Starting my Market Research! Your thoughts please and Thank you!

[Audrick Brown IV]

Hey BP Community!

I just spent the past few months reading several RE books and listening to multiple podcast a day. I just finished listening to the BP podcast episode #10 with J Scott.  That’s awesome BTW. He talked about a bunch of things but what stuck out to me was being extremely specific on your target market. So, based on that I’m going to spend the next several weeks/months researching the markets I want to invest in. But, I’m kinda stuck on how to decide a target market.

Should I focus on defining my “target end-user buyer” and then determining where they are buying/renting homes? For example: first-time buyers w/ small kids…what types of property are they choosing to live in?

Should I focus on defining my “target home” and then determine the area which has the most of those? For example: 3/2 homes w/ 1,500 sqft under $200,000…who are the people choosing to live in these properties?

I don’t know if this being too specific or not specific enough. But, my thought is similar to what I imagine product developers would have with any other business model. They make a product and then find people to purchase or then survey the people and create a product to fit their needs.

What are your thoughts? Any suggestions?

Thanks in advance!