Know-How Exchange : Advertising/PR

In light of the real estate environment across the country for the past few years, it is no surprise (even expected) by any prospect that you, as a developer, had trouble.

Tell the truth. "We're had setbacks like most developers, but they are behind us and we're financially healthier than ever and ready to get back to building your new home."

Have ready professionally prepared statements and responses to promote and put your best foot forward for company personnel to address formal and bar room discussions.

Offer meaningful buyer value and demonstrate correction of points why persons don't / wouldn't consider your development. Differentiate the developments from competitors, and the resale / foreclosure market. Address the business "rumors" head-on.

Advertise, Advertise, Advertise - if you say something often enough, people begin to believe it (it works for politicians all the time).

Do a lottery to win a home (or a big price reduction) - generates tons of prospect activity and genuine interest.

Offer notable discounts to get the first few new purchasers under your belt.

It won't happen overnight, and it won't be a landslide even at its best effort.

Bob

Some good, honest PR in local media can help with that rebuilding process. Consider arranging a press inspection/open house. Pull together a comprehensive package of information complete with a positive, healthy press release take on the development''s current position. Include floor plan(s) and site plan of the entire development w/future plans; as-built standards, upgrades possible, development amenities and of course, benefits, benefits, benefits. Don''t shy away from admitting to ''tough times'' but don''t dwell on them, either. Pretty much everyone knows the market has been in the doldrums. Look to the future. Offer "walking tours/inspections of the individual dwelllings/entire development. You might get a newspaper spread, TV camera for local news, etc. "Movin'' on up--and ON" is the positive theme you need to project.

Best of luck!

Some really good advice above. The missing information about your situation is: "how established is your brand in the marketplace?" You said that there were rumors circulating around the business community and within the ranks of some of your prospects--often times, because you're so close to the issue at hand, you think the problem is much bigger than it is. That said, if your brand is very well established in the market you should be able to weather the storm. "Management Options" response (above) pointed out the successes of other brands that overcame a crisis--albeit, they are major, well established brands. You also don't mention whether the development has a brand of its own--separate from that of the developer. If it does, a re-branding of the development may be part of the answer.

The best indication that your problems are behind you is the completion of construction and a PR effort updating progress as you go. A "press event" to show off the completed portion of the development, etc. I don't think a lot of give-aways are the answer either. Don't diminish the product quality, or appear to be desperate. You said that you had time, no hurry to sell--with some good PR and a little time, you should be fine.