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This is a critical first step in writing your business plan as it determines both opportunity and potential challenges to business success.To complete a market assessment, draft a market overview, define your target audience within the market, and research competition.The largest growth market in New Orleans is among married couples with school-aged children earning an income of 0,000 per year.
Next, conduct online research through the United States Census Bureau, housing research, and Department of Housing and Urban Development (HUD) to determine average sale prices of homes in your chosen ZIP codes, as well as the number of homes bought or sold in the area over the past year and how many properties were taken off the market without being purchased.
Lastly, consider larger economic or cultural factors that might influence home valuation, sales numbers, and market fluctuations in these ZIP codes.
Best Realtors of NOLA is focused on selling homes and condos, some of which are located in 55-plus communities, to single and married professional retirees.
These individuals are also likely to have adult children with young families who occasionally visit.
Review area laws and regulations to see how these might affect your findings.
Business Plan Overview Template
These are the market overview questions to consider for your real estate business plan: It’s also recommended that you complete a thorough comparative market analysis (CMA) to gather in-depth information about market trends.
Establishing a market segmentation defines what type of buyer your real estate company will target as clients.
To create your marketing segmentation, consider opportunities afforded by focusing on residential and/or commercial properties, rentals and/or sale, and home types.
Visit Bold Leads While some elements of a real estate business plan differ, necessary elements include market analysis; executive summary; mission statement; marketing strategy; financial projections; and a strengths, weaknesses, opportunities, and threats (SWOT) analysis.
To help you get started on your business plan, we created a free downloadable real estate business plan template with examples to guide you through each step.