Forecasting Ownership Benefits and Value: Market Research

These flashcards cover essential vocabulary and concepts from Chapter 6 on forecasting ownership benefits and value through market research in real estate.

Market Segmentation

The process of dividing a market into subgroups based on preferences or needs.

Real Estate Values

Factors that determine the worth of a property in the real estate market.

Non-locational factors

Aspects such as style, size, and amenities of a property, rather than its location.

Cycle of Market Research

A systematic process for analyzing the real estate market and informing stakeholders.

Critical Parameters

Essential factors that influence market estimates, like rental rates and sales projections.

Excluding the Irrelevant

A technique to focus on pertinent data only, discarding non-useful information.

Proxy Variables

Substitutes used in research when direct data is unavailable or unreliable.

Using Analogy

A method of drawing parallels from similar scenarios to draw conclusions in research.

Market Defining Story

A narrative that captures the parameters and conditions of a market for analysis.

Target Market Sales

Projected sales based on identifying a specific customer segment.

Elysian Forest PUD

A planned unit development characterized by mixed-density housing in University City.

Sales Projections

Estimates of future sales volumes based on market analysis and trends.

Empty Nesters

Older adults whose children have left home, often targeted by housing developments.

Market Analysis Adaptation

The need for market research methodologies to adjust according to specific conditions.

Housing Demand

The desire for housing options based on demographic and economic factors.

Need for Access

The importance of connectivity and location for buyer decisions in real estate.

Current Market Research Tools

Technological resources and strategies used to gather data on real estate markets.

Conventional Market Research

A traditional approach that starts with wider economic indicators before focusing on properties.

Segmentation Assumptions

Preconceived notions about customer preferences that influence market research.

Survey Research

The collection of data through questionnaires to understand market preferences.

Data Collection Sources

Various repositories of information, including census data and community surveys.

Space Utilization

The effective use of space, often a consideration in real estate project developments.

High-Tech Tools

Advanced technology employed in gathering and analyzing real estate data.

Customer Care Factors

Aspects that customers consider important when choosing properties or developments.

Market Research Challenges

Obstacles faced in gathering data and conducting analyses specific to market segments.

Speculative Units

Housing units built without pre-sold commitments, relying on market demand.

Apartment Expansion

The process of increasing the number of residential units in an apartment complex.

Project Foreclosure

The legal process by which a lender takes possession of a property due to unpaid debts.

Business Community Canvassing

A method of gathering data by directly engaging local businesses for insights.

County Business Patterns

Data series providing information about businesses and their characteristics at the county level.

General Purpose Offices

Flexible office spaces that can be used by various types of businesses.

Upper Income Households

Families or individuals that fall into the higher income brackets within a region.

Condominium Market

The sector dealing with the buying, selling, and renting of condominiums.

Tenant Preferences

The specific choices or requirements that renters seek in their housing options.

Regulatory Environment

The legal and administrative framework that governs real estate transactions.

Indoor Gymnasium

A recreational facility within a property aimed at fitness and leisure activities.

Demographic Analysis

The study of population characteristics to understand market segments.

Speculative Projects

Real estate developments initiated without certain buyers or tenants lined up.

Mean Difference Approach

A statistical method used to assess differences in market segments.

Market Potential

The estimated total demand for a specific type of property in a defined area.

Capture Rate

The percentage of market potential that a project can realistically expect to achieve.

Sales Center Operations

Procedures related to managing and promoting a property's sales activities.

Competitive Norms

Standards derived from local real estate activities that define market expectations.

Market Share

The portion of the overall market that a specific product or development captures.

Vacant Building Issues

Challenges associated with properties that remain unoccupied for extended periods.

Job Commuting Analysis

The examination of distances and travel patterns workers face relative to housing.

Evaluation of Results

The process of assessing outcomes of market studies and research.

Urban Land Institute

An organization that provides research, education, and resources for land use and real estate.