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Research
Issues:
- Determining
the type of products to build on a parcel of land. This
involves a thorough market study of all the general conditions
- demographic, economic, cultural, political, location and accessibility,
demand and supply characteristics (present and future) - that affect
the subject property. Particular attention is paid to prices, rentals
and take-up rates of competing projects to determine the marketability
of products identified. Qualitative and even quantitative sample surveys
may be conducted.
- Recommended
pricing and rental of properties.
Focuses
on an existing property or one under development, that is looking
to set new launch prices or rentals. Uses methodologies that are employed
in a marketability study. Conclusions are drawn as to what
launch prices or rental rates the property should adopt. In the case
of a rental review, a customer satisfaction survey involving tenants
may be carried out.
- Determining
the feasibility of a development option; highest and best use of the
land. Inputs data from market and marketability
studies into investment models that feature revenue and cost projections,
to determine the return on an investment. Different use scenarios/options
for the subject property, both for the land as if vacant and for the
property as if improved, are applied to derive the highest present
value of the land.
- Evaluating
why sales are not moving and how it can be improved. This
involves a thorough study of the marketing strategies employed in
terms of product, price, place, promotion and people. Quantitative
sample surveys involving buyer preferences, awareness and perception
are also conducted to uncover underlying reasons. Recommendations
are made on how to improve sales.
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Identifying the market segment and target market
for a property product. How should the product be positioned and marketed?
This begins with a market study, from which a target market
is identified and its underlying behaviour analysed. Behavioural characteristics
may be drawn from sample surveys, focus group discussions, in-depth
interviews and/or observation. A market position for the subject property
is then formulated, in terms of construction size, general design,
pricing, rental, tenant mix, etc. Marketing and promotional efforts
which enhance success are also recommended.
- Determining
the population size, household incomes, demographic profile, house-buying
expectation and preferences in the vicinity of a subject property.
How do these impact us? Can we view these on a map? Data
is collected using a combination of quantitative sample surveys and
geodemographics (see Research Area: Geodemographics). Population
distribution patterns, household incomes, land use and other patterns
can all be represented digitally on maps and analysed. The latter
actually enhances decision-making because of the added factor of visualisation.
- Data
Support. MIRP provides basic property data such as prices
and rentals, new launches and occupancy rates of the various property
sectors in any location.
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