Posted By Truffull September 06, 2020
If you are developing a property for the first time you are probably in the process of researching the right contractors for your development project. Many jobs will require different skill sets and contractors and these people effectively become your “Power Team”.
Building a good relationship with these key contractors early on can prove invaluable on
future development projects you embark on. Like with any project before commencing, it
is worth obtaining three quotes per job and to compare these quotes against projected
timescales and the work the contractor intends to do on the job.
Managing your power team to ensure each job is completing on time without hindrance is the most difficult task you are likely to face as a new property developer.
Building your ideal team also means giving equal value to each other. By valuing each other, you will get the best out of your team every time. Not only that, but you will be respected and seen as the leader and not a boss. It is not all about the cheapest solution but rather the fairest.
Your Journey will feel like a roller coaster. There will be a situations which are out of control and there is simply nothing you can do to stop it. The best thing is to let it happen and improvise.
For example, you may have a tradesperson would decides to leave after years of relationship, you may disagreements that could lead to a breakup or one of your team members may have a fatal accident.
Again you must prepare for the worst and always have a backup plan or enough patience to find a replacement.
Once you establish the ultimate team, you will become a very profitable power source. With all your visions aligned, you can ease through projects and grow you and your teams portfolios rapidly, becoming a win-win situation for all.
Building the right “Power Team” is essential for any property project, however your decisions on equality and leadership will have a greater impact to your overall success.Read More Blogs