Marketing research of the real estate market

Marketing activities remain one of the popular ways to generate additional income. From point of view marketing promotion, one of the most difficult market segments is real estate. The reasons for the difficulty in using marketing tools are a whole range of problems, ranging from the specifics of selling expensive goods and services long-term use and to high competition in the sales segment. Now it is relevant to use a "creative", non-standard approach in promotion, events are used that can not only generate a flow, but, for example, position a project. Also, promotional events, sponsorship, sale of advertising opportunities are still effective.

In the real estate sales market today, to one degree or another, all sellers use four important components of competent product promotion:

1) informing the client about the offer;

2) formation of understanding of the proposal;

3) client involvement;

4) building trust in the seller

True, an integrated marketing approach based on the development of all components is not observed in the vast majority of cases. But what is always present is the same type of advertising modules with the facades of the object being sold, its characteristics and the area cut in it for sale and the contact information of the seller.

Today, marketing in the real estate market is trying to convey the same values ​​to the client, using the same messages: the beauty of architecture, the view from the window, the infrastructure of the object, etc. To be successful, today real estate market marketing needs a thoughtful attitude to the product, a clear brand architecture, and benefits for the client (what makes the product useful and interesting to the manufacturer, the product is profitable, interesting and useful to the buyer, only then it will be possible to talk about certain promotion options. Clear "answers" to questions future customers - this distinguishes the marketing approach from the production one. Marketing Analysis market includes the following tasks:

Description of the promoted object (service)

Description of the boundaries of the location (micro district)

Studying the offer of analogue objects

Studying the economic forecast for the microdistrict

Study of market entities (competitors)

Study of effective demand

Forecasting sales volume at various advertising costs

Real estate marketing as a type of product implies the organization and implementation of activities to increase the attractiveness of a property in the eyes of the target group for which it is intended after commissioning. To provide effective advertising real estate in modern conditions the standard set of marketing activities is clearly not enough anymore. Moreover, with a professional approach, marketing is applied from the very beginning of work on the creation of real estate and continues throughout life cycle object.

Real estate is a special category of goods and its main feature is its demand. Demand, as a rule, always exceeds supply, so real estate is always in price. You might get the impression that special original marketing moves promotion is not required in this case. However, the situation changes radically if we carry out an elementary segmentation of the real estate market and look at it from the inside. In each sector, whether it is an apartment in a prefabricated house, in a high-rise building, a country house, a townhouse or a penthouse of an individual layout, its prices and its own competition, and the requirements for the quality of marketing tools, despite seeming well-being, are increasing every day.

The marketing task of a real estate seller is no different from the algorithm of any other marketing campaign. It is necessary to determine how the potential buyer sees the object and try to implement this vision as accurately as possible in the project. Of course, the field for creativity is huge, there are a great many ideas and algorithms for solving problems, but it is required to determine exactly the option that will lead to guaranteed success and increase the number of sales.

The situation in the real estate market contributes to the improvement of marketing and forces builders, developers, realtors to be more and more inventive in the methods of implementing their projects. Any company operating in the real estate market is actively trying to lure buyers from its competitors, using the latest advertising technologies and new approaches to solving even the simplest tasks. For example, for a favorable presentation of a residential complex, it is better to use aerial photography - this will allow you to see a new quarter from a bird's eye view, to evaluate not only appearance and the infrastructure of the area. Competition requires not only the maximum optimization of real estate advertising placement, but also the creation of more and more creative ideas that effectively affect the target audience.

In this regard, branding and public relations (PR) are becoming more and more important marketing tools in real estate.

Progressive branding and naming technologies make it possible to create new brand companies and brand projects. Many companies conduct serious research on the creation and promotion of a brand name, corporate identity, slogan, logo, compiling a brand book, developing a presentation and souvenir products. In order to capitalize and attract investors, serious rebranding, renaming and restyling work is being carried out not only to promote real estate, construction, development companies, but also to promote individual projects.

Branding and naming of residential complexes, shopping and business centers, as well as individual houses is an almost mandatory attribute of promoting and stimulating sales in the real estate industry. A beautiful brand name for a property not only has a significant impact on sales, but also simplifies communication between sellers and buyers. New objects do not receive their permanent addresses immediately, and sometimes even during construction, the numbering of houses changes. The original brand name allows the realtor from the very beginning of construction to start advertising company for sale and avoid misunderstandings with potential buyers.

