2A — July 17 - 30, 2015 — M id A tlantic
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Mid Atlantic R eal E state J ournal Publisher ............................................................................ Linda Christman Publisher ............................................................................... Joe Christman Section Publisher .................................................................... Steve Kelley Associate Publisher .............................................................Alissa Aronson Associate Publisher ..........................................................Barbara Holyoke Senior Editor/Graphic Artist .................................................Karen Vachon Production Assistant ....................................................................Julie King Office Manager .................................................................... Joanne Gavaza Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 27 Issue 13 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com
Mid Atlantic Real Estate Journal
Market Research is Key for Building Successful Real Estate Developments John D. Sims L ONG VALLEY, NJ — For a real estate project to reach its full investment potential in today’s economic environment, a more intelligent approach is essen- tial. Independent market re- search provides timely analysis that will help to mitigate risk, identify opportunity and estab- lish value, thereby allowing a real estate project to achieve maximum success. In the following interview, John D. Sims , chairman and CEO of Long Valley, NJ-based Marketlogics – a multi-facet- ed real estate market research company – discusses how cus- tom advisory and consulting services are vital to assisting developers, residential home builders, lenders, investors and municipalities in making the best strategic decisions for their companies and com- munities. Q: What role does market research play in helping new- home builders and developers create successful communities?
The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
continued on page 22A Q: How important is it for builders/developers to utilize key market research from a project’s onset? of hard-worked income on the table. Second, if a new housing product is over-priced, it will languish on the market and the builder/developer will have to start fielding very low offers. Or, the builder/developer will have to lower product pricing, which essentially tells the marketplace that a real estate product isn’t worth what the developer originally thought. You only get one chance to make a great first impression, and in this case, that means coming into the real estate market with great product acceptance.
A: Market research – the strategic in-depth analysis of data – if followed, is an insur- ance policy for success that can guide a builder in decid- ing what and where to build in order to minimize risk and maximize profit. This research also can identify a target mar- ket of buyers for the housing to be built and determine how to best capture these buyers. Another important factor that comes from strategic-in-depth analysis of market research is the pricing and positioning of a new housing product as it comes out of the ground. If a new housing community is not positioned correctly, one of two scenarios is likely to occur. First, if a product is priced too low, it leaves a lot
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