In the words of former Apple CEO, the late Steve Jobs: ‘Great things in business are never done by one person; they’re done by a team of people.’
This quote rings especially true for property developers who know that a project’s success isn’t just about having the right idea or financial backing – it’s about having the right team in place.
At CrowdProperty, we’ve worked with thousands of emerging and established developers over the years, and one thing is clear: building a winning team is essential for long-term success in property development. A solid team doesn't just make the development process smoother – it sets the foundation for delivering projects on time, within budget and to the highest standards.
Our Head of Credit Risk, Emma Moriarty, shares her best practice advice for developers, to ensure you build a great team for your next project and beyond.
How property developers can build the best team
Creating a great team around you undoubtedly takes time and patience. It also involves taking a deep-dive into people’s experience versus your development requirements, then selecting the right expertise for your specific project.
While it may be tempting to choose people based on recommendations or gut feeling, zoning in on key factors, particularly proven experience, will pay dividends, especially if you view this task from a practical and financial perspective.
Focus area 1: Practical experience
As a property developer, practical experience in similar projects is critical. You need to be sure that your team are equipped to handle your project’s unique challenges.
Key questions to ask yourself:
- Have you worked with this person before, even if you weren’t the developer?
If so:
- How did they perform?
- Could you rely on them to get the job done, on time and within budget?
- Did they tell you about challenges as they cropped up?
- Has somebody you trust recommended this person to you?
- What have they told you about them?
- How do they know them and have they recently worked together?
- Have you seen some of the projects they have worked on before?
- Were they well built and executed?
- Did they complete the work on time and within budget?
- Did the properties sell well?
- Have they worked on this type of project before?
- Do they have the required qualifications and training?
Focus area 2: Financial experience
A successful project must be both well-managed and financially sound. In the world of property development, financial experience is paramount to success.
Key questions to ask yourself:
- Have they been involved in debt-financed projects before?
- Are they used to meeting lenders’ needs, e.g. providing collateral warranties, if required?
- Do they have access to/can they share this information with you now?
- Are they used to working with a lender’s independent monitoring surveyor?
Focus area 3: Reliability and availability
Beyond suitable skills and experience, reliability is one of the most crucial qualities your team needs – you must be sure they're available when needed and deliver what they promise.
Key questions to ask yourself:
- Are they financially stable?
It’s perfectly acceptable to ask to see their financial statements, especially for a key role, such as a main contractor. Your lender may also want to see these documents.
- Do they have the right level of Professional Indemnity Insurance?
Their policies must be relevant to the type of work you need them to complete and be at a level to match your project’s value.
- Do they have lots of other projects on at the moment?
While this is a positive sign, you need to be confident they can prioritise your project and be available when you need them.
The importance of assembling the best possible team
Your professional team plays a pivotal role in the overall success of your development project. At CrowdProperty, we recognise the importance of an experienced and reliable team, and we see ourselves as part of that extended team.
Why are we telling you this? Because if you choose to work with us, we will become your finance partner and an integral part of your team. And when we finance your project, we’ll put our trust in you and your team, which reinforces the importance of ensuring the right people are all working together to deliver your vision.
Choosing the right professionals will ultimately lead to project success. It’s a crucial step all developers can – and should - factor into their overall processes, simply by asking themselves the key questions we’ve outlined above.
To learn how we can help make your next project a reality, call us on 02030120166 or email [email protected].
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