Market Appraisal for Land Development

Market Appraisal

Market appraisal is the topic of week 5. Market appraisal can be categorized into two kinds, which is PESTLE and SWOT. I myself is more familiar with the SWOT analysis which stands for Strength, Weakness, Opportunity and Threat. I used this analysis method frequently in my previous projects, because it is more simple to come up with a list but later on I found that it is far too easy to miss important external factors. Coming up with the results of each factor is not enough, for the SWOT to be successful it is essential to carry out further analysis of all the possible threats and disadvantages from external to make sure that they have been planned for in advance.

PESTLE (Political, Economic, Social, Technological, Legal, Environmental)  that I have learnt in this lecture and seminar stands for the analysis of the external factor which can exactly remedy the inadequate of SWOT. I found that it is a good idea to combine the two to help provide us with the best analysis, for example, it is good practice to perform the PESTLE and then use the results in the opportunities and threat section of the SWOT. I believe the combination of both analysis can help me make better strategic decision in my proposal. Besides that, this market appraisal will help in improving the decision making skill and exposed me to the skill of assessing the environmental risk factor associated with a development which are the essential skills in RICS Professional Competencies Framework.