EP232: Eugene Gershman Explains Why Collaboration Wins in Construction and Development
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Prioritize strong relationships with contractors and subcontractors; trust and mutual respect are more valuable than solely focusing on the lowest bid.
Ensure detailed scope of work and specifications are in place before bidding to avoid misunderstandings and costly change orders later in the project.
Involve contractors early in the design and planning phases for their valuable perspective on costs and constructability, leading to more efficient projects.
Vet subcontractors thoroughly by checking their experience on similar projects, calling past developers, and assessing their overall fit, not just relying on references.
Maintain consistent sales and marketing efforts, even during good economic times, to build a robust pipeline and ensure future revenue, rather than cutting these budgets during slowdowns.
Manage financial leverage carefully; avoid excessive debt that could make your business vulnerable during economic downturns.
Consider partnering with experienced developers like GIS Companies if you own undeveloped land, as they can navigate the complexities of development and maximize its value, rather than selling prematurely.
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