Hiring your real estate developer is an important step in your project. This professional will be responsible for taking your vision and making it a reality. He or she will guide you through decisions you will need to make to create the project you want. Therefore, these are some questions you should ask your prospects.
May I See Your Development Portfolio?
Any successful developer should have a portfolio. You can see the types of projects each prospect specializes in and the track record of success they experience. If you need to renovate a historical building, search through portfolios of people like Angelo Ingrassia developer. Their portfolios should show expertise in specific areas.
You can also get an idea of the materials each developer uses and what type of style they prefer. You may even visit the properties themselves to evaluate the quality of the materials and work. Look for those with significant portfolios.
What Is Your Experience and Longevity?
You should understand how long each prospect has been in business. You may have a complicated project that requires experience many new developers just don’t have. New companies also have fewer resources. Some developers may not have the financial stability of established professionals, and they may not have the vendor relationships necessary to complete your project without delays and challenges.
Do You Have the Time To Complete My Project?
You should understand how long your real estate development will take. The more intricate or complex your project, the longer it can take to complete. Therefore, compile the major details of your development and present them to your prospective developers. Then, ask how long they expect it to take. They should also ask you questions to clarify the project details so they can provide a more accurate timeline.
You should also find out whether the developer has the time and resources necessary to complete your project. You can ask what other projects they have in the works and where they are in the timelines of those developments. If they seem overworked or suggest that they cannot complete the project when you need it done, move on to the next candidate.
What Financial Expenditures Should I Expect?
You need to prepare for any financial outlays your project will require. Some of those outlays include fees your developer will charge. For example, your architect may charge up to 10% of the total project cost, and your developer may charge a similar or higher fee, depending on the scope, size, and complexity of your development. Remember that developers receive their fees before you split the profits with your investors.
Can I Meet Your Team?
Successful developers build strong, stable teams. They may include contractors, attorneys, management teams, realtors, architects, property managers, accountants, lenders, investors, and others. Although you don’t need to meet everyone on the team, you should have the ability to speak with key personnel. You can also ask how long each person has been with the developers you interview.
Don’t hesitate to ask any question that comes to mind. You should have all the information you need to make a truly informed decision before you hire the developer for your project.