February 08, 2021
What Role Do Research Firms Play in New Home Community Marketing?
If you're tasked with land development and design, chances are you already know how important it is to have access to data relevant to the latest trends of your sector. Even more important, having access to data that helps reduce risk, discover opportunities, and establish value. If you're looking to maximize the land use while adhering to financial realities, real estate research firms are where you will want to turn to.
The fact is, research is vital to the success of any business since it describes the market you're in, informs your advertising, sets pricing, and guides your response to consumer changes. In new home community marketing, specifically, it is the difference between staying ahead of your competition and falling behind.
Here are the benefits that research firms offer land planners in the early stages of master-planned community development, thus setting them up for successful marketing campaigns.
WHAT IS A REAL ESTATE RESEARCH FIRM?
A real estate research firm is a partner you can rely on for the latest research and analysis relevant to property investments, planning, and development. They also exhibit an array of expert advice and data on people and companies of interest, significant changes in housing trends, interest rates, and more. Full reports and property assessments that would typically take you a significant amount of time to obtain and sift through can also be easily accessed.
RDLCo names additional resources you would have access to:
- Articles & interactive tools analyzing the latest trends
- Podcasts with expert insight
- Interviews with CEOs and how they're handling things
- Live webinars analyzing the state of the market
- CEO summits that bring leadership together
- Discussion of the latest trends at industry events
Meyers Research/Zonda names four benefits of working with a research intelligence firm:
- Comprehensive Data — Easy-to-read data that influences housing, including monthly and annual historical trends and forecasts for nation, state, county, city, and zip code.
- Visual Storytelling — Data in trends and market shifts can be easily interpreted and visualized through heat maps, charts, and graphs.
- Succinct Analysis — Get a clear understanding of where the market is in the housing cycle and the latest conditions through curated and insightful housing analysis.
- Exportable Data — Data can be shared with your team quickly and effortlessly through Excel-ready information for home building. This makes it easier to dive deeper into numbers when necessary and generate an investment package at the drop of a hat.
WHY MASTER-PLANNED COMMUNITIES NEED RESEARCH FIRMS
Once a developer identifies a site, they need to understand how it will accomplish their vision. This is where research firms come in handy with the latest trends, data, advice, and recommendations to assist you in not only accomplishing that vision but maximizing your opportunities with that site.
Without a research firm, it is incredibly difficult to accurately assess the true value of the land with regard to your vision for the new home community. Research firms have a team of experts at your disposal who are specialized in getting you the information you need and analyzing its contents for you. Going at it alone means you risk inaccuracies and mistakes.
WHAT ROLE DO RESEARCH FIRMS PLAY IN NEW HOME COMMUNITY MARKETING?
In general, research is significant to businesses because it allows you to take what you've learned and make informed and educated decisions. In new home community marketing, specifically, research firms do this and more. In addition to aligning with your real estate branding, here are five significant roles research firms play in the success of your new home community marketing.
1. Market study of the competition
Firms provide competitive analysis to understand what other developers are doing. More specifically, understanding their strengths and weaknesses so you can do what they cannot for your buyers. Having a good understanding of your competition is great for any business, but for new home community marketing, it is vital to stay ahead.
2. Product mix recommendation
Based on the competitive analysis, the research firm recommends the best mix of products to use the land for. So not only do you get insight into what your competition is doing, but you get advice and recommendations on the best mix of products to use your land for.
3. Price point analysis
Based on the analysis, the firm recommends how to price your products. Instead of doing all the research and spending hours deciphering what you collected, you have a thorough report of price point analysis that gives you an informed and expert recommendation on how to best price your product. Thus, it isn't too high or low, but perfectly competitive.
4. Complete ROI guidelines
Guidelines to follow to achieve the desired ROI — "If you sell X# of Y products at a price point of Z, you will achieve ROI." It's simple, straightforward, and exactly what you need to know to ensure you're not only getting a good return on your investments, but also maximizing your ROI potential.
All of this must be accurate if you want to implement a successful new home community marketing strategy in the future. With a research firm, you have all the best technology, experts, and practices on their team, obtaining and sifting through important data for you and your business. With that being said, you're guaranteed to be getting the most accurate and up-to-date information on the market.
GET HELP MARKETING YOUR MASTER-PLANNED COMMUNITY
It's a challenge marketing your master-planned community in a saturated industry with many options for buyers. Even more so after the pandemic shook up the real estate and homebuilding industry. Research firms help you understand that impact, the change in trends, and how to risk-adjust.
Partnering with the real estate and home builder marketing specialists at Milesbrand ensures that every investment of yours reaches the right buyer at the right time and is maximized to its full potential. Get started with our team today!