Economic trends are often felt most acutely by those in the real estate market. From interest rates to inflation to unemployment figures, economic indicators drive the decision-making of successful developers, builders and brokers.
With interest rates stabilizing, if not falling, residential players are feeling more confident in the sales market and are shifting their projects from rentals to sales. Laurent Cardinal, co-founder of leading interactive floor plan and marketing solution platform Planpoint, has watched this shift from a seat in the front row, and his company has adjusted its offerings to help clients make the move successfully.
A Market in Motion
Over the last six months, Cardinal has watched the market move from predominantly rentals to being close to a 50/50 split between rentals and sales, a shift that he attributes, primarily, to confidence in the market driven by the downward trend in interest rates.
“Those changes helped a lot,” explains Cardinal. “People were waiting on the sidelines to see what would happen when the environment changed, and now they’re more confident in their ability to sell versus rent.”
This confidence is quickly translating into action. Cardinal shared an anecdote about a major client who had previously held back marketing efforts, even considering switching a project to rentals.
“As the market environment changed, so did their momentum,” he recalls. “They now see a first-mover advantage in launching as a condo project, and believe others will follow suit.”
Planpoint has long been geared towards sales, a strength that has proven invaluable during this market shift.
“Planpoint was initially created with a sales-first mindset,” he says, “and we’ve made continuous advancements over the years. Real estate marketers anticipated improvements in interest rates, and were preparing for this shift behind the scenes.”
This foresight has allowed Cardinal and team to stay ahead of the curve and provide the necessary tools for developers and marketers to succeed.
Streamlining the Sales Journey
Last time we spoke with Cardinal, he emphasized how Planpoint is constantly adding new features to its platform at no additional cost for users. This proactive approach and constant adaptation puts Planpoint in the perfect position to support this surge in sales. The company has introduced several key features to their marketing platform recently, the first of which smoothly streamlines the sales process.
A major pain point for both buyers and sellers is the inefficient, often complicated traditional method of managing high-value sales transactions, like deposits. Identifying and addressing this issue, the company has rolled out a feature to simplify it all.
“The new digital deposit system removes a huge amount of manual work for sellers,” says Cardinal. “It allows buyers to pay with their credit cards online, effectively eliminating the need for manual check processing. Payment reconciliation is infinitely easier, and also provides valuable insights that weren’t available historically.”
Previously, reconciling unit information, check details, and buyer data was a time-consuming, oftentimes haphazard manual task, vulnerable to human error. Now, Planpoint automates this process, freeing up valuable time and resources. The ability to easily and reliably collect deposits is critical.
“Sales require a deposit, since simple reservations can always be canceled,” notes Cardinal, highlighting the importance of securing commitments in a fluctuating market.
Visualizing Your Dream Home
Beyond simplified payment processing, Planpoint also offers robust tools to enhance the buying experience. Catering to the visual and emotional aspects of purchase decision-making, the dynamic Choice of Finishes module enables potential buyers to visualize their future homes with unprecedented clarity.
“The Choice of Finishes feature is a powerful marketing tool,” says Cardinal. “It allows buyers to actually see the various customization options available, like flooring, countertops, and cabinetry, long before the actual sales process begins.”
Prior to the launch of this feature, buyers often relied on static renders or simple descriptions, making it difficult to truly grasp the possibilities. This feature helps generate interest in the unit, and even allows the buyer to compare different finishes side-by-side, through an interactive digital experience, bringing their personal aesthetics to life.
“Customers absolutely love it,” shares Cardinal. “It fills a real need in the market, as this kind of interactive visualization hasn’t been done before.”
Bridging the Online and Offline Worlds
In keeping with the importance of strong visual experiences, Planpoint’s Superframe app empowers sales teams working out of physical showrooms. Designed as an affordable solution for developers with varying budgets, Superframe enhances the sales experience by showcasing not just floor plans, but also layouts, amenities, finishes, and even local area maps.
“We recognize that sellers often work with limited budgets, which doesn’t leave much opportunity for the development of custom web solutions or expensive showroom displays,” Cardinal explains.
An extremely valuable tool for both marketing and sales, Superframe enhances the buying/selling process, and can be customized to align with the project’s sales page, eliminating the need for sellers to recreate content and offering a seamless, engaging experience.
The Road Ahead
Looking to the (near) future, Planpoint is focused on further enhancing the platform to support the growing sales volume and improve the customer experience.
“We’re continuously adding new integrations,” says Cardinal. “Connecting with sales CRMs and property management software is critical. We already have direct connections with the largest platforms, and integrations with HubSpot and Pipedrive are coming soon.”
With its suite of powerful features and a finger on the pulse of market trends, Planpoint is ushering in a new era of real estate sales.
To learn more, visit planpoint.com.