1. Seek a “Hurt Me” Analysis
2. Have a Scope of Work in Mind
Whenever you are considering any market, make sure you know what you are going to need from the market analyst, adds Cash Gill, vice president of Gill Group, a firm that specializes in valuation and market feasibility analysis. By having a scope of work in mind or creating one in the beginning with a market study provider, you can reduce turnaround times, fees, and overall stress on yourself and the provider. Whether you just have a basic area of a certain town and need the analyst to provide location, number of units, unit mix, rents, amenities, target population, and everything else from the ground up or if you just need the analyst to determine if the development will work, it is beneficial to know this from the start.
3. Define the Market Area
4. Understand the Supply Analysis
5. Be Prepared for Changes
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