A Feasibility study is helpful in determining all aspects of the project, uncovering any potential problems, and determining if the project is worth undertaking.
Essentially, a feasibility study is a predictive analysis of a new product, service, location, or other business venture that takes many factors into account including:
Market research studies have the power to uncover extremely valuable information for those looking to pursue a new project in the near future.
For land development companies…
For land development companies, investing a little bit of money into research is always a good idea before investing a lot of money in a real estate project.
For developers…
For developers, feasibility studies provide clear insights into what the future of a potential property or real estate investment may hold.
A Feasibility Study is helpful in determining all aspects of the project, uncovering any potential problems, and determining if the project is worth undertaking.
Taking the time to conduct a feasibility study before jumping into a new real estate development project is always a good idea.
While you may think your idea is brilliant (and it very well might be), it’s always best to determine its feasibility beforehand.
Real estate developers do not go into new projects blind. The decision to choose a location or type of business is based on consumer interest, competitor advantage, and likelihood to generate a greater return on investment.
A feasibility study gathers this type of insight in a matter of weeks. The information uncovered can drive business, marketing, and sales strategies.
It is far superior than basing a major investment on guesses and assumptions.
Say after conducting a real estate feasibility study, your market research partner discovers 76% of respondents in your target market are likely to visit this new location.
This data point is not only exciting for your team but for potential investors.
If you can prove the success of your new business venture even before it is open to the public, investors are much more likely to get on board with the project early on.
In some instances, the concept or location which architectural, engineering, construction, and development companies ask Drive Research to test is not supported in the market research findings.
Instead, the market research points to other concepts that would be more of a success.
Without market research, real estate development clients could have jumped into this major investment blindly without realizing better opportunities with a larger return on investment (ROI).
