Market Due Diligence

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?

Thank you

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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.

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To clarify, you want to do your diligence on the city as far as employment, etc. But the small town on most everything else.

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@frankrolfe can you give me some text that you usually use in your test ads?

Also is it normal to be petrified when you’re on the verge of your first park?

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There are several posts on test ad language: Test ads in Winter

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.