This article provides an overview of the markets and submarkets fields, and how to customize your submarket picklist value sets to be dependent upon the market that is selected.
A Brief Overview of Markets and Submarkets
In commercial real estate, a submarket is a term used to define a distinct part of a larger market. In general, a market is typically considered a city or an MSA. A submarket is a smaller, defined area within a market (for instance, a neighborhood or suburb within a city). In commercial real estate, submarkets usually have unofficial boundaries. The definition of these boundaries will vary, typically determined by the investors or broker. These boundaries, and even submarket names, may differ from source to source. For this reason, you may need to customize your markets and submarkets in Rethink so they're specific to your territory.
In Rethink, you'll indicate the market where a property is located on the Property record page. Once a market is selected, you can further narrow your options for selecting a submarket by making this a dependent field, so that only the submarkets that are relevant to the selected market will be presented as options to choose from.
Adding Submarkets to Properties
First, we'll begin with page layouts for Properties within the Object Manager. You can access the Object Manager by going to the Property object, then click on the Setup icon and select Edit Object. Second, you'll need to select the record type you'd like to edit.
Note: You'll have to perform the following steps for each record type
Next, you'll need to search for Sub Market in the Quick Find bar. The video below illustrates how to perform these steps within Setup.
We'll need to add the Sub Market under the Market field (See the image below). If by any chance you already have the Sub Market field present under the Market field, remove and readd the field to reset its dependency.
Navigate to Fields & Relationships and search for the Sub Market field. Scroll down to the Values section and select New. Create your submarkets here, and select the record type you'd like them to be applied to. Click Save.
Next, navigate back to Fields & Relationships and search for Market. Scroll down to Field Dependencies and click Edit.
In the image below you'll see the preferences for this section. Each column represents a Market, with the Sub Markets grayed out beneath.
For each Market (represented by a column), select the Sub Markets you'd like to add by double-clicking the cell. Click Save.
Lastly, we'll return to the property record to verify that the changes we've made are reflected.
Please reach out to Product Support (email@example.com) if you have any questions about Creating Field Dependencies - Market & Sub Market.