream together! Invest wisely!
