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From toaster ovens to condos : the product development process applied to real estate

This purpose of this study was to address the following questions: . How do developers make decisions about what gets built once a basic product type and market location have been chosen? . How might these processes be, at worst, remedied, or at best, enhanced? . Given that real estate literatures ignore the topic of product development, how applicable is a product development process model from the consumer and industrial goods sectors in regard to the formation of the real estate "product"? To answer these questions, many literatures on product development were studied and a framework of recurrent themes was synthesized from them. A single product type and a market context were chosen (condominiums in Toronto). Two product developers and two marketing consultants were interviewed, and the resulting cases were analyzed comparatively according to the product development framework. This study found that the product development paradigm from the consumer and industrial goods and services sectors is applicable to the study of Toronto condominiums. Given the prior selection of a basic product type and market location, developers' product decision-making processes are part art, part science. Having market data is not necessarily a competitive advantage, but having in place an informed product development process and an internal mechanism for dealing with it is. While having no methodology at all could be disadvantageous for the RED firm in a downturn market, having a process that is too institutionalized could also be problematic.