ABSTRACT
Promotion of a development scheme in order to achieve its disposal is an essential and integral part of the development process. The disposal of a building, whether through a sale or a letting, should be thought about during the evaluation process and not just a few weeks before the completion of the development. However, despite its importance, the promotional budget for a development scheme tends to be the first cost which is looked at when attempts are made to either improve the profitability of the scheme or the residual value of a scheme during the evaluation process. Also, the term ‘marketing’ is very often mistakenly used instead of ‘promotion’ to describe the process of informing and attracting potential tenants or buyers. Promotion should be aimed at the market identified by the market research, which the developer should carry out as part of the evaluation process (see Chapter 7). Without a clear understanding of the potential market and its needs, any promotion of a development may turn out to be a waste of time and money.
