The profits from a small-scale property development (perhaps converting a commercial building into residential units) can be substantial, but to get the most out of such a project, it's best to think about sales before you build anything. Don't wait until after the fact.

It's vital to determine who is most likely to buy your unit and what their needs are.

Do they want a one-bedroom or two-bedroom? Do they want gold taps and Miele appliances, or should they keep it cheap and cheerful? Who exactly are your customers? Are they middle-class people who need parking spaces and larger rooms for their furniture, families who need outdoor space and amenities, or young professionals who need restaurants and bars right on their doorstep?

While doing some research on the internet can be a great help, there's no substitute for talking to different residential property agents in your local area to get their insights.

If you make uninformed assumptions, you may find it difficult to sell your flat quickly. Another tip is to make sure you are aware of any other developments that may be on the market by asking agents and looking on local planning portals.

Good design will always make a flat easier to sell. It also often adds value. Hiring an interior designer from the outset can greatly improve the floor plan layout/flow and décor, which can make a big difference to buyer appeal. There is a cost to this, but you learn and the knowledge can be reused and the benefits of your investment may span multiple projects.

If you are remodelling an existing building then you can open up existing roof voids. Here you have a few options: you may be able to create some valuable storage space or, if the headroom is large enough, a small home office.

Another option is to build vaulted ceilings. This is especially effective in smaller flats, as they can greatly enhance the sense of space and add character that your competitors may lack.

Another option when converting a commercial building is to retain some of its traditional features, which can add interest and value. The shape of the rooms and the architectural features of the building will add character, while choosing a more 'industrial' interior décor theme will add the wow factor to your flat. Modern flats often have little in the way of character and low ceiling heights, making your flat stand out.

Maximising the available natural light is a basic requirement for any new home and this should be a key consideration for you as it gives a distinctive 'feel'. Feature lighting can also be used to create interest and a sense of home, with a huge range of design ideas available.

The first rule of developer school is to remember that you are designing a flat for your client and not for yourself. You may love marble splashbacks and gold downlights, but if they don't pay for themselves, they're a waste of money - remember, you won't be living there.

The DNA of most flats and houses is the same. At least 95 per cent of customers see nothing more than a series of spaces enclosed by painted walls and ceilings. It's the other 5 per cent that sets them apart, and it's at this point that you can kick your budget up a notch or two and create a sense of class for your unit.

For example, avoiding cheap six-panel internal doors and opting for wooden doors with brushed steel fittings can have a significant visual impact. Similarly, metal switches and sockets have more texture than white plastic ones.

An icing on the cake is to buy entry-level products from high-end manufacturers such as Bosch and Neff when choosing kitchen appliances. You'll get all the brand recognition without spending a fortune, and your buyers will be less likely to worry that these appliances lack all the features and whistles of the high-end models.

Another area to consider investing in is a deeper splashback in your kitchen. However, you must be careful when choosing your worktops, as a little carelessness can erode your profits. Fortunately, if you can resist the temptation to go for granite, there are plenty of quality options available at lower price points.

In the bathroom, a quality finish can make a real difference. Make sure your tiled splashbacks go all the way to the floor, and consider installing some LED mirrors, chrome razor sockets and a decent shower.

If you have the space, consider installing a large shower cubicle, even in a smaller flat. No one likes a cramped shower, and even if your flat has a small footprint, it doesn't compare favourably with other flats.

When you find out who your client is, you should have spoken to several agents at the outset and chosen the one you think has the best chance of a quick sale at a favourable price. Choosing the right agent is not an exact science, but make sure your agent has sold similar properties in the same area. It's one thing to find an agent who covers your area, but you need an agent who has actually sold properties in the neighbourhood.

There are a few marketing ideas worth considering that will make an agent's job easier. Off-plan sales work well for new builds but are best avoided for conversions where the main building is currently an eyesore. Even if you invest in some CGI mock-ups, people won't be able to see it.

Mock-ups are another way of marketing, but you need to plan carefully with your contractor as they need to complete a unit before all the others, which is not their usual practice. In remodelling projects, where units come in all shapes and sizes, show flats are usually not the best strategy as they are not representative of every unit.

Dressing up the unit is another popular strategy because it makes it easier for the client to visualise what it would be like to live there. Here, you will need to install furniture and soft furnishings before the viewing, which costs money. Will you pay someone to dress the units for you, or will you dress them yourself?

If the latter, will you be selling the fully furnished flats at a premium price, or will you be selling them 'stripped', in which case you will need somewhere to store the furniture until the next project?

Nonetheless, be careful when dressing up small flats as you don't want them to look cluttered. If you want to get some design inspiration, simply visit the sales office of any local homebuilder and see how they dress up their model homes. Do something similar and you won't go too far wrong, but it's always a good idea to seek the advice of a real estate agent before deciding.

Keep a close eye on your agent and don't be afraid to change agents if you don't get the desired results. You should also ask them for regular updates on the number of viewings and feedback from potential buyers. Finding out why people aren't buying can help you improve your future sales strategy, even with a new agent.

Consider the agent's fee structure, as you want to make sure they are incentivised to sell quickly without dropping the price every week. If the agent charges you 1% for a new flat worth £100,000, then they will receive £1,000 in commission and you will make £20,000 in profit. However, if you drop the price to £90,000, their commission is reduced and your profit is halved. Now they have a much easier sale, but you take a financial hit.

On the other hand, if they sell for £110,000 your profit increases by 50 per cent, so consider adding a ratchet to the agency fee mechanism that rewards them for selling quickly at a high price. Don't try to undercut the intermediary on fees; guess how much they'll prioritise you if the sale of your unit brings them less commission than the rest of the units on their books. It's better to pay a high price and get their best results.

If you take your sales strategy into account from the start, you have every chance of making a quick sale and a good profit.