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The Hardest Part of Being a Real Estate Developer
The hardest part of being a real estate developer is the constant change in plans. You are working
with people who need something different and new every day, but you do not have enough time
to deal with everyone’s needs at once. This article explains everything you must do in a day to
keep your customers happy. You cannot neglect your customers, but you can find creative ways
to help each customer.
#1: Returning Phone Calls
Real estate developers must return phone calls to customers, contractors, vendors and business
associates every day. You may set aside a certain of day when you will return calls, and that time
will be uninterrupted until you are done speaking to everyone. The phone calls placed every day
help smooth over all your projects, and you cannot go a day without speaking to everyone who
needs you.
#2: Balancing The Budget
The budget for every project must be managed carefully, and the accounting for each project is
very complicated. You are spending millions of dollars building homes or commercial property,
and that money goes to several different businesses. You need time every day to look over the
ledger, or you must hire an accountant who will manage the accounts for you. An accountant will
make your life easier, but you still need time to look over the books yourself.
#3: Visiting Job Sites
You must visit construction sites you have pending often. The people working on each site
should not get too comfortable without you there, and a short visit will tell you that the project is
progressing well. Set up appointments every week to visit job sites, but do not let the visits take
away time from the work you must do.
#4: Selling Properties
The properties you build must be sold to customers, and you need to put your best foot forward
while selling. You are selling your vision for each property to the customer, and these properties
will look much better to each customer when you complete the sales yourself. You may hire a
sales team to help you with selling each property, but you should complete the sales on your
own.
The hardest part of being a real estate developer is the work involved in the job. You are
constantly busy, and you have to wear every hat involved with your developments. Make time
for everything in this article to manage your business properly.
Roman Temkin is a real estate mogul and developer from NYC