How can you combine quantitative and qualitative methods in real estate feasibility studies?

1 Quantitative methods

Quantitative methods involve collecting and analyzing numerical data that can be measured, compared, and verified. For example, you can use quantitative methods to estimate the demand and supply of your product type, the expected revenues and costs of your project, and the return on investment and risk factors of your development. Quantitative methods can help you establish the baseline assumptions and criteria for your feasibility study, as well as provide objective and reliable evidence to support your decisions and recommendations.

2 Qualitative methods

Qualitative methods involve collecting and analyzing non-numerical data that can capture the meanings, perceptions, and experiences of your target market, stakeholders, and community. For example, you can use qualitative methods to conduct market research, interviews, focus groups, surveys, site visits, and case studies to understand the preferences, expectations, and feedback of your potential customers, partners, and regulators. Qualitative methods can help you identify the opportunities and challenges for your project, as well as provide insights and suggestions to improve your product design and marketing strategy.

3 How to combine them

Combining quantitative and qualitative methods in your feasibility studies can help you achieve a balance between hard facts and soft factors, as well as between general trends and specific contexts. To do so effectively, use both methods throughout the feasibility study process, from defining the scope and objectives to creating a convincing report. Quantitative methods can be used to test and validate qualitative findings, while qualitative methods can explain and enrich quantitative findings. Both methods should be used to cross-check data sources, methods, and results, as well as to engage with your target market and stakeholders. Additionally, both methods should be used to create a compelling feasibility report that showcases the strengths of your project, as well as any risks and mitigation strategies.

4 Benefits of combining them

Combining quantitative and qualitative methods in your feasibility studies can offer several advantages, such as increasing the accuracy of your analysis, enhancing the relevance of your project, and improving its creativity and innovation. Doing so also strengthens the credibility and confidence of your project, by showing that you have taken a thorough and rigorous approach to feasibility assessment. This can help to address the needs and expectations of your target market, stakeholders, and community.

5 Challenges of combining them

Conducting a feasibility study that combines quantitative and qualitative methods can pose some challenges, such as taking more time and costing more. It can also lead to potential conflicts or contradictions between the quantitative and qualitative findings, which requires further interpretation and synthesis of the data. Furthermore, there is the complexity of having to balance and weigh the trade-offs and implications of the findings. Finally, communicating and presenting the feasibility report requires conveying both the numerical and narrative aspects of the project, as well as tailoring it to different audiences and purposes.