The real estate market is a very financially intensive area. economic activity Therefore, real estate advertising becomes more effective not only due to the branding component, but also due to the reputation element of PR (PR - Public Relations). In the promotion of real estate, reputational attributes of brands, creative solutions and trusting relationships are actively involved. From PR-directions, relations with investors (IR - Investment Relations) and relations with government agencies (GR - Government Relations) are of no small importance. Large and many medium-sized development companies are actively working with large investors and government agencies, which is very important for influencing federal and regional financial flows.

Creative PR plays an important role in real estate advertising. However, creativity is only valuable if it helps sell. Even the most original ideas, strategies, divinely beautiful designs will be useless if they do not correspond to the market situation and psychographic characteristics target audience. And, conversely, an advertising creative that most fully, emotionally and convincingly delivers an advertising message to the consumer, significantly saves money on advertising placement.

The use of modern real estate market operators marketing technologies led to the emergence of a range of services provided by real estate firms. The breadth of the range of services, whether legal registration transactions, real estate valuation, securities transactions, or the development of investment projects and management systems depends on the strategy and specialization of the realtor. Along with highly specialized companies, there are those that strive for constant diversification of their activities.

Many of these companies have specialized marketing divisions and departments. They develop advertising concepts for real estate objects and study the target audience, determining the most cost-effective marketing communications for the implementation of advertising campaigns.

Real estate advertising consists of two parts - creating a creative and placing on advertising media. The most effective media for real estate advertising are television, outdoor advertising, print media and the Internet.

Realization of the goals of advertising obliges everyone structural units businesses to work together. When developing an advertising plan, a distinction is made between primary and secondary goals. main goal must be formulated in writing so that, if necessary, it is gradually refined without making mistakes. Without a clearly defined goal, it is impossible to successfully carry out advertising activities and accurately determine its result. The purpose of promotional activities can be short-term, medium-term and long-term. Defining a goal is a time-consuming, complex and practically not always completely feasible task. The set goal must be realistic, achievable within a certain period of time and by certain means. Goal Setting Eliminates Creation and Distribution Mistakes advertising media. It is a guideline for every performer, opens up the necessary space for his creative initiative. Depending on supply and demand, the plan provides for promotional activities for a particular product or service.

In developed countries, firms carry out the planning of promotional activities after the development of its annual budget. A wide range of advertising services from various agencies and firms allows you to implement almost any intention in this area. Unfortunately, this form is not always acceptable for Russian entrepreneurs, since planning an annual budget in small enterprises is not always possible due to the instability of the economic situation and the constant change in laws and taxes. In addition, there are difficulties in the manufacture and placement of advertising. In this regard, it is advisable to plan advertising in four stages.

At the first stage, it is desirable to involve the heads of the main departments in drawing up an advertising plan with the direct participation of a representative of the advertising department, if any. First, a list of goods or services that require advertising is determined.

At the second stage of planning for each product or service, the types of advertising purposes are determined, as well as the media and the timing of advertising in them. At the same time, it is necessary to take into account the possibility of producing additional promotional materials for this event. It is advisable to identify several options for advertising in the media (main and several spare). Then the advertising department or an advertising specialist is tasked with preparing information about publications, media, the approximate volume of messages, their cost and timing of distribution. Based on the information received, specific publications, media, the timing of the release of advertising messages are specified, the costs for them are calculated. All the work done allows us to form a draft plan for advertising.

At the third stage, the actual dimensions are determined Money that can be used for advertising. Depending on the allocated funds, the draft plan is adjusted. If insufficient funds are allocated, then the plan can change the frequency of advertising, reduce the publication area or change the edition, broadcast time of the advertising message, etc.

At the fourth stage of planning, the final coordination of the need for advertising with real opportunities for a certain period (quarter, year) is carried out. It is better to develop a plan for the year, because. it gives a clear idea of ​​the company's need for advertising, plays a positive role in receiving proposals for advertising from the media or exhibition committees. In this case, a minimum of time is required to assess the need for the proposed promotion. If an advertising plan is not developed at the enterprise, then, as a rule, a random selection and random placement of advertising is made, which reduces its effectiveness and increases advertising costs.

The objectives of the RC can be very diverse:

¨ introduction of new goods and services to the market;

¨ promotion of the sale of goods or an increase in the volume of sales of services;

¨ switching demand from one product (service) to another;

¨ creation of a favorable image of the enterprise (company) and goods;

¨ ensuring the stability of the ideas of buyers and partners about a product or enterprise (company).

