Market Analysis Summary
It is estimated that the Richmond Metro area will need 10,000 units of affordable housing in the next seven years. Currently, there are three renovation projects that represent 1,500 new housing units. Next year, two new construction projects will be completed offering another 1,000 units of affordable housing. Another 1,000 unit project, to be located in the Garden Meadows section downtown, is currently in the planning stages.
This is part of a larger urban development program to attract businesses and money back into the city center. By focusing on the first-time inner-city home buyer, Reed Properties can become an important partner in the revitalization of the Metro area.
4.1 Target Market Segment Strategy
Reed Properties cannot survive waiting for customers to come in. Instead, Claudia must focus on targeted segments as the key to its future.
Claudia will offer educational programs, credit repair initiatives and HUD counseling. In addition, she will also host her own radio talk show, “Your New Home,” which focuses on promoting affordable housing.