In this episode of the Property Mastermind Podcast, Hilary Saxton and Bob Andersen dive into the importance of conducting effective market research before starting a development project. They discuss why understanding the market is crucial, how to analyse buyer behaviour, and the risks of relying on assumptions rather than data.
Using real-world examples, they break down the key factors that contribute to successful market research, including selecting the right location, analysing demographics, and working with agents to gather insights. The episode also covers mistakes developers make when they build based on personal preferences rather than market demand.
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Episode Highlights:
- Why Market Research Matters [04:54] – The risks of choosing a development location based on assumptions rather than demand.
- Successful Market Research Example [06:50] – How a well-researched duplex development aligned perfectly with buyer needs.
- Mistakes Developers Make [10:23] – The dangers of building based on personal preferences instead of market demand.
- Real-World Case of Bad Market Research [12:40] – How poor design choices led to slow sales and financial loss.
- How to Conduct Market Research [14:38] – Steps to choosing the right location, analysing data, and understanding demographics.
- Data-Driven Decision Making [17:20] – Why you should rely on facts and trends rather than opinions when planning a development.
- Retirement Village Development Case Study [19:01] – How thorough demographic research identified a strong demand for an over-50s community.
- Market Research for Rental Developments [21:15] – Key differences between owner-occupier and investor-driven projects.
- Avoiding Emotional Decision-Making [26:31] – Why personal preferences should never dictate property development choices.
- Final Takeaways [29:30] – Summary of key lessons and the importance of data-backed strategies.