The duration of the advertising campaign depends on the goal, the characteristics of the object of advertising, the scale of the campaign. Development advertising campaign includes:

1. Analysis of the situation

¨ short description status quo

¨ brief description of target markets

goals market activity

¨ what we want to achieve in relation to consumer awareness

a) The concept of the product (a set of useful qualities of the product from the point of view of the consumer)

Degree and type of involvement

b) Target audiences

basic

secondary

c) Mass media (media)

traditional (principles of working with the media, characteristics of the selected media)

content elements

motto and text (structure, argumentation, image)

· artistic elements

visual (in ads, commercials, points of sale)

Real estate merchandising is one of the methods of promotion and involves the organization of displays at the facility, as well as methods for visually presenting its benefits, starting with the external attractiveness of the facility. To create a positive impression with a potential client, demonstration models of the object, floor plans, interactive models of the room are created. Handouts, booklets, video presentations contain the specific features of the object, its description competitive advantage, commercial conditions and all the necessary information for brokers and buyers. These promotional materials have a single style, logo, a common theme and create a positive image of the object and its seller.

Effective integrated use of various marketing activities, including PR, real estate advertising and merchandising, allows you to achieve significant results in the development and implementation of the project. An integrated approach in real estate marketing is focused not only on the profitable sale of goods, but also aims to improve the culture of the consumer, his level of knowledge about the object, and provides the client with increased psychological comfort when making a transaction. This is the main prospects for the development of real estate marketing.

In order to explore the real estate market, it is necessary to carry out the following activities: it is necessary to assess the volume and structure of the supply of this product, the volume and structure of demand for it and compare these values ​​at a given price level. Then you need to calculate the dependence of demand and product supply on the price and choose such a level at which demand and supply will balance. It is possible to balance supply and demand by changing the latter in one direction or another.

The market research problem is an information problem. In order to assess the volume and structure of the proposal, it is necessary to obtain information about how many and what objects are available on the market, how many and what objects are being prepared for implementation, and what is already being specifically implemented. According to the data on the sale of real estate, one can judge only the realized part of the demand.

The objects of market research are trends and market development processes, including analysis of changes in economic, scientific and technical, demographic, environmental, legislative and other factors. The structure and geography of the market, its capacity, sales dynamics, market barriers, the state of competition, the current situation, opportunities and risks are also being studied. The main results of market research are forecasts of its development, assessment of market trends, and identification of key success factors. The most effective ways conducting a competitive policy in the market and the possibility of entering new markets. Market segmentation is carried out, i.e. selection of target markets and market niches.

In order to make informed decisions in any market, it is necessary to have reliable, comprehensive and timely information. The systematic collection, reflection and analysis of data on the problems associated with the functioning of the market constitute the content of marketing research. To be effective, these studies must first be systematic; secondly, rely on specially selected information; thirdly, to carry out certain procedures for collecting, summarizing, processing and analyzing data; fourthly, to use tools specially developed for the purposes of analysis. Thus, marketing activities are built on the basis of special market research and the collection of information necessary for their implementation.

The flows of this information are ordered by certain research procedures and methods. Let's dwell on each object of market research.

Market conditions

The general goal of market research is to determine the conditions under which the most complete satisfaction of the population's demand for goods of this type is ensured and the prerequisites are created for the effective marketing of manufactured products. In accordance with this, the primary task of studying the market is to analyze the current supply and demand ratio, i.e. market conditions. Market conditions are a set of conditions under which activities are currently taking place in the market. It is characterized by a certain ratio of supply and demand for goods of this type, as well as the level and ratio of prices.

Three levels of market research are considered: general economic, sectoral and commodity.

An integrated approach to the study of market conditions involves:

use of various, complementary sources of information;

· a combination of a retrospective analysis with a forecast of buyers characterizing the market situation;

· Application of a combination of different methods of analysis and forecasting.

Gathering information is the most important stage in studying market conditions. There is no single source of information about the conjuncture that would contain all the information about the processes under study. The study uses different kinds information obtained from various sources. Distinguish information: general, commercial, special.

General information includes data characterizing the market situation as a whole, in conjunction with the development of an industry or a given production. The sources of its receipt are the data of state and industry statistics, official forms of accounting and reporting.

