As a property settlement team, our responsibility is to ensure property purchasers are communicated to effectively and have the most positive experience towards a successful settlement of their property. Pre-settlement inspections play a critical role in the purchaser’s experience.
As part of our property settlement programs, we recommend property developers run their pre-settlement inspections (PSI) as an event. When we started to recommend events, I have to admit, our clients weren’t convinced! A couple of years later, we run PSI events for 85% of our clients.
This is why our property developer clients work with us to go above and beyond to make their pre-settlement inspections a memorable event.
1 - It is a very special time for purchasers
In the off-the-plan market most purchasers wait months, if not years, to see their investment become real. Having an event for pre-settlement inspections highlights the significance of settling on a property. Purchasing a property whether as an investor or owner-occupier deserves a little celebration!
Further, the pre-settlement inspection is the first time purchasers will be walking through their property. It can be an emotional time for some purchasers and having a supportive team to take them through their property is an opportunity to answer their questions and make them feel warm and fuzzy about the settlement of their property.
2 - It shows the developer’s level of care and accountability
Being at the event shows that the developer is taking ownership of their project and showing accountability. They’re not hiding, they are proud of their development.
And when an issue occurs, and issues will occur, mostly due to purchaser’s expectations and feelings about their property, the developer is present to deal with it and support the purchaser.
3 - Pre-settlement inspections can go wrong
The pre-settlement inspection is also referred to as a defect inspection. Need I say more?!
The inspection is the time when the purchaser has the opportunity to review their property, ensure it is consistent with their contract of sale and identify any defect that might need repair before settlement.
Due to the sometimes emotional nature of the purchase as well as the fact that purchasers have been building anticipation over an often fairly long period of time, there is a risk of purchasers expectations not being met by the developer. This can also be due to changes of circumstances where the developer and builder could not deliver exactly what was promised.
Having a customer centric team present at the event to represent the developer and explain why some of the changes occurred is critical to make the purchaser feel comfortable and maintain and build their trust in the developer.
4 - It is the most effective way to run pre-settlement inspections
For smaller developments the event can be complete in one day. For larger developments, the event can be ran over a few days.
Running pre-settlement inspections with suppliers including utility companies, strata organisations, furniture and blinds representatives, property managers, etc, makes it easier for the purchaser to be fully ready for settlement.
Implementing areas with catering makes the event more special and it also helps greatly in facilitating the traffic flow and optimising the pre-settlement inspection process.
Having a dedicated event for inspections also makes the process faster, inspections are completed in a shorter period of time, and the number of rescheduling is limited.
5 - It helps the developer build a more personal relationship with the purchaser
Meeting buyers face to face during an event creates a stronger relationship with the developer (or his representatives).
Through the event, the purchaser is feeling the level of care of the developer, which helps create engagement and build advocacy. Having a strong relationship means that the buyer will be more understanding if anything goes wrong. It fosters trust and builds credibility, which are foundations to repeat purchase and referrals.
Success Stories
Aoyuan’s recent Pre-Settlement Inspection event at Mirabell, Turramurra, managed by Sierra PropertyCom
Mirabell in Turramurra, NSW
Maison in Maroubra, NSW
"The response to our pre-settlement inspection event has been really positive. Purchasers have been very keen to come and see their apartments. They have watched them grow over time and they are really keen to move in, or if they are investors, get them let and for their tenants to move in."
Curtis Field, Senior Sales & Marketing Manager, Aoyuan International
"To provide a high level of customer service, letting purchasers know that we can provide Mandarin speaking can make them feel more comfortable. There were several Mandarin speakers who actually could speak English, however they were very happy and more willing to talk to me when they found out I could speak Chinese.”
Meining Song, Sierra PropertyCom, Settlements Team
Don’t miss the opportunity to turn your pre-settlement inspections into a memorable event and have a positive relationship with your purchaser!
Contact us now to discuss your next pre-settlement inspection event.