If you are looking to get into property development or are just starting out in property development, here is some great advice from a 35 plus year veteran of the property development industry. Roland Sansone has provided these below invaluable tips that will save you years, time and money.
Property Development Tips:
- DON’T think that the engineer’s and architect’s think like you do. Although they are experts of their trade, they do not always share the vision, or the budget constraints, that you do. A load bearing wall here, or a switch-gear placed incorrectly there, can be costly to your project and making the changes once the plans are submitted can delay the project months.
- DON’T be afraid to ask for help or a waiver. Almost every project from the governing agency needs some statue waived, or staff approval in order to accomplish your vision. Do not be afraid to ask for everything that you need, or help getting approved. You will be surprised what the results will be.
- DON’T let the subs run the job. Although the contractor is supposed to watch over them, and are paid to do so, people get sidetracked or cannot always be on the job. Do not be afraid to hold everyone accountable. Construction lawsuits are the last thing that you want on any job.
- DON’T think it is too late to make a change. Often at the 11th hour you catch something everyone missed (including yourself) although your project may have a delay, it can make a difference between a good project and a great project.
- DON’T over-leverage your project. The money offered by lenders is appealing, but the last recession taught everyone a lesson. If you cannot meet the debt of the loan at today (or reduced prices) you lose the loan, your project, and the time it took to get you there.
- For more on property development, read this highly recommended article>