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Lastly, consider larger economic or cultural factors that might influence home valuation, sales numbers, and market fluctuations in these ZIP codes.
Review area laws and regulations to see how these might affect your findings.
Below, we carry the New Orleans example forward with information on targeted home types, cost, and demographics.
To market to a brokerage’s target audience effectively, brokers must first outline all demographic information of that audience.
To create your marketing segmentation, consider opportunities afforded by focusing on residential and/or commercial properties, rentals and/or sale, and home types.
To determine your market segmentation, ask yourself these questions: Write a two- to three-sentence statement for your real estate business plan that establishes your exact market segmentation.
The market overview is a collection of historical and current data about the housing market that can be used to predict future sales.
To help you determine your target audience and farm area, select the ZIP codes you would like to work in, and then research public record data on home value increases and decreases in this area, as well as the number of homes that have been taken off the market, and the number of homes that have been bought or sold.
This is largely due to the increase in technology jobs following the opening of XYZ company.
Establishing a market segmentation defines what type of buyer your real estate company will target as clients.