Why do you need a Local Market Assessment? In my opinion it is a very important part of every property management process. If your property has been sold to another party then you will need a market assessment to identify the potentials of the new owner before you finalise the deal. A Market Assessment will not only save time for you but it will also help your property to be sold quickly in the desired locality with best possible deal.
OBJECTIVE: To achieve a successful local market assessment, you must conduct several labor intensive market researches and interviews. You will have to collect relevant data such as local market trends, prevailing prices, property type, location, amenities, competition and land availability. After thorough research, you should compare your local market information with the data you have obtained and then work on your plans accordingly. There are several ways by which you can carry out your local market assessment.
You can either do the assignments yourself or hire a firm that provides this service. On the basis of the local market assessment, the firms will suggest modifications in the business plans so that the business is profitable. Most of these companies have their own staff who can be deployed to your project site and they are always willing to help you if you show genuine interest in the project. On the other hand, you can also do the assignments yourself. There are many activities which can be carried out by the property owner to determine the feasibility of different projects.
For instance, a market assessment conducted for a housing estate where there was a major outbreak of bed-bug infestation would find that the majority of houses were not properly maintained. Even though the bed bugs had left the affected areas, the presence of filthy diapers and clothes indicated that the inhabitants were still not completely free of them. The market assessment team would then recommend that the building be inspected again so that the necessary amendments could be made. They may suggest that the entire house is cleaned from top to bottom, including the ceilings, walls, doors and windows. They may even suggest closing the vents and closing all the plumbing pipes and drains. These are all preventative measures and can be instrumental in eliminating the problem before it gets worse.
Once you complete your market research for hand hygiene products and services assignment, you should take the time to prepare your analysis and deliverables in a clear and organized manner. This would ensure that your recommendations are well understood and implementable. Your plan should include a detailed cost breakdown of each activity and the associated deliverables. This will include an analysis of your manpower, material and infrastructure requirements. You should also identify any ethical considerations that may affect the project and outline your plans accordingly.
Once you have finished your market research for hand hygiene products and services, you should identify potential suppliers of the products or services that you are looking to promote in your property. You should request a supplier to provide you with their list of current clients so that you can determine which suppliers will be most suitable. You should then contact these suppliers to discuss the proposals that they have provided and determine whether or not they would be able to deliver the goods that you need. If the supplier cannot meet your requirements, you should consider hiring a different provider or starting your own supplier selection process.
Once you have selected your suppliers, you should conduct interviews with them. During the interview process, you should be clear and concise with your requirements and explain your reasons for requiring the suppliers that you have identified. It is important to evaluate the proposed suppliers on technical visits. Technical visits are conducted by the local market surveillance team to identify the suppliers that can offer the products and services that will match the demographics of your property. Technical visits are also conducted to ensure that the proposed suppliers are financially stable and have adequate financial and technical resources available to them. Once the technical visit is completed and you have short-listed the suppliers, you should schedule the technical visits.
Once the visits are completed and the technical visit has verified the viability of the suppliers, you should then develop an operating agreement between yourself and the suppliers. Your operating agreement should include the type of services that you will provide, the costs that you will incur and the responsibilities of you as the business owner. You should also identify how the funds obtained from the sales of the hand washing equipment will be used to support your other hygiene requirements such as the provision of commercial-grade sanitary shower heads and low-flow toilets. As part of your operating agreement, you should commit to maintaining these items in a satisfactory condition. This will ensure that your business meets all applicable laws and regulations and that you are properly aligned with the various hygiene and sanitation requirements of the local market.