Qualitative method is the better researching tool for real estate.
When you are interviewing a person with hands-on experience on the subject your investigating, this person will be able to present unique insight on several variables that can turn out to be really important nuances.
A focus group among with your potential customers can and probably will reveal new and unique insight on which features to add in your service/product or how your company can better marketing activities, messages, and design. By playing off each other’s experiences and utilizing the dynamics that follow to create such insight.
Interviews or and focus groups will by design be a small sample which inevitably leads to a great risk of biased data. Much of that risk can be eliminated by knowing and using the methodology, but not all of it.
The qualitative method can be a powerful research tool when working with established services/products, first and foremost because they will, done right, revel nuances that quantitative research will miss. However, there is always a great risk when the number of participants is low for biased data, which in turn can lead to a spectacular failure.
Quantitative method is a better researching tool for real estate.
A well-designed questionnaire will provide you with a conclusive answer. And done right biased answers and other faulty answers will be removed due to the technique de quantitative method is designed by. Which basically means that these results can be implemented.
It can be really difficult to reach the right segment. This is a consequence of people not answering their phones anymore. For this methodology to work, it is an absolute must that you reach a representative audience, if not your results might be biased and more or less useless. The US 2016 election and the Brexit is relevant examples. Most Gallups did not have representative audiences and got their predictions wrong.
A quantitative research method will provide you with the answers you were looking for. There might be quite a severe risk concerning the recipients, which if biased can be disastrous and lead your project the wrong way. There is also a risk that you miss several important nuances, which in today’s marketplace is enough to fail.
Big data provides better data when researching real estate.
- Big data will provide you with an understanding of change in your customer’s needs on a day to day bases. Big data is the actions of everyone all the time, and if you know how to harvest and analyze this data you will know how consumer behavior changes in real-time.
- Big data used over time can help you establish a more or less faultless timeline for predicting future needs. By establishing a timeline correlated to defined variables, you will be able to sea exact changes over time and thus predict how, where an what your market will look like at almost any time in the future.
- Arguably big data can be compromised by sudden changes due to global events. This is first and foremost a short term problem which can lead to an immediate major drop or spike in the marketplace.
- Big data is difficult for the best of companies, it is massive it is complex and it requires an almost absolute understanding of consumer behavior and behavioral economics. However that can be taught and for those companies that manage that investment, the future should be bright and prosperous. Big data is perfect for short term adjusting and long term planning.