Commercial information is data extracted from the business documentation of the enterprise, on the marketing of manufactured products and received from partners in the course of information exchange. These include:

· Applications and orders of trade organizations;

· materials of market research services of enterprises, organizations and trade institutions (materials on the movement of goods in wholesale and retail organizations, market reviews, proposals for the current replacement of the assortment, etc.).

Special information represents data obtained as a result of special market research activities (surveys of the population, buyers, trade and industry specialists, experts, sales exhibitions, market meetings), as well as materials from research organizations.

Special information is of particular value because it contains information that cannot be obtained in any other way. Therefore, when studying market conditions, special attention should be paid to obtaining extensive special information.

When studying the market situation, the task is not only to determine the state of the market at one time or another, but also to predict the likely nature of its further development for at least one or two quarters, but no more than a year and a half, that is, forecasting.

A market forecast is a scientific prediction of the prospects for the development of demand, product supply and prices, carried out within the framework of a certain methodology, based on reliable information, with an assessment of its possible error.

The market forecast is based on taking into account the patterns and trends of its development, the main factors determining this development, observing strict objectivity and scientific conscientiousness when evaluating data and forecasting results.

IN general view the development of a market forecast has four stages: establishing the object of forecasting; choice of forecasting method; forecast development process; assessment of forecast accuracy;

Establishing the object of forecasting is the most important stage of scientific foresight. For example, in practice, the concepts of sale and demand, supply and product offer, market prices and selling prices are often identified.

Under certain conditions, such replacements are possible, but with appropriate reservations and subsequent adjustment of the results of forecast calculations.

The choice of forecasting method depends on the purpose of the forecast, the period of its lead, the level of detail, and the availability of initial (basic) information. If a forecast of the possible sale of a product is made to determine the prospects for the development of retail trading network, then more rough, estimated forecasting methods can be used. If it is performed to justify the purchase of specific goods for the next month, then more accurate methods should be used.

The process of developing a forecast consists in carrying out calculations, with the subsequent adjustment of their results at a qualitative, professional level.

The forecast accuracy is estimated by calculating its possible errors. Therefore, the forecast results are almost always presented in interval form. Market forecasts are classified according to several criteria.

In terms of lead time, the following are distinguished: short-term forecasts (from several days to 2 years); medium-term forecasts (from 2 to 7 years); long-term forecasts (more than 7 years). Naturally, they differ not only in the lead time, but also in the level of detail and forecasting methods used.

According to the trademark, market forecasts are distinguished: a specific product, types of goods, commodity group, a complex of goods, all goods.

On a regional basis, market forecasts are made for: specific consumers, administrative regions, large regions, countries of the world.

According to the essence of the methods used, there are groups of forecasts, the basis of which are: extrapolation of a series of dynamics; interpolation of a series of dynamics - finding the missing members of a dynamic series inside it; demand elasticity coefficients; structural modeling - is a statistical table containing a grouping of consumers according to the most significant feature, where for each group the structure of consumption of goods is given. Expert review. This method is used in the markets for new products, when the underlying information has not had time to form, or in the markets for traditional products that have not been explored for a long time. It is based on a survey of experts - quite competent specialists; economic and mathematical modeling.

The results of the analysis of predicted indicators of market conditions in combination with reporting and planned data make it possible to develop measures in advance aimed at developing positive processes, eliminating existing and preventing possible imbalances and can be provided in the form of various analytical documents.

· Summary review, or report. The main document with generalizing indicators of the market, consumer goods. The dynamics of general economic and sectoral indicators, special conjuncture conditions are analyzed. A retrospective is carried out and a forecast of market indicators is given, the most characteristic trends are highlighted, and interrelations between the market conditions of individual markets are identified.

· Thematic (problematic or commodity) review of the conjuncture. Documents reflecting the specifics of a particular situation or a separate market. The most actual problems, typical for a number of products, or a problem of a particular product market.

· Operative (signal) market information. A document containing operational information, which is a kind of "signal", about individual processes of market conditions. The main sources of operational information are data from trade correspondents, surveys of the population, and expert assessments of specialists.

In real estate, one can distinguish three main lines of research:

• Research/reviews of the market as a whole or its separate segments
• Research of construction projects (objects, territories, etc.) in all segments of the real estate market
• Research and analysis of existing / operating real estate objects with each of the segments

Real estate market research, mainly carried out three different methods:

1. Market research using classical desk research methods.
2. Market research by conducting expert interviews.
3. Research of potential consumers (usually performed in relation to a particular property in order to clarify its consumer characteristics or assess its market demand).

