Five Characteristics of Good Property Developers


Five Characteristics of Good Property Developers | Megaworld at the Fort

The unprecedented growth of the Philippine economy has led to a lot of developments in real estate. Numerous high-rise structures are cropping up all over the metro, each one even more impressive and luxurious than the last. Big names in real estate, like Megaworld at The Fort, are constantly coming up with new and better projects to help maximize individual lifestyles.

But what sets leading developers apart from the rest? Is there some sort of criteria used to identify those who are ahead of the curve? Recognizing the traits of skilled property developers is one of the things future condo owners need to hone. Over time, this will help them obtain the quality and peace of mind that they search for in a home.

 

good property developers know how to take risksThe Vision to Make Big Changes

The best property developers aren’t afraid to take risks. They’re the first to spot the best areas, commonly in the top cities. They aren’t afraid to innovate and make their projects different from the rest, even if this means the risk of unpopularity. It’s important to them to become pioneers of movements they think will add value to condo living. The trend toward greener structures and energy-saving, for example, is one such movement that cost more money to implement but is slowly gaining traction with a lot of real estate markets.

 The best property developers aren’t afraid to take risks. 

 

Skill for Negotiation

Getting a real estate project off the ground isn’t simple at all. A single structure involves a lot of in-betweens with the developers, zoning boards, government, and lots of other third parties. Sometimes the answer isn’t always a “yes.” Great property developers do not just have a solid track record backing them up, but the ability to negotiate for their desired terms.

 

a good developer is not afraid to make hard decissionsNot Afraid to Make Hard Decisions

One of the biggest challenges property developers face is the battle between delivering on-time and producing top quality. Delaying construction can mean a lot of issues when it comes to product delivery but a rush job, on the other hand, can mean cutting corners. Great developers are able to manage expectations and balance evenly between these two extremes. They know which stages of construction to rush and slow down to meet deadlines and keep their investors happy along the way. At the end of the day, however, they’re not going to sacrifice structural integrity for timeliness and will deal with whatever consequences this will entail.

One of the biggest challenges property developers face is the battle between delivering on-time and producing top quality. 

 

good developers know how to take care of their customersCare for the Customer

To good developers, their investors are more than just a means to make money. They will market the desirability of their product but will also be honest about what to expect. If there are delays in the process, they are prompt and candid in informing their clients. Most also offer alternative solutions to common condo living issues, such as maintenance and security. Availability is also one of their number one rules: you can easily contact them at your leisure. These days that also means having a solid digital presence, which contributes to their openness to connect with their market.

To good developers, their investors are more than just a means to make money. 

 

a good developer knows how to lead the best teamAbility to Lead the Best Team

And lead them in the right direction. To do this, property developers have to think about who they want on-board. Projects usually require a lot of time and attention and they’ll need remarkable individuals to be able to carry this out. It means a lot of screening and investigating potential contractors, partners, and association offers who will be equal to the task. Conversely, it also means managing those who step out of line and trimming the team when necessary. They’ll want to know what everyone on every level is responsible for and what they’re actually delivering. Errors in any department, no matter how far down the line, can speak ill of the company name and damage solidly-built reputation in no time at all.

 

Which of these characteristics of a great property developer do you value most? Tell us in the comments.

Author: Megaworld at the Fort

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Megaworld is the country’s leading residential condominium developer and pioneer of the LIVE-WORK-PLAY-LEARN-SHOP township concept.

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