Best Practices for Market Coverage?
I'm a senior associate with ~4 years of REPE experience, and I'm starting to be expected to start covering specific markets within our region. The team's expectation is that I can formulate a thesis on the market for different asset types, an insight on deals/key players, and a good understanding of market dynamics. Ultimately, 1-2 years down the line, I'd be the person at my company that brokers/partners reach out to for deals in my markets.
As a first step, I plan to start by reading market reports and meeting with brokers in the local, drivable markets. Maybe subscribe to the local business journals for news. What other best practices would you recommend? What are some ways you keep track of market info? How do you establish and maintain relationships with people out of state?
Sorry, I am adding myself to this thread to see if you were able to get a response.
bump :(
Market coverage is the process of evaluating a market and determining how much should be covered through promotional strategies for a product or company. Businesses need to consider factors such as the economy, culture and buyer behavior. Once you understand your product's relationship to each market, you can make the right decision about your market hedging strategy. By adopting an undifferentiated marketing strategy, a company ignores the differences in market segments and approaches the entire market with a single offering. With a different marketing strategy, the company focuses on many market sectors and treats each sector and individual offer.
Marketing is particularly effective when society has resource restrictions. Instead of choosing a small part of a large market, companies opt for a large share of one or more market segments.
For example, working with the best real estate companies in New Jersey would help.
Name: DNT Home Buyers
Site: https://bit.ly/3bVRmlf
Phone: (732) 352-9065
It seems to me that everything you’ve listed is the right direction! Market knowledge won’t come in a day- it’s going to take time. Walk the areas, and pay attention to who’s doing what, what the big deals are etc. I’m trying to build this level of knowledge right now for my market, and it’s definitely helpful to know roads, neighborhoods, key areas where people want to actually be. This is where RE becomes more than numbers and good investors differentiate themselves!
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