Sometimes I sit down to write a blog thinking that I will just wax poetic about real estate and inspire myself or somebody else to come up with a great idea on how to better transact real estate. Then the hard part comes. Ideas, time to write, finding some interesting pictures (got to have them…) and the details necessary to make a subject interesting and meaningful.
In real estate transactions, there are huge amounts of detail that must be managed. This takes a lot of focus and a great team that is minding their part of the process. And it all starts with the client making the decision and hiring the right team.
Cast of Characters – Typically, as a strategic and transactional advisor, real estate brokers get involved very early in the process and in many cases become the de-facto “Master of Ceremonies,” overseeing a cadre of consultants including engineers, attorneys, financial analysts, architects, furniture vendors, contractors, etc. The amount of detail that comes from each of these sources is extremely important to retain, manage and ultimately, implement.
Vision Must Carry Through – If you can imagine an initial consult where the client sets the vision for the project and expresses some of the “must haves” that will make the project successful, you can see where having a team that gets along is so important. Many of the team members may not be at at the initial “kick off” meeting, yet the vision and “spirit” of the project must be properly communicated and maintained throughout the strategy development, negotiation and implementation stages. Open communication between the client, broker, architect, contractor, as well as all of the consultants is paramount to ensure the details envisioned at the outset are there at project completion. Each team member must trust one another and be willing to assist the other team members through the transitional phases of the project.
Details that Kill – I have seen projects that were threatened by infinitesimal details, especially during the construction process. Managing the architect and contractor is usually the project managers duty, but engineers, landlords, and the broker must be there to support the team for the best outcome of the project. Sometimes changes can be suggested up front to help an architect avoid a building pitfall known only to the landlord, or a contractor can suggest that a client avoid specifying a certain material that might take 8 weeks to be shipped from another part of the world.