How to Give a Design Brief – Maximize Returns From Real Estate Development Projects

A real estate design brief is usually focused on “what can I build?”. However that is a very inward looking way of looking at development. Instead the developer should focus on “what can I sell?”In a nutshell, a DESIGN BRIEF should answer a basic question: What are you going to build and why?For a Design Brief to answer what I can sell the use of market research is critical. And it is not just a matter of of ordering a report from a reputed research firm. The report it needs to be properly analyzed. We need to consider the potential audience for the development and how to reach them. We also need to understand the market depth and likely acceptance of concept amongst the target customer. We need to analyze both the hard data (market research, market environment, trends, income groups) and soft data (customer research, what kind of concepts are desired). We need to identify price points, user preferences, demographics, competitive analysis, required features, value drivers etc.Every design brief should be preceded by a financial analysis. We need to evaluate options are there and which is most profitable.The benefits of doing a detailed market and customer research along with a financial analysis are many. First and foremost, we get a differentiated product , a product that we are able to sell in a crowded market. Besides by delivering what the market wants, we connect with the customers and succeed in building a brand. We are able to garner a price premium and accelerate the sales process.In a nut shell, we earn more profit and lessen the risk.