Case study for real estate development
Jiren asked 3 years ago
Hi Bill, I just finished your book and loved it! The part with persona development, process mapping to acquire a paying customer and testing your assumptions and MVBP is truly refreshing to me. I am in the real estate development business, which has been operated the same way for a long time with no sign of change. I am both perplexed and astonished to see developers spending hundreds of millions dollars on residential projects without doing anything even close to what you described in the book. Do you know of any framework or case study on real estate development projects (condo or rental) using your 24-step? Similar to how Tesla changed the car industry, I am wondering if there is another Tesla coming to the condo or rental products. Thank you!
Bill Aulet answered 3 years ago
I don’t know of any of the top of my head but highly confident it would apply. There have to be some using it. Here is a former student who is definitely doing really well in real estate so surely apply some of the concepts https://commercialobserver.com/2021/05/how-developer-will-blodgett-built-fairstead-into-an-18-state-juggernaut/
I would also say that just like Tesla, understanding the customer is where it starts but there is a whole lot more that comes after that which the entrepreneur also has to get right and that is what Will Blodgett has done.
But it definitely does apply and it always starts with really understanding the target customer – rationally, economically, socially, emotionally and in all dimensions. The persona process works!