All real estate firms like to know in advance how they will fare in the future, and in what direction their business will move. More specifically, every firm wants to know the likely demand for its products. They want to know how much of a given product can be sold in a given market at a given time, and whether sales will increase or decrease from current levels. Real estate firms need this information to exist, because without it, they can’t plan successful activities. Sales forecasting provides this vital knowledge.
By providing a realistic estimate of the market trends and sales possibilities, sales forecasting fulfills the primary requirement of business planning. It helps the firm decide which products are to be dropped, added or modified. Sales forecasting influences the course of all business decisions and activities of a real estate firm.
Sales forecasting enables a firm to identify its precise position in the market and facilitate optimum utilization of resources, optimum penetration of markets and optimum gains from marketing opportunities. Sales forecasting forms the backbone of customer oriented marketing. Sales forecasting provides the required arithmetical numbers with regard to sales and vital clues regarding customer’s tastes, preferences and needs. Only with the help of sales forecasting can the real estate firms carry out its marketing planning and strategy formulation and develop its marketing objectives in a specific manner.
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