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.

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