Real estate development is a complex, multi-pronged process that requires a significant investment of time and resources, not to mention navigating government regulations, acquiring appropriate zoning permits, and handling inevitable setbacks that happen in the course of almost any project.
If you’re considering developing a property, or even if you’ve already begun the process, it’s understandably intimidating, particularly if you have never participated in a development project before. Hiring a real estate development consultant is the best way to ensure that your development progresses smoothly, with as few issues as possible. Consultants can even save you time and money in the long-term.
What is a Real Estate Development Consultant?
A real estate development consultant is in charge of managing all aspects of the real estate development process, from initial sketches to the finished project. We work with all parties involved in development, including architects, engineers, contractors, financing agencies, and lawyers.
While various companies and organizations may be involved in certain stages of development, we oversee the entire project to ensure that everything goes as smoothly as possible, and any unforeseen obstacles are dealt with appropriately. We advocate for our clients’ wants and needs and guide them through the development process.
Roles and Responsibilities of a Real Estate Development Consultant
Many property owners are unfamiliar with the process of real estate development, which is often overwhelming for the uninitiated. We work with clients to handle the large and small aspects of real estate development so they can avoid common pitfalls and rest assured that the project is well-managed at every stage.
A real estate development consultant works together with the property owner to create a plan for developing the property. The owner remains in charge of all major decision-making, while the consultant manages the actual development process and implements those decisions effectively and efficiently.
We conduct market research, oversee the creation of a development plan, assist with marketing and budgeting during project design, negotiate property acquisitions, prepare grant and financing applications, apply for government permits, arrange for property management, and ensure all project costs are accounted for.
We help you navigate and resolve problems in a timely fashion, minimizing delays and unexpected expenses. We also provide you with a sounding board for new ideas and innovations, with the insider knowledge to reliably advise you on feasibility and cost.
Who Should Hire a Real Estate Development Consultant?
Any individual, company, or organization can benefit from real estate development consultant services, and we’ve worked with clients in a wide range of industries. If you’re unfamiliar with the real estate development process or simply need help with managing the day-to-day demands of a construction project, a consultant serves as an expert guide to simplifying the entire development process.
Clients of a real estate development consultant may include:
- Businesses
- Real estate investors
- Developers or property owners
- Municipalities
- Non-profit organizations
- Corporate real estate teams
- Partnerships between the public and private sectors
When to Hire a Real Estate Development Consultant
The ideal time to hire a real estate development consultant is as early as possible in the development process. In the earliest conceptual stages, a consultant can help you clearly define your project, identify the steps of development required to achieve your vision, and create a schedule for when and how these tasks will occur.
A good consultant can also help you to connect with the right team for your project, including architects, contractors, and more. After decades in property development and management, Laryln Property Management has a wealth of experience with a variety of local development professionals who are dedicated to bringing your vision to life.
Benefits of Hiring a Real Estate Development Consultant
The benefits of hiring a real estate development consultant include, but are not limited to:
- Risk management
- Quality control
- Connections to essential service providers, such as architects or contractors
- Extensive experience with the real estate development process
- Detailed, professional planning
- Frees up time to handle regular organizational duties
- Cost savings, thanks to careful planning and execution by an experienced professional
At Larlyn Property Management, we draw on decades of experience in both property development and management to provide our consulting clients with innovative ways to minimize risk, lower costs, and maximize return on investment.
The Real Estate Development Process
For most development projects, we follow a series of steps to ensure that development goes smoothly, optimizing resource use and avoiding delays and additional costs where possible.
Step 1: Planning and Organization
During our first step, we help you define your project, both in terms of scope and of the goals you hope to achieve with development. If you don’t already own land for your project, we help you find and acquire a suitable property for your needs. We discuss the financial feasibility of the project with the resources at your disposal. We also help you assemble a development team, including an architect and a construction manager.
Step 2: Determining Feasibility
Next, we determine your project’s feasibility by conducting market research, creating preliminary operating budgets, preparing plans for financing, and applying for zoning and development permits.
Step 3: Pre-Construction
After feasibility has been established, we enter pre-construction. Engineering and architectural services are performed during this time. We help you acquire the necessary materials for construction, as well as assisting with the development of a construction contract with various contractors. During this stage, we finalize all agreements, arrive at a final budget, and receive any necessary approvals from local or regional governments.
Step 4: Construction
Finally, we begin construction of your project! We oversee every step of the process, attending meetings with contractors, working with you to resolve construction issues, accounting for all costs, and managing payments from lenders and investors. We may also begin the process of marketing your project.
Step 5: Post-Construction
The most arduous parts of development may be over, but we’re not finished quite yet! Post-construction involves setting your project up for long-term success. During this time, we arrange for final construction inspections, help you hire ongoing property management, and ramp up marketing efforts to attract customers.
The Long-Term Value of What We Do
When a development job is done right the first time, it saves you an untold number of hours and thousands of dollars.
Real estate development consultants provide long-term value by ensuring that your project is a success from the very beginning, with accurate accounting, precise planning, and expert advice to minimize the headache of delays and unforeseen costs. Our decades of experience in the business allows us to handle any problems that do arise efficiently, minimizing impact on the project as much as possible. You can rest assured that your building is safe, built to a high standard, and will serve your needs for years to come.
Successfully Navigate the Development Process with Larlyn Property Management
Developing a property doesn’t have to be intimidating when you have an experienced real estate development consultant by your side. At Larlyn Property Management, we’ve built a reputation for excellence over the course of nearly 50 years, both in development and in property management. We can provide the direction and expertise to help you lower costs, minimize risks, and keep your project on track.
Contact us today to schedule a consultation and ensure your development is a success!
