Market Research

2 Replies

All,

I'm just starting out, is it a good use of time to conduct a market analysis before you start your marketing campaign? What are the specific benefits?

Also, when it comes to wholesaling, should I pick a certain type of properties to target or do you just cast your marketing net and see what comes up?

Originally posted by @KIMARD EGLETON :

All,

I'm just starting out, is it a good use of time to conduct a market analysis before you start your marketing campaign? What are the specific benefits?

Good market analysis is definitely time well spent. Furthermore, market research is an ongoing process. It never ends. You want to be ‘hip’ to what’s going on in your market no matter what your specific strategy will be. To answer your question specifically…..Yes you need to conduct a market analysis before you start your marketing campaign. The market analysis tells you the who, what, when, where, and why of your campaign. How would you go about conducting a market analysis?

  • One good way to learn your market is through local real estate investment groups and networking with other investors in your target market.
  • Click on the ‘Network’ tab in the nav bar to utilize BP’s networking resources.
  • Drive or walk around your target market to get a feel for it.
  • Take a different route to and from work, school, church, and supermarket in order to visit other neighborhoods and communities.
  • Identify the local newspaper that talks specifically about real estate and subscribe to it. It’s the publication where properties in tax sale are listed and it often provides other great business articles and market related information.
  • Subscribe to local politicians’ newsletters.

In my market, there could be drastic differences between properties that are merely a block away from each other. Investing in one’s local market provides an ‘unfair advantage’ to local investors. That is why I would recommend utilizing such an advantage, especially for beginner investors.

Also, when it comes to wholesaling, should I pick a certain type of properties to target or do you just cast your marketing net and see what comes up?

As a wholesaler you could actually do both. There will ultimately have to be some sort of criteria to start with such as location, property value, or property type. The quality and quantity of your leads will be determined by how broad or defined your criteria are. The more broad it is, the more people you can reach. The more defined it is, the less people you can reach but those prospects will be of higher quality.

Hope this helps.

See ya round BP.

E. Harris

Phenomenal response Eric, thanks!

I have already begun driving my target farming area, as well as attending the local REIA. I will surely implement your other suggestions.

Mark

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