Demand estimation for a new property
Sector- Real Estate
Business Practice- Innovation & Product Development
To estimate the demand for a new residential property and accordingly fine-tune the targeting and pricing strategy
A holistic research involving Quantitative Survey Findings, Secondary Data (e.g. macro-economic factors, historical data trends & predictions by real estate consultants etc.), Conjoint Research and Probability Modelling to help the client in identifying the demand potential for its new property and ultimately achieve it.
The research helped the client measure the potential demand for one of its new residential properties and simulate various scenarios; how many units it is going to sell at various price points? How the demand is going to stack over a period of time? What will be the mix of properties (Number of 1, 2 and 3 bedrooms), what should be the media spends to get the desired number of units sold?
Along with demand estimation, research could also provide the optimum feature combination maximizing the preference for the project in a competitive context. It also established and validated multiple hypothesis and provided SWOT analysis and strategic way forward in terms of marketing mix.
The insights were used by the client as a critical input for re-looking at the pricing and communication strategy for the project.