new-image

Top 10 keys to a successful real estate project

You are a real estate developer, agent or investor and want to know the key to success. In this blog, we will try to cover at least 10 ways of making your real estate project successful. The first thing that you need to keep in mind is that you need to make two types of plans.

  1. Long-term plan
  2. Short-term plan

In short long term, plans are made to achieve comparatively bigger goal whereas short term plans are made to achieve long term goal. In addition, the following are the main areas you need to consider in order to avert risk.

Sr. No.

10 keys to a successful real estate project

         1

Sufficient area that you intend to develop

         2

The consensus of all stakeholders i.e. Management, board, directors, etc.

         3

Enough stock of capital

         4

The reasonability and awareness of the client

         5

Reasonable time

         6

Marketing strategy

         7

Enhance your social network

         8

Previous experience of the organization

         9

The project’s development budget is in line with the industry standards

         10

The project does not require extraordinary efforts

 

1. Sufficient area that you intend to develop:

People often start developing a place that is surrounded by a large population. Moreover, another mistake that is made by people is that the area that is developed is often small. Now think that the place is first congested then the area is small. Thus, you should make sure that the project you are going to develop possesses a large area. Moreover, the location of the project holds a primary position in the success of any real estate project. Therefore, develop the area that has the potential of seeking the attention of the people.

 

 2. Consensus of all stakeholders i.e. Management, board, directors etc.:

Real estate development is a long and tough road to success so it is important that management of the organization remains equally committed to the project.

Moreover, employees should be encouraged to share the same vision for its outcomes. Furthermore, efforts should be undertaken to make employees engaged and loyal to the project. This shared vision and commitment will help focus the organization and its professionals on what is important. It will help to reduce distractions and smooth over the bumps in the road that are inevitable in any real estate project.

 

 3. Enough stock of capital:

Money holds a primary position in the initiation and development of any business. In addition, it is also important for the success of the business that there should be enough stock of capital. This stock will help you to pay salaries and meet other expenses in the initial months.

 

 4. The reasonability and awareness of the client:

Dreams are wonderful but unless they are rooted in reality they will remain just dreams. Organizations should look at their projects from a conventional real estate development point of view.

Moreover, you should try to gather money from all avenues from the traditional lender as well as from non-traditional sources. Lastly, a project is more likely to be developed if it is financeable in the traditional markets than through grants.

 

 5. Reasonable Time:

The project completion time should also reasonable. It is because of the ancient saying that “work hurried is work buried and work delayed in work denied”.

In addition, everything takes time and for something to be done well, you need to allow enough time to it. Organizations spend time in discussing how long construction will take. Moreover, granted construction is a big chunk of time but there are many steps in the development process that collectively can take more time than construction. This includes:

  1. Securing financing,
  2. Obtaining land use approvals if necessary,
  3. Securing building permits and project design.

It is important to be realistic about how much time your project will take because it can’t be rushed. We would also recommend that your organization plan for delays.

 

 6. Marketing Strategy:

Your approach and mindset to marketing also greatly impact your chances of success. You need to give marketing some deep thought and probably try a lot of different approaches. It’s hard, but it can be done with little effort.

 

 7. Enhance your social network:

Personal contacts also play an important role in the success of the project. Therefore enhance your social network so in order to remove all impediments. Moreover, personal contacts also help you to expedite the work at the project site.

 

 8. Previous experience of the Organization:

More than 50% of the business fails in their first five years. Thus collaborating with an old firm is also key to success. Moreover, an organization is more likely to be successful if it is focused on its core services and financial management. In short, real estate development is hard and time-consuming and should only be taken on once an organization is stable and can commit the needed resources to ensure its success. Otherwise, it could cause serious repercussions.

 

 9. The project’s development budget is in line with industry standards:

The development budget should always be kept as lower as possible. It should always fall in line with the industry standards because otherwise, it is likely to cause problems.

 

 10. The project should not require extraordinary efforts:

This is one of the most important aspects that most people/organizations ignore while undertaking real estate projects. However, even the simplest real estate transactions are complicated. Thus, take a project that has minimum risks attached to it.

Lastly, we at Zameenforyou not only provide you services but also give business ideas coupled with tips of success. Therefore, you should immediately get yourself registered with us so in order to get daily updates about the market in Pakistan.