Selling Begins with Attracting Prospects Through Successful Marketing & Sales Tips for Real Estate Developers & Builders
Market Research is ideally the first action undertaken by a developer for a property being considered for development. The purpose is to define target consumers, competition, products, pricing and sales absorption.
The process of Market Research consists of the following four sequential steps.
- The first step is definition of the consumer market in geographical terms (i.e., local census tracts, municipality, county, metropolitan area, state, multi-state region, nation, multiple nations) and definition of consumers by demographic (age, income, wealth, household size, employment) and Psychographic characteristics (behavior, personality, attitudes).
- Second is geographic definition of the competitive market, using the above geographical units (could be the same as the consumer market, but usually smaller).
- Third is geographic definition of the competition market, using the above geographical units. The majority of real estate developments in the United States serve local markets, with the notable exceptions of resort and active adult retirement developments.
- The Fourth step is Summarization of the above four steps and analysis of findings in terms of recommendations for the subject property. Historically, such research required travel to these markets for individual data gathering, whereas the evolution of the Internet now permits data-gathering by computer.
WHO is the buyer?
WHAT is the buyer looking for?
HOW are you going to interest them?
Market Research often consists of the four steps above. However, Parker Associates research includes market verification by personal visitation to examine geographical features and competitive product offerings. Note that the term “product” is defined to include site amenities and nearby off-site amenities in addition to the priced (ownership and rental lease) buildings.
The Parker Associates process starts with a confidential review and consultation to learn more about our processes. Then Contact Us to put Parker Associates working for you.
David WB Parker is a principal of Parker Associates of Jacksonville, Florida, marketing consultants to the real estate industry; President of PTC Computer Solutions, IT Specialist, and an active real estate sales professional with PARFAM REALTY based in Jacksonville, FL. He can be reached at 904-607-8763 or via email firstname.lastname@example.org.
Parker Associates works extensively on understanding your market, your consumer, and your goals. We don’t just make it up, we research it ad infinitum to make sure we get it right. We are your advocate by being the advocate of the consumer.
Spend time looking at what you are trying to acquire, develop, or sell to learn how you can improve the success of what you are offering. Parker Associates helps understand the consumer by answering WHO will buy, WHAT they will buy, and HOW they will buy it. When the research is completed and the analysis is done, having the answers to these questions will reveal what will provide the best success for your project. Keep asking WHO, WHAT, and HOW and keep developing to fit the need.