The company ANTEMA from its work focuses on the complex application of all three methods of research, in relation to each specific project or segment of the real estate market.

The analysis appears in the form of three interdependent studies that confirm and complement each other, which gives the owner / investor the most complete picture of the market of the real estate segment of interest and market prospects.

The main research work carried out by Antema specialists:

1. Identification and analysis of zones of influence of projects / real estate objects

• main transport routes
• main settlements
• determination of the density and number of population in the zone of influence

2. Analysis of projects / properties and locations

2.1 Analysis of the physical characteristics of projects / real estate. Factors limiting the potential use of the Site:

• terrain of the location
• the shape of the site where the project/property is located
• Availability and characteristics of access roads
• the presence of natural and man-made objects on the site/as part of projects/objects that limit the use
• provision of communications
• urban planning restrictions (altitude, red lines, view lines, etc.)

2.2 Analysis of existing projects/real estate objects:

• determination of the main consumer characteristics
• determination of the main qualitative and technical characteristics
• definition of the project/property class

2.3 Analysis of transport, pedestrian and visual accessibility

2.4 Measurement of automobile and pedestrian traffic along adjacent routes in order to determine the volume of the potential target audience for commercial construction projects.

2.5 Analysis of the immediate environment of projects / properties. Characteristics of the surrounding buildings:

• survey and description of the existing environment
• planned residential and commercial construction
• road construction
• analysis of plans for development and reconstruction of objects in the immediate environment based on information about the available initial permits, media information and others open sources, expert interviews

3. Analysis of various segments of the real estate market

3.1 Analysis of all segments of the real estate market of the location area, development trends:

• collection and analysis of information about the existing proposal, characteristics and classification of the proposed objects
• objects under construction, projects presented on the open market
• level of rental rates and sale prices, vacant areas (expert assessment)

4. Analysis of the best use of projects / real estate and development of an enlarged concept for the development of the analyzed territory as a whole

4.1 Identifying strengths and weaknesses, opportunities and threats of various use cases of the Site

4.2 Compatibility analysis of different use cases for the Site

4.3 Formation of the concept of development of the Site based on the best use

4.5 Determination of the maximum output of areas of various functional purposes, the balance of the territory

4.6 Characteristics of potential buyers/tenants

4.7 Formation of forecast rental rates/sales prices for future premises in accordance with the developed concept.

5. Expert interviews with leading real estate market players in the studied market segments

• classification of the studied segments of the real estate market of the location area
• expert assessment of market volumes for the studied segments
• promising areas of new construction, areas of mass development
• major implemented and planned projects announced on the market
• expert assessment of the location and types of real estate recommended for construction
• expert model of the object - type of real estate for each of the segments, volume

6. Conducting surveys of potential consumers in all studied market segments

• Survey of potential consumers to determine the potential target audience based on the concept
• Survey of potential consumers to determine the main points / places of concentration of the target audience
• Preparation and conduct of mass surveys of potential target audience
• Processing and analysis of the obtained results

7. Pre-brokerage of retail and entertainment space for commercial real estate

• Formation of the list of anchor tenants
• Formation of a list of potential tenants of the entertainment zone
• Formation of a list of tenants of retail space
• Determining the interest of potential tenants in the project (testing the concept on potential tenants, including anchor tenants)
• Formation of predictive rental rates and sales prices, in relation to the formed list of tenants.

8. Carrying out a detailed economic analysis the developed concept and development of the economic model of the project/property

9. Project development terms of reference for the development of an architectural project for the development of the Site

Marketing research is one of the fundamental functions of marketing. Marketing research is the systematic and objective identification, collection, analysis, dissemination and use of information to improve the effectiveness of identification and decision making. marketing problems(opportunities).

Marketing research is related to decision making in all aspects marketing activities. Research is aimed at studying the internal and external environment of the organization. The basis for the classification of marketing research of the external environment is their division according to the objects of research into target and market ones. Target marketing research (research of consumers, goods, competitors, etc.) is carried out to solve any specific tasks of the organization, for example, to highlight the target market segment. Market Research are carried out in order to study the main parameters of the market, which, in turn, are characterized through a system of quantitative and qualitative indicators (table 1).

