CRE Development Mistakes - Tips for Small Business Owners & Owner Occupied Property Development //
Real estate development is just that... real estate development. Whether you're building an industrial building to enhance your business's operations, or trying to create a live/work mixed-use project by re-developing an old neighborhood, the process remains largely the same.
But as a small business owner, there are a couple of key considerations you need to contemplate before you undertake owner-occupied property development. Owners who try to self-develop their own property face a variety of challenges - mainly from trying to manage the various trades that comprise the development team.
Directing the efforts of a civil engineer is hard. They're the technical experts and take the lead on site planning and engineering construction drawing production. But without a project owner properly articulating their vision for the project, engineers often take the path of least resistance.
Keep in mind, too, that just because small business owners may be risk management experts as it pertains to their daily operations, managing land entitlement and development risk is its own unique challenge.
It takes an understanding of the whole real estate development process to do so - a skill set that most owners don't have the time to develop, nor does it even make sense in most cases.
Marsh & Partners has helped tens of businesses expand, reconsolidate, and optimize their facilities, or actually downsize and get more efficient - all through the process of strategic land development and real estate consulting.
In this video, we break down a couple of tips that small business owners should contemplate if they're considering developing a property for their business operations.
⌛ Timestamps ⌛
0:00 Introduction
1:55 Tips to Give Your Civil Engineer During Land Planning
5:18 Construction Cost Management
6:15 Managing Project Risk
8:00 Key Takeaways
Our mission at Marsh & Partners is to help educate and guide business owners, investors, and developers through the complex world of real estate decision-making.
We're bullish on the freedom real estate provides, as both a passive investment and long-term wealth creation vehicle.
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