Case Study: Mayfair Gardens - Metrics Aren't Everything

Mayfair Garden Residences is an elegant, “Georgian-inspired” condominium in Bukit Timah. With a total of 215 units in 5 storey-blocks, the project was obtained by Oxley Holdings for a whopping $311 million.

However, this development did not fall within our list of anticipated projects since it failed to fulfill one of our project selection criteria - in which the development should have more than 300 units. 

But, the agent that approached us had full confidence that they could sell. 

Much to our surprise, his confidence paid off - earning him a total of $60,000 in commissions.

So, why was he able to defy our metrics? 

In this article, we breakdown the factors that led to his success, including;

Marketing a familiar district is important when choosing a new project.

Unless you know the district inside out, you have to take the necessary measures to keep yourself apprised about the latest ongoings in the area. 

This will allow you to better make informed decisions when choosing to advertise a new launch project in a district. 

Naturally, you’re less likely to take note of what’s going on in other districts besides where you live - unless you’re someone who actively tunes in to the latest news. 

In the case of our agent, it was a district he understood well enough that he was confident and comfortable enough to invest in his time as well as money.

As such, if you’re not familiar with an upcoming development’s district, be sure to do your own research.

To help you stay updated, SMC has a platform called 8ambrief that conveniently connects you with the latest news of your preferred districts, everyday at 8am. So if you’re keen on subscribing to our daily property news, check it out here.

Pro tip: Take note of potential districts that you know will do well too - especially for districts with mature estates. Make sure to also familiarize yourself with the primary schools and amenities in the area.

One of our metrics that trumps over the rest, is preferred clientele.

Defining your preferred clientele can be based on a couple factors - like their age, income, occupation, net worth, life stage, preferred language, hobbies, and many more.

As Mayfair Gardens was one of its kind - an extremely rare and beautiful development located in a very desirable area, our agent had an inkling that it would attract plenty of high-end clients. 

And they were right! 

So, what can you learn from this? 

Realtors targeting luxury properties should be open and willing to network with high-profile clients. 

Some agents even go to the extent of picking up a unique niche so that they can cater to a select group of buyers - for example, being good at golf, joining a yacht club, or becoming an expert in cars.

If that’s not your cup of tea, there are always other profiles of clientele you can go after. For instance, first-time buyers, motivated buyers, investors looking for a way to create extra income, and many others.

It’s important that you know how to strategize and cater to them based on their different needs.

Pro tip: Regardless of your preferred clientele, you should always portray a professional image by ensuring that your website or landing page contains high quality images with content that’s regularly updated. Keep up with the latest information from the developer to make a good impression.

Once you’ve identified the clientele you’re looking for, you can narrow down on your personal circle of family, friends, or acquaintances.

A good trick is to pay close attention to the locations they are currently living in or the district where they plan to move into.

You can even further identify their pain points and build plans to address them. For example, are they looking to find a place near their parents? Do they have young school-going children that requires them to be in close proximity to schools? What challenges do they face in their daily living? 

Other questions could be along the vein of getting their dream homes in Singapore. Find out if they have a preference for nature or any other experiences that could elevate their current lifestyle. Would waking up to a panoramic city or sea view be a push factor for purchasing a new home?

Pro tip: A good practice to close deals is to consistently follow up instead of passively waiting for customers to ask questions. Swing your customer to other projects if there are other new condo launches that can meet their needs better.

Mayfair Gardens was marketed for a long period of 11 months. 

Unlike many other projects that typically only run for about 3 months, the agent was diligent to run the whole campaign from pre-launch all the way to post launch.

The leads were relatively cheap overall with an ad spend of $4k. The campaign was active on 3 to 4 separate occasions in different phases of the condo launch.

To succeed, running Google Ads requires historical data, patience, good timing, and thorough research. Make sure to know what metrics you should keep an eye on for optimal results.

Despite not fulfilling the project size requirement, our agent had the upper hand and know-how that Mayfair Gardens was worth running a campaign for.

His results turned out great - successfully selling 2 units over the span of 11 months with only $4,000 ad spend. 

That’s 17.1x in returns!

Therefore, we’d like to conclude that while our project metrics are backed up by years of data in the field, there are a couple of cases that could provide stand-out results, like Mayfair. 

Just make sure you’re ticking all the boxes we mentioned above, and leave the rest to us. 

And that's it! 

Interested in seeing our work up close? 

Over the past few years, SellMoreCondos (SMC) have served more than 80 realtors in Singapore to generate over 2.5 million dollars in comms. But that’s not all that we do – our talented creative team can also help build you attractive property microsites and google ads, all wrapped up in a range of affordable packages. Be sure to get in touch with our friendly team to set up a successful new launch condo campaign of your own!