Secret Shopping for Market Analysis

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Secret Shopping for Market Analysis

Inspired by a conversation on:

The Best Ever CRE Show

The Best Ever CRE Show

JF 4026: CapEx Reserves, Delinquency Screens and Affordability Underwriting ft. Mike Roeder

Host: Joe Fairless

Timestamp: 01:02:30 - 01:03:30

Listen to Episode • View Podcast • All Ideas from The Best Ever CRE Show

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Feather Flow

Direct Quote

"What we do, Matt, is we'll go out and we'll physically visit each of the competitive properties and we'll shop them as a prospective tenant."

Market Gap

Property investors lack accurate market data on competition.

Investors and property managers often make decisions based on outdated or inaccurate market data, leading to poor investment choices. Without understanding the competition, including pricing, amenities, and tenant satisfaction, property owners might overestimate their own property's value or fail to identify opportunities for improvement. This lack of clarity can result in decreased occupancy rates or lower-than-expected rental income. Additionally, not having firsthand insights into the competition can hinder strategic planning, making it difficult to adapt to market changes effectively.

Summary

Implementing a secret shopping strategy allows property managers and investors to gain firsthand insights into the competition. By visiting competing properties and posing as prospective tenants, they can gather valuable information about pricing, leasing practices, amenities, and overall tenant experience. This method provides real-time data that can inform pricing strategies and improvement initiatives for their own properties. Furthermore, it helps identify market trends and consumer preferences, ensuring that the property stays competitive. This strategy requires coordination to ensure visits are discreet and effective, potentially involving a team of individuals to cover multiple properties within the same time frame.

Categorization

Business Model
Service
Target Founder
Generalist
Difficulty
Medium
Time to Revenue
1-3 months
Initial Investment
< $1,000

Scores

Clarity
9/10
Novelty
6/10
Feasibility
8/10
Market Potential
7/10
Evidence
9/10
Overall
7.8/10
Found on September 12, 2025 • Analyzed on September 12, 2025 8:02 AM

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How should I validate this service idea before building it?

2:34 PM

Great question! For a service idea like this, I'd recommend starting with these validation steps:

  1. Customer interviews: Talk to Generalist to understand their pain points
  2. MVP approach: Build a simple landing page to test demand
  3. Competitor analysis: Research existing solutions and identify gaps

Would you like me to help you create a specific validation plan for your medium difficulty idea?

2:35 PM

Yes, and what about the technical implementation? Should I build this myself or hire a team?

2:36 PM

Based on your idea's complexity and 1-3 months, here's my recommendation:

Technical Strategy:

  • Start with no-code tools for rapid prototyping
  • Consider your technical background and available < $1,000
  • Plan for scalability from day one

I can help you create a detailed technical roadmap and resource allocation plan...

2:37 PM

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