As rental housing builders and investors, how are we impacted by the consumer's general buying habits? Is this important for us to understand. In a word, yes. Why do we need to be concerned? Understanding the buying habits of our target market impacts several key points we need to understand. We need to know where consumers are going, how they are spending their time, how are they spending their money, what their priorities are, and their available income for housing.
Grasping where they are going, how they are spending their time, what their priorities are and their available cash for housing can give us a the understanding we need to determine the advantages and disadvantages of various locations, the opportunities offered by certain amenities, the size of our prospective renting audience, and whether certain construction plans are possible or not possible.
Our next question should be how to breakdown and understand this information. Focus on the following areas:
How much and what products is the consumer buying for eating and drinking? And, how much are they spending on eating out? If they are eating out, how far did they travel to get there. All of this should be in the context of their total take home income.
Do they have children? What are their ages? Where do the attend school?
What are they spending on entertainment? How much for fitness? How much for movies? How much for travel? How much for gaming? How much on sports? Are they a member of a league or team? How much do they spend on hobbies?
What are they spending on clothing? Where are they buying the clothing? How much is for work, for casual or for play?
What is the budget for transportation? How far do they travel to and from work? How much driving is spent casually but not for vacation or entertainment? Is there a desire to cut down travel costs and auto costs? What type auto do they own? Do they owe a payment or did they buy with cash.
Do they rent? Do they intend to buy? How many bedrooms do they want? Do they need an office or other features?
This information is invaluable determining the viability of a property, improvements that can work, improvements that must be made, or unrecoverable obstacles that cannot be managed. This then can prove the crowning information leading to a great investment or the lacking data that lays low the best intended investment. As investors, operators, and owners, this is absolutely critical due diligence data we should be seeking.
Thanks To : Civil Engineering Civil Engineering Forum Civil Engineering Soil Boring
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