Things to Look in a Land Developer

1. Relationships: Relationships are an absolute must, and they take time to develop. A developer must have relationships with bankers, attorneys, tenants, equity sources, general contractors, civil engineers, architects, brokers, appraisers and others. My grandfather used to say that a developer is like a movie producer who brings a successful team together to create a successful project — it takes amazing relationships to pull it off.

2. Risk Tolerance: Some individuals find it very difficult to take risks. I always ask students interested in development how well they think they could sleep at night if they knew their entire net worth (or more) was riding on the success or failure of a project. Prudent developers take calculated and measured risks, and they constantly look for ways to mitigate risk. Nevertheless, development is a risky business that some are just not cut out for.

3. Problem Solving: Developing a successful project takes tremendous skill to navigate through all the speed bumps and roadblocks along the way. Developers know how to solve problems, and they seem to understand that there is usually more than one solution to a problem. Creative site planning, finding solutions to zoning issues, dealing with adjacent land owners and finding ways to come in both on time and under budget are all examples of the problem-solving skills a developer must have.

4. Creativity: Every development project starts with an idea, either for a particular use on a site or a vision for what a community might need. Developers are creative individuals who seem to always be looking ahead at what demand might exist in the future. Successful developers push the envelope with exciting designs, new building materials and cutting-edge construction methods

5. Good communication: The line of communication should always be open between buyers and their developers:

• Keeping buyers informed of the ongoing projects and their products;

• Developers not to appear having shunned away from their responsibility;

• Treating the buyers with respect as buyers can serve as their marketing tool. Show respect and you will gain respect;

• Transparency and accountability on monies collected;

• Providing regular accounting reports and budgets;

• Voicing of any grievances rather than through the media, which will bring adverse effect to the detriment of both parties.

6. Build first then sell: There is no step that can be more pronounced than for housing developers to adopt the absolute ‘built first then sell’ so that potential buyers can see for themselves the finished product before buying. We believe that in this way, most of the present day ailments afflicting the housing industry can be avoided and the housing industry will be a lot more orderly. There are responsible developers whose names are synonymous with quality and trust. They are able to win over buyer’s confidence.

7. The Vision to Make Big Changes: The best property developers aren’t afraid to take risks. They’re the first to spot the best areas, commonly in the top cities. They aren’t afraid to innovate and make their projects different from the rest, even if this means the risk of unpopularity.