Budget
The right commercial real estate developer should have a good understanding of how financial limitations will impact the financing process of the project. In fact, the developer should be knowledgeable about commercial finance and should be able to walk through the customer during each step of the process. Although most developers will simply refer their customers to the nearest bank or lender for financial advice, it is better to work with a professional developer who has extensive knowledge of financial planning issues. Service Scope The commercial real estate industry is fragmented with very little service standardization. In fact, most companies provide only a portion of services required for the completion of the entire project. They don't provide a comprehensive oversight which will allow their clients to disengage from the construction project and concentrate on other areas of their businesses. That is why you should hire a commercial real estate development firm that provides an end-to-end project management approach. This offers the benefit of a single contact-point project control and accountability. Image The developer should be prepared to help the customer resolve any issues if the proposed project is out of reach due to image problems. This could include postponing the relevant project for some time and assisting the customer with corrective measures such as an image change. In fact, appearance is very important to local and regional authorities. This can impact your project in a positive or negative way. To make sure that the required municipal approvals are granted, you should work with a developer that has a reputed image within your community. Industry Experience Whether you are dealing with a commercial property such as an office park, church, or medical office, each type of project has different requirements that the developer should meet. But all developers may not be able to meet such requirements. That is why you need to work with a company that has the experience, skills, and expertise to deal with all aspects of the project. It should meet the vision and financial restraints of the client. A company that is suited for one project, may not have the technical expertise to build a new facility. In fact, the right company should have the client's best interests in mind throughout the project. Development Many new commercial real estate developers learn the hard way that it takes highly specialized skills to complete a job efficiently. That is why you should always work with a reliable commercial real estate developer on the market.
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Does Your Real Estate Developer Have Financial Stability?
The security and financial stability of any commercial real estate developer that you choose to work with is very important to consider, just like understanding a little bit about their background. It is important to not involve yourself with a developer that has minimal financial security, or if they have a poor borrowing history with local banks. Once you understand more about the real estate developers’ financial history, and their stability in this industry, you can feel confident that the project they will be helping you with will be completed on time and will be up to your standards. What About Their Current Project Time Frames? It is important to understand the time frame by which developers were able to complete recent projects, just like finding out about their financial stability, because it can affect how soon your project will be completed which directly affects your bottom line. You need to know that your expectations will be met, and that they will be able to deliver the projects that you are hiring them to complete. One way that you can find this information is by speaking with current clients that they have, as well as previous ones, asking specifically about the project timelines that they had and if their delivery expectations were met. What Type of Professional Network Do They Actually Have? Developers tend to have a professional network of businesses and individuals that they work with in the development and construction industries. This would include attorneys, bankers, general contractors, subcontractors, architects, and engineers, along with other professionals that are integral to the real estate development process. You need to know that they have reliable business partners that can help them successfully and smoothly complete every project, information that you need to know before working with any commercial real estate developer. Do They Create and Maintain All of Their Documentation? Throughout the entire development process, you need to know that the developer will be using the proper documentation. From the authority approvals to land title documentation, they need to use these documents which are needed for maintaining and managing each project they are on, allowing them to successfully finish each project, complete with all legal documentation. What Does Their Portfolio Look Like? You need to look at all their past projects, if possible, if you are thinking about hiring a local developer. You need to know that they have a history of successfully completing projects, as well as maintaining their financial stability in a way that will exceed your expectations. By putting in the time to find this information, prior to hiring a developer, you can influence the outcome of your project, allowing you to weigh the odds in your favor of having your project completed on time. 1. Use Contests
If you are after exposure or network engagement, running contests on social media is a good solution. Posting a contest on Twitter or Facebook will expose your brand and at the same time, it will engage your audience. A golden rule to keep in mind when running contests is to keep the contest structure as simple as possible. For instance, ask simple questions that require a one-button click to answer (such as choosing between colors/color schemes or even photos). It gives your network a chance to voice their opinion while reducing the amount of time needed to make a response. The good thing about contests is that you can use the results in subsequent marketing. 2. Offer Deals Exclusive to Your Social Media Followers or Give Your Followers A Chance to Win Everybody loves free things or a good deal. You can use this innate human behavior to boost your social media presence and your business. For instance, you can offer savings or even give gift certificates in exchange for liking and sharing your page. 3. Keep Your Network Up-To-Date on Your Latest Projects Due to the humans being curious, people want to know what is happening around them. As such, when you have new projects, keep your social network up-to-date. Some are interested in opportunities you may offer, so post any opportunities you may have. Additionally, share the benefits that your project will yield to the community. Also, include information about the un-served or underserved market your project will fill. In a nutshell, make your posts relevant to your audience. 4. Make Use of Videos For the most part, videos are inadequately used. However, as a medium of communication, they are very effective. People are drawn to watching videos as they are more interactive and better for content consumption. As a testament to their effectiveness, HubSpot reckons that in the real estate industry, listings that were accompanied by a video received up to 403% more inquiries when compared to the listings that did not have a video. Take full advantage of the power of video and include short clips of your new projects. As a golden rule, keep the videos succinct with the aim of putting your message across in just one minute. Alternatively, use Facebook Live. 5. Do Not Forget About LinkedIn As a social media platform, LinkedIn is an under-utilized platform. Do not make this very mistake. Grow your presence on this platform and use it for both marketing and professional networking. |
AuthorThroughout his career in Commercial Real Estate, Michael Snedeker has demonstrated a dual commitment to production and client service. Archives |