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Real estate insights by The Key Consumer Diagnostics
- 3. RESIDENTIAL REAL ESTATE Key Insights
- 4. KEY INSIGHT Realty investment decisions are as much emotional as they are rational Familiarity/experience over analytics/calculations
- 5. DEFINITION OF FAMILIARITY Ancestral land, current home, current office, ex- city of dwelling, native place – a place I am familiar with
- 6. KEY INSIGHT Investment radius not more than 10 km-20 km of familiarity – in same city! If investing outside current city, it would be a familiar city and not a city where buyer has no family, friends or familiarity
- 7. LUXURY REAL ESTATE Key Investment Payoff – Appreciation Key Investment Criteria – Self Use value of current house cannot be less than the one being considered for purchase, if it is then self use becomes key criteria and not investment
- 8. LUXURY REAL ESTATE Luxury real estate first use is always self use Investment and yield come after self consumption
- 9. RATIONAL MOTIVATORS OF HOME BUYING Budget LocationSize Home buying behavior cycle
- 10. WHICH MOTIVATION IS STRONGER DEPENDS ON YOUR LIFE-STAGE Budget LocationSize Home buying behavior cycle FADS FOLKS FINKS THE KEY’S PROPRIETARY MODEL – KEY HOME BUYING LIFESTAGE CYCLESM - FADS, FOLKS AND FINKS
- 11. WHICH MOTIVATION IS STRONGER DEPENDS ON YOUR LIFE-STAGE Budget LocationSize Home buying behavior cycle FADS FOLKS FINKS FINKS – Families with no kids, or with infants/toddlers (pre school) – will never stretch their budget as that is limited and finite FOLKS – Families with older school going kids – They shall not budge from their chosen location as the location is close to the kids’ school – hence this segment shall never compromise on the location FADS – Families with adult kids – college going or working (unmarried) – cannot compromise on the size of the apartment – as their requirement is of more number of rooms
- 12. SELF USE Key influencers • Life Stage • Design and dwelling mindset (not discussed in this deck)
- 13. COMMERCIAL REAL ESTATE Key Insights
- 15. KEY INSIGHT Mall visits are Planned entertainment but Unplanned shopping
- 16. KEY INSIGHT Shopping in malls perceived differently from shopping in stores for some key categories
- 17. PERCEPTION Variety of stores is key in a mall Store rent is key revenue earner
- 18. REALITY Entertainment is the key trigger for a mall Value adds can provide revenues
- 19. Category Clutter Destination Potential Hi Lo HiLo Lifestyle Westside Chroma Footwear – specialist chain Crossword Landmark Luxury Spa Gym Club High end liquor and wine shop Home Décor and furniture Modern Retail Departmental Store Big Bazaar Shoprite International Labels – entry level A/X, Gap, Zara Food Court of Specialty Restaurants Indian Designer Ritu Kumar/Ensemble Apple – I-store – gadget mall Car Showroom BEFORE RESEARCH Sans consumer feedback – IN YELLOW ABOVE Assumptions before research
- 20. Frequency Excitement Hi Lo HiLo Cosmetics Bags and Purses Home Decor Footwear Jewelry Western Wear Furnishing Casual Indian Wear Electronics Books and Stationery Gifts Perfumes Children’s Clothes Grocery EXCITEMENT BAROMETER RELEVANT CATEGORIES – AFTER RESEARCH
- 21. MALL = MISSION OUTING Store = Mission Shopping
- 22. • Light • Casual • Happy • Relaxed • Maximize experiences • Ad hoc purchase • Wants pre-poned • Low –medium ticket size • Day well spent • Goal oriented • Mission • Anticipating • Contemplative • Maximize Time • Thought through buy • Needs addressed • Medium –high ticket size • Money well spent MINDSET DIFFERENCE Mall Goer Store Shopper Process Output