Hi folks. The park I’m looking at is in a small town (2,000 population) but is 25 minutes away and included in a large city metro (620,000 population).
My question is in regards to the market due diligence. My park is the only park in the small town but there are a few in other small towns and quite a lot in the city.
Do I run test ads and state the park is in the small town? Or the city? Do I call rentals in the small town or city? Etc. Basically do I do all my due diligence on the city vs the small town?
Small town. The test ad has to be as descriptive as possible to be a fair test. Some small towns are highly attractive due to schools, etc. and you want to see if your small town is one of those.
You should also be aware of the present demographics of the community so as to get a handle on the background/age/economic status of the resident base that would be attracted to the community.
There is no point in considering responses to a general add that is not attracting those that would ultimately be interested in moving to the community.