Bubbles Bursting - Oh What to Do?

Bubbles Bursting - Oh What to Do?

Wed, 23 July, 2008
Posted by Wendy Renner
The media is flooded with the headlines “The Bubble has burst”, but what does this really mean to builders and developers as far as marketing and selling their products. The focus needs to be shifted from this doom or gloom amongst our industry to looking forward towards the future. We need to stop slashing prices, auctioning inventory and go back to the basics. I know inventory needs to move out, but there are better ways than adding insult to injury. We are adding to the problem, by doing the above things. People are saying if the builders and developers are actually slashing prices, their products were over priced to begin with. People are hanging on to wait until prices are at an all time low, to begin buying. We need to look at why people were buying in the first place. The economy is still at a good place, people can still afford to buy, they are just scared. We need to help them feel that this is a good investment at a great time and not something to be afraid of jumping into. Instead of marketing like a used car salesman, focus on what truly makes your project or product different. Why should someone buy from you? Help educate people on what is really going on and stop adding to the media frenzy.