Research is at times mistaken for gathering information, documenting facts, and rummaging for information. Research is actually a careful investigation or inquiry especially through search for new facts in any branch of knowledge. Research is also a scientific and systematic search for pertinent information on a specific topic. In fact, research is an art or scientific investigation. Others view research as a systematized effort to gain new knowledge. Some people consider research as a movement, a movement from the known to the unknown. It is actually an instrument of discovery. Research is the process of collecting, analyzing, and interpreting data in order to understand a phenomenon. Overall one can generally define research as a well calculated accuracy in which an individual follows a systematic process with an objective to establishing intellectual curiosity towards a particular science or subject of interest. Research comprises defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Real estate players can use research in the following categories;
Research brings innovation in developments of properties. Innovation is the process of bringing new products and services to market and is one of the most important issues in business research today. Innovation is responsible for raising the quality and lowering the prices of products and services that have dramatically improved consumers’ lives. More recently, researchers have advocated product development teams that are led by functional managers, project managers, or self-appointed champions. For example trends indicate young couples prefer to occupy cluster houses and apartments. Real estate developers establish this information from the market through research and use it to develop their products.
In valuation of properties, comparative method involves comparison of previous transactions and various identical properties on the market. Research on valuation help elucidate the extent to which innovative valuation processes contribute to citizen participation, as might be the case with rating systems of various sort or in a very different context, to elucidate how valuation processes support the development of nonrepresentational forms of collective actions endowed with their own specific ‘Cosmo politics’, like in the occupy movement. When a property is being valued either for rentals or for sale, the agent establishes the most recent transactions which have occurred on the market. In the scenarios “research” is being used to establish the important aspect of the valuation.
When solving problems in an unbalanced market, research helps to benchmark better ideas from other well organized markets. When decision makers use particular labels to describe a given issue, the labels initiate a categorization process that affects the subsequent cognitions and motivations of the decision makers.
Speculation activities involves research on which market is offering the best prices. Speculation may be defined as the purchase (or sale) of goods with a view to resale (repurchase) at a later date, where the motive behind such action is the expectation of a change in the relevant prices relatively to the ruling price and not a gain accruing through their use, or any kind of transformation effected in them, or their transfer between markets. Many a time real estate agents and realtors are involved in speculation activities for them to get profits. In executing speculation activities, one has to be familiarized with the market they are operating in and they should always ensure that they enter transactions in which they will make reasonable profits.
When marketing real property, research helps identify good target markets since market segmentation exists. Marketing refers to what an organization must do to create and exchange value with customers, in this sense, marketing has a major role to play in setting a firms strategic direction. Prior or after completion of a real estate development, in order for the investment to recoup the initial capital outlay and earn a return, tenants should occupy properties or the built properties should be sold.
Real Estate Development
The development process is divided into phases which are acquisition, financing, market studies and marketing strategies, environmental, public approvals, improvements, and transportation and accessibility and lastly disposition. When development is carried out on a piece of land, all the stages should be followed in their order. Before any development takes place on the ground, research is carried in the process of acquisition. Prior to acquisition, a legal investigation is carried out to verify ownership. At all the stages research is the main tool used.
Research shows impacts of implementation for example when post evaluating an action. Effective organizational action in response to strategic issues often depends on an ability to implement decisions based on scanning strategies and subsequent interpretations of strategic information. There are two broad types of evaluation that is “process evaluation,” which is mainly administrative monitoring; and “outcome evaluation,” more familiarly known as “cost-benefit analysis.” It is to the best interest of the real estate agent to carry out an outcome evaluation so as to report on the success, failures and drawbacks of the project.
Research helps to justify an operation for it to be an objective assessment. The final concept of justification considers is spelled out in terms of reasonableness. Ordinary usage counts in favor of applying the word “justified” primarily to actions, and applies the word “reasonable” to beliefs whenever and wherever philosophers talk of epistemic justification.
Finally one can say research is a central technique that any serious real estate player should wield. For success, it is important to use relevant research method so as to get best results. Research has various approaches aligned to it, for a study or a claim to be well explained, there is a need to use the best available approach.
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