Stress
Paraphrasing Merriam-Webster, stress is defined as a “constraining force or influence – strain, pressure.” We have all felt it. An unrest in the core of our being, a lack of peace. The results often leading to various levels of physical and emotional symptoms.
Trust
Merriam-Webster defines trust as: “assured reliance on the character, ability, strength, or truth of someone or something, one in which confidence is placed, dependence on something future or contingent.” We know that it is definitely something to be earned.
How to alleviate stress when you are ready for a new building
Trusting in or relying on someone for the promise of something in the future can relieve stress. It is why we all have team members in our businesses with different experiences and skills sets and it is why we bring in outside resources to complete what we cannot. The sum of the parts makes up the whole.
When we think about our world of commercial real estate, and specifically new development projects, we know and understand the enormous number of variables impacting projects and the resulting opportunity for success or failure. In fact, we highlight some of these conceptual insights surrounding the steps taken to develop a new building in our fee development brochure. New development projects represent significant cost. Generally, your real estate is likely one of the top three expenses in your company budget. And importantly, your commercial real estate supports your overall operations and business goals.
You are an expert in your industry, whether you produce a product or a service. But, if you go it alone on an expensive new building project, this can create a considerable amount of stress and risk. When you take on your commercial real estate needs alone, it can feel like you are in a bit over your skis (maybe you know “just enough to be dangerous”). The process is long and it takes your focus away from running your business. And what we see more often than not, despite best intentions, is the old adage, “you don’t know what you don’t know”. You may not even know what questions to ask. All of this can cause stress and creates uncertainty for your project outcomes.
To protect your interests and provide the best opportunity for success, we suggest you add experts to your team that know and understand how to develop a new building. And, yes, we know it seems a bit self-serving to give you this advice when we are in the real estate development business, but it is important information for you whether you give us a call or contact someone else.
Building a trusted relationship with your fee developer for success
The development process is lengthy, with many variables unique to your company/project and those aspects draw focus away from your core business. Fee developers are experts in the variables that will reduce stress during the process and lead to a successful physical, financial and logistical outcome. Choosing the right fee developer for your company is key—make sure that you select a resource with relevant experience and determine that there is a cultural fit so that a strong trusted relationship can be developed. Ask for references and specific examples of deliverables. Understand desired quantitative and qualitative outcomes for your project and have a clear and detailed scope of work for the fee developer or consultant. Communication and communication style cannot be undervalued—agree on cadence, stakeholders and the form of communication.
Real estate development is equally an art and a science and requires both financial prowess and people skills. Really, you are looking for a coach and a quarterback, so make sure the fit and experience are right. This trusted advisor should simplify your life, give you back time to run your business, reduce cost, mitigate risk and deliver an overall better project; in short, you should count on them to add enormous value to the project. Make a point to assess progress at regular points throughout the process to make sure you are getting what was promised.
Additional resources
We have a number of additional resources available to help you better understand the building development process. The following articles and success stories can give you insight and ideas into how to go about assessing your fee development needs:
3 reasons to hire a fee developer
We wish you the best if you are embarking on a new building for your company. It is most certainly an iterative process with an end result that can energize your team as well as build culture and brand.