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Property market research

in the development of real estate projects In addition to understanding the needs of customers Getting to know competitors is essential and important in project development planning. because although we have a good project meet the needs of customers But if competitors do better, are cheaper and have more units left Developing projects that face direct competitors in a highly competitive market can lead to unplanned sales. Waste of high marketing budget and may fail Market research to survey competitors is therefore an important task in real estate marketing planning. How can market research to survey competitors do? Market research to explore competitors and potential at a location should be a combination of both desktop research and filed research. The process is as follows.

How to research the real estate market

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1. Determine the survey area according to Trade Area Analysis

By taking the coordinates of the project that we will develop as the center and then have to go around, for example, a condominium project near the Saphan Taksin BTS station may frame the area to explore competitors within a radius of 1.5 km around the Saphan Taksin station and study the area Projects during the journey from project to project of competitors do not exceed 45 minutes, for example, where the Trade Area has no fixed radius around it. depending on the size of the project Traffic in that area is the main, but usually should not exceed the travel time from the project’s location to more than 1 hour for residential use.

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2. Determine the coordinates of competitors.

on the map to know the exact location Find the distance from the competitor’s location to the location. of the project and important areas such as shopping centers, major work sites, train stations, airports, various bus stations, etc.

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3. Collect data

from documents and media about competitors The information may be obtained from advertising materials of competitors such as brochures, leaflets, billboards and real estate news websites. Nowadays, real estate sales fairs are held regularly. To collect information from competitors in the real estate sales fair make it more convenient

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4. Conduct field surveys

Data from research, curated papers and online searches can help marketers get a lot of information, but “Seeing him, he doesn’t fight. Go see for yourself.” Going down to survey the field to reach the competitor’s sales office. Go to the sample room Go and test the skill of a salesperson. and go to see the utilities in the real projects of competitors It will help us to understand competitors both strengths and weaknesses much better. There is also an opportunity to see competitors’ customers entering the project to know what characteristics each project has The more you ask the salesperson, the more information you get.

comparative analysis of data

When the information from the research Documents and field archiving To make the information easy to understand, the comparison is clearly visible. should prepare a summary table as shown in the example To make the use of information to make marketing decisions easier. Usually, the strengths and weaknesses of each project If you want to be taken into account when deciding whether to set the price higher or lower than any competitor We should understand and analyze the factors that affect the selling price. In general, the main factors that are enough for us to set the price are:

Factors that make us price

01

Distance from BTS or main road The closer to the BTS or the main road, the more The more the price advantage, for example, a condominium 50 meters from the BTS can be priced higher than a condominium 150 meters from the BTS. If all the components are the same

02

the nature of the project Condominiums that are normally high-rise buildings have higher construction costs than buildings that are not higher than 8 floors (23 meters). In addition, high-rise buildings have the distinctive features of the buildings that are more noticeable. Condominiums in the same location, on the same floor, condominiums which are high-rise buildings have higher selling prices.

03

Materials used The grade of the materials used will reflect the price of the project in the same location, but companies that choose better grades of materials will set higher prices.

04

Decoration and furniture Electrical appliances provided for some condominium projects will be sold as empty rooms. where customers have to buy electrical appliances and furniture themselves While some projects will be sold with furniture and electrical appliances, selling prices will vary.

05

Facilities in the project The project has many facilities such as a large swimming pool. There is a large lobby. With a large garden, a library, and a larger than average number of parking spaces per room, the selling price can be higher.

06

Reputation of the project developer Affects the selling price of the project Usually, a project developer that is a public company or has a history of developing projects at a high price. and doing well in terms of project quality and community care Including the rising resale price is a credit that allows the operator to set prices higher than the average of projects in similar locations and quality. Understanding the factors that affect the selling price leads to the determination of the price, choosing the location, choosing the material grade. Providing project facilities to choose to crash or dodge direct competition with competitors in similar locations. But obtaining information for decision making Market research to explore competitors is therefore essential for planning real estate project marketing.

SOME EXAMPLES OF RESEARCH

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