RESEARCH METHODS

Research Methods for Real Estate



Research Methods for Real Estate

Introduction

When it comes to site selection for construction of commercial buildings, hotels, resorts, apartments than before undertaking a research, there are few characteristics considered by a real estate consultant. Though, every business demands different nature of the site; thus, real estate agent may change the characteristics for reviewing the site location. However, for commercial buildings there are few fundamentals research questions which are followed by real estate consultant while researching for a commercial building site. In this question, a real estate consultant may attempt to answer if a site is profit driven, deadline driven and have a competitive advantage to offer to the client with minimum risk, than the site is considered as perfect for the business (Tommelein 2005, pp. 32-49). Besides commercial buildings, in this study a site will be researched for an international client having chain of hotels in a different part of the world, who has asked to undertake initial research as part of a feasibility study in relation to a possible sitting of a new experimental formula designed to appeal to the well-off elderly based on the concept of cultural and activity driven tourism (Wunder 2000, pp. 54-73).

The success of hotels business largely depends on the site selection; thus, qualified real estate agents always follow formal methods in order to meet the demands of their customers. In this study, an appropriate location for the company will be identifies, based on analysis of existing published information in order to inform the company as to whether it is worth taking the idea forward or not. Furthermore, the study will also identify the need for empirical research that should be undertaken before proceeding to the next stage.

Research Method

This paper will not only deal with the selection of formal methods but also discusses the issues related to the veracity of research. This study will mainly focus mainly, on secondary research technique to identify the ideal location for the company. In fact, without the contribution of secondary research no research can be conducted. Another reason for employing secondary research technique is the proven accuracy of this method by various researchers. This shows the actual importance of secondary research. However, the research may also be conducted using a mix of primary and secondary sources, but, for this initial phase of research primary data may not be bring any advantage in the study. Research based on the secondary data is also known as qualitative research (Lohmann 2006, pp. 236-245). Qualitative research is more subjective as compared to quantitative research and uses very different methods of collecting information which could be both primary and secondary. As already mentioned, this study will choose the secondary method. This nature of research is often less expensive than outlines and is extremely effective by acquiring information. It is often the method of choice in the examples where quantitative measurement is not required (Lohmann 2006, pp. 236-245).

Inclusion/ Exclusion Criteria

To increase the credibility of the research study, researcher only obtained ...