FUNDAMENTALS
RELATIONSHIPS
Property Development Is About People MAINTAIN YOUR VISION BY FOSTERING RELATIONSHIPS
by David Jacobs
I
t is easy to get lost in the finer points of property devel -
have completed online research for a parcel you want to develop with a multifamily project, and everything seems to check out. The wage demo- graphics look good, the numbers sug- gest there is a housing need in this neighborhood, and the land is zoned appropriately. However, before you buy the land, get in touch with a real estate professional and find out if the parcel was subject to environmental contamination years ago. While online research can provide ample informa- tion about a piece of property, most of the time it cannot tell the whole story. Connecting with several local real estate professionals provides an immense amount of support and knowledge to you and your project. LOCAL OFFICIALS Once you have established your vision and its benefit for the local community, the next step is get- ting the project approved by the municipality. This process can occur seamlessly or can be one of the most challenging steps in the develop- ment. Without proper engagement with local officials this stage can quickly head into a downward spiral, even if your proposal is comprehen-
opment when there are so many moving pieces that developers are responsible for managing. Between acquiring professional teams, project deadlines, budget revisions, risk management, and compliance with local ordinances, a developer must always be on call. The most success- ful developers are able to maintain a vision and see through the frenzy of tasks to focus on what development is truly about: people. Fostering a relationship with the local community before a development breaks ground is paramount for an efficient precon - struction process and for a profitable development.
REAL ESTATE PROFESSIONALS
You will be in good hands if you are able to find a reputable real estate agent who has several years’ expe- rience in your target market. These individuals are local and region- al market experts. They have their fingers on the pulse of the market and, most of the time, will know what a municipality needs and what will work in certain areas. You may
54 | think realty magazine :: november 2021
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