Table 1 - Main areas of market research

View marketing research	Main directions
Demand study	Studying the volume, structure and dynamics of demand; research of consumer requirements and preferences; study of elasticity of demand
Studying the offer	Study of the volume, structure and dynamics of supply; study of the production and raw material potential of the proposal; study of supply elasticity
Price study	Study of the price level prevailing in the market; study of price dynamics for a certain period of time; study of the main price trends
Market research	The study of the situation that has developed in the market under the influence of the following conjuncture-forming factors: supply of goods, demand for goods, market balance, market scale, etc.
Studying the processes taking place in the market	Study of market characteristics, business activity trends, market capacity and company share in it, study of market conditions, etc.

Increased relevance in the context of recovery after the global economic crisis is acquiring issues related to the study of the real estate market, as one of the most affected as a result of the current conditions. At the same time, it is necessary to start with the definition of real estate, as such, and consider the features of the market under study.

Consider the modern understanding of real estate in Russia, and the features of its interpretation. The fundamental basis for the definition of real estate is Civil Code RF, which refers to immovable things (real estate, real estate) the following objects: land plots, subsoil plots and everything that is firmly connected with land, that is, objects that cannot be moved without disproportionate damage to their purpose, including buildings, structures, objects of construction in progress. Immovable things also include subject state registration air and sea vessels, inland navigation vessels, space objects. Other property may also be classified as immovable by law.

In this paper, we consider real estate not from the point of view of legislation, but according to the definition adopted in the professional literature on economics and marketing - these are land plots and everything that is firmly connected with them, the movement of which is not possible without destruction or loss of their functions. Based on this definition, real estate, based on its origin, is broadly divided into: artificial objects (buildings), which include residential, commercial and non-commercial real estate; natural (natural), which refers to the earth.

Consider this division of real estate (table 3).

Table 3 - Classification of real estate objects

In practice, there is a distinction between the concept of real estate as a physical (material) object and as a complex of economic, legal and social relations providing a special procedure for disposing of them and a special stability of rights. Accordingly, it is customary to distinguish four concepts of real estate (Figure 1).

Figure 1. Four real estate concepts.

Real estate belongs to the category of goods. It can act both as a consumer product (apartments, premises, buildings, structures not industrial purpose), and as a commodity for industrial purposes (premises, buildings, structures for industrial purposes). At the same time, real estate objects have unique characteristics that distinguish them from other goods (table 4).

Table 4.- general characteristics real estate objects.

Characteristic	Description
Utility	Satisfies the needs of the buyer in residential or industrial space, in the comfort and environmental friendliness of the premises, in prestige, etc. The usefulness of the object is determined by such characteristics as the size of the premises, layout, landscaping of the surrounding area, location, etc.
fixed location	It determines the uniqueness of each property, largely determines its economic characteristics and market positioning
Uniqueness (uniqueness)	Each real estate object has certain characteristics peculiar only to it, which distinguish it from others.
Two-component	Any real estate object consists of two components - land and buildings (structures), for different types of real estate and various economic conditions the ratio of these components, both in value and in physical terms, can be different
Unconsumable	The natural form is not consumed, it is preserved throughout the lifespan
Durability	The earth theoretically has an infinite lifespan and does not wear out. Buildings and structures have a limited lifespan compared to land. However, compared to the vast majority of other goods, buildings and structures are relatively durable.
fundamentality	Real estate is a commodity that cannot be lost, stolen, or broken under normal conditions.

The circulation of real estate, like any other commodity, is carried out on the market and is closely connected with the attraction of financial capital and labor. At the same time, the real estate market is a market of limited resources, sellers and buyers. Consider the understanding of the real estate market by various authors (Table 5).

Table 5. - The concept of the real estate market.

	Definition of the real estate market
V. A. Goremykin	This is a set of organizational and economic relations, a means of redistributing land plots, buildings, structures and other property between owners and users by economic methods based on competitive supply and demand.
S. V. Grinenko	This is a mechanism by which interests and rights are combined, real estate prices are set.
N. Ya. Kolyuzhnova, A. Ya. Yakobson	This is a system of actions and mechanisms for making transactions, or, in other words, a subsystem of the general economic market associated with the circulation of rights to real estate.
K. I. Safonova, I. A. Andreeva	This is a set of relations associated with the creation of new real estate objects, with the operation of existing ones, as well as relations arising in the course of various operations carried out with real estate.
A. V. Sevostyanov	This is the national sector market economy, which is a set of real estate objects, economic entities operating in the market, market functioning processes, that is, the processes of creating, using and exchanging real estate objects and managing the market, and mechanisms that ensure the functioning of the market (market infrastructure).

