Real Estate Research Basics by bigpoppamust

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									Real Estate Research
       Basics

   Jim Burton, Ph.D.
Marketing & Real Estate
  Richards College of
       Business
             Overview

   Use of Real Estate Research
   External Information
   Scope of RE Information
   Failures of RE Information
   Information Paralysis
   Definitions
   Kinds of Information & Data
   The Research Process
   Concepts of Land
     Use of Real Estate
         Research
   Appraisal
   Consulting
   Brokerage
   Financing
   Development
   Property Management
   Investment
   Ad Infinitum
    External Information

   Competitors
   Markets
   Demographics
   Economic Forecasting
   Costs/Expenses
   Profits
   Legal & Legislative
   Governmental Information
          Scope of RE
          Information
   NAR Library 4,000 key words
   Experion-250 property types
   Diversity in RE Problems
   Diversity of Applications
   World & National Influences
   Local Nature of RE
   Failures of RE Information
         Failures of RE
          Information
   Absence of Courses about
    Information Sources
   Absence of Market Data Sources (or
    how to find them)
   Declining information skills
   Last Book, 1963!
   APPRAISAL TEXT, 3% - 4% on info
    sources
   National Info
   Local Info
    Information Paralysis
          (infobog)
   Too little info
   Too much info
   Too many “hits”
   Possible Solutions:
    • Clearly define the problem
    • Clearly identify your info needs
    • Learn methods of discovering info
      sources
           Definitions

   Research – studious inquiry;
    critical & exhaustive
    investigation
   Information – knowledge from
    investigation, study, or
    instruction
   Data – Factual material used as
    a basis for discussion or
    decision
Kinds of Information &
         Data
 Anecdotal data
 Empirical data

 Scientific Information

 Asymmetric Information

 Symmetric Information

 Sources vs. Resources
The Research Process

 What are the alternatives?
 What are the driving forces?
 Knowledge of sources &
  resources?
 Time management
 Time costs vs. fee
 Systematic or haphazard?
         18 Resources &
           Procedures
   Continual Observation
   Specific Inspection
   Personal Interview
   County Records
   State Records
   Federal Records
   Quasi Public Organizations
   Publications, Books & Periodicals
   Associations & Institutes
Resources & Procedures

   RE data publishers & services
   Libraries
   Bibliographies, directories &
    encyclopedias
   Internet & Computer databases
   University research centers
   Consultants & experts
   Audio & Video materials
   Trade shows, conventions & seminars
   Innovation & improvisation

								
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