Wealth Opportunities in Commercial Real Estate: Management, Financing, and Marketing of Investment Properties

Communication, Communication, Communication

The key to a successful ground-up construction project is communication. The communication starts with the developer and the architect. The developer must, as clearly as possible, convey his vision of what he wishes to accomplish to the architect and then the architect must, as a design and plans develop, show the developer as clearly as possible how his vision is being translated into form and function. Communication with the architect is crucial, and this communication occurs not only at the design stage but also beyond, for typically the architect is retained to follow the construction project through from grading to finish, ensuring that the plans and specifications are being followed. The architect must then communicate with all of the other professionals involved in the development process and especially with the engineers: structural, mechanical, electrical, and civil. In addition, it is critical to maintain a dialogue between the developer and the general contractor and/or the on-site job foreman, if applicable. It is important to have frequent site visits to verify the work is going as intended. Depending on the nature of the project, the site visits may be monthly, weekly, or even daily. Problems are bound to arise. The owner should be consulted on the solution alternatives with regard to cost, timing, and method, so that an informed decision may be made.

Rule Number 23

The key to a successful ground-up construction project ...