Successful Real Estate development is tied to the effective management of risk before, during and after the development of your project. The more risk you assume, the less likely you are to succeed.
Here are five key principles to help you mitigate risk and ensure the success of your development:
- Understand every aspect of the projects feasibility.
- Financing – be sure your pro forma includes a best-, worst- and likely-case scenario in being able to finance your project now and years down the road.
- Ensure your design and construction documentation and implementation are well planned and well executed.
- Marketing and Leasing – make sure you have the makings of a well-developed marketing plan to populate your development. Your project’s success is dependent on attracting and retaining long-term tenancies.
- Management – your development’s success is directly attributed to management. Without a good Property Management program, your development will struggle. Satisfied tenants ensure long term development success.