It most fully reflects the essence of this market and, at the same time, the definition of the real estate market given by A. V. Goremykin is presented in an accessible form.

The real estate market has a branched structure, and, based on various features, is divided into a number of narrower markets (Table 6).

Table 6. - Classification of real estate markets.

Classification sign	Market types
Object type	Land plots, buildings, structures, enterprises, premises, property rights, other objects.
Geographical (territorial)	Local, city, regional, national, world.
Functional purpose	Industrial premises, housing, non-industrial buildings and premises.
Degree of readiness for operation	Existing facilities, construction in progress, new construction.
Participant Type	Individual sellers and buyers, resellers, municipalities, commercial organizations.
Type of transactions	Purchase and sale, lease, mortgage, rights in rem.
Industry belonging	Industrial facilities, agricultural facilities, public buildings and others.
Type of ownership	State and municipal facilities, private.
Transaction method	Primary and secondary, organized and unorganized, exchange and over-the-counter, traditional and interactive

The following operations are carried out in the real estate market using market mechanisms:

• - with a change of ownership - purchase and sale of real estate; inheritance; donation; exchange; ensuring the fulfillment of obligations (realization of mortgaged or seized real estate objects);
• - with a partial or complete change in the composition of owners - privatization; nationalization; change in the composition of owners, including with the division of property; bankruptcy (liquidation) of economic entities with the sale of the property of the owners;
• - without change of ownership - investing in real estate; real estate development (expansion, reconstruction, new construction); pledge; rent; transfer to economic management or operational management, to gratuitous use, to trust management, etc.

The real estate market has a great influence on all aspects of society through a number of functions (Figure 2).

Figure 2.- Main functions of the real estate market.

Three more functions have been added to the main functions inherent in all markets - regulating, stimulating, pricing, intermediary, informational and sanitizing in the real estate market additional functions- investment, commercial and social. commercial function consists in the formation of consumer value of real estate and profit on invested capital. The investment function allows you to save and increase your capital by investing in real estate. social function, is to stimulate the intensity of the work of citizens seeking to become owners of real estate.

The functioning of the real estate market is carried out through the actions of its subjects, which include: sellers, buyers, professional participants (institutional and non-institutional) (Figure 7).

Table 7. Subjects (participants) of the real estate market

1. Sellers (landlords): property owners (legal and individuals); builders (developers); bodies authorized by local authorities, etc.	2. Buyers (tenants): legal entities and individuals; investors and equity holders; bodies government controlled etc.
Subjects (participants) real estate market
Professional Members
3. Institutional participants (representing the interests of the state): courts and notaries' offices; bodies for registration of rights to real estate and transactions with them; federal and territorial bodies regulating urban development, land management and land use; bodies of technical, fire and other inspections involved in the supervision of the construction and operation of buildings and structures, etc.	4. Non-institutional participants (working on a commercial basis): building contractors; real estate agencies; evaluation agencies; law firms; banks; mortgage agencies; Insurance companies; media, etc.

Due to its specificity, the real estate market has a number of features that distinguish it from other markets presented in Table 7.

Table 8. Features of the real estate market.

	Characteristic
Localization	- absolute immobility; - large dependence of price on location
Type of competition	- imperfect, oligopoly; - a small number of buyers and sellers; - control over prices is limited; - entry into the market requires significant capital
Elasticity proposals	Low, with an increase in demand and prices, supply increases little
The nature of demand	Demand is individualized and not interchangeable
Degree of openness	- transactions are private; - public information is often incomplete and inaccurate, which makes it difficult to assess the market situation
Product competitiveness	- largely determined by the environment external environment, the influence of the neighborhood; - specificity of individual preferences of buyers
Zoning conditions	- regulated by civil and land legislation, taking into account water, forestry, environmental and other special rights; - greater interdependence of private and other forms of ownership
Registration of transactions	legal complexities, limitations and conditions
Price	includes the value of the object and associated rights

Thus, it was determined that the real estate market occupies a special place in the economy of any country. Acting as a complex integrated category, it combines the various interests and forms of activity of its subjects; various spheres of influence - from economic to social; a number of functions that have an impact on the economy of the country as a whole. At the same time, the increased relevance of marketing research of this market is typical for regional real estate markets, a feature of which is the obligatory orientation not only to local conditions, but also to the general situation in the country.