Purchasing or investing in commercial real estate is exciting. However when it comes to these large commercial construction projects, that excitement can quickly turn to despair if you don’t have people in place. Investors who aren’t in the real estate/construction industry may be at a disadvantage if they don’t have level of knowledge and experience needed to make a project of this magnitude successful. There are many basic, but nasty pitfalls that even the most seasoned industry professionals fall victim to. Here are some ways to avoid them.
Expect the Unexpected
Whether it is unexpected runs of bad weather or encountering unplanned site conditions, most construction projects face situations that cause delays that are simply not predictable. Keep these in mind when setting your timelines and expectations.
Set Realistic Expectations
Once you have established your core team, have an open discussion regarding communication protocols and frequency. Make sure you and everyone else is clear on updates and what expectations are as you progress through the project. It becomes a huge hassle to hold parties accountable to their commitments if they’re not clearly defined.
You always Get What You Pay for
Construction costs vary by contractor for a number of reasons. Don’t be afraid to perform some due diligence to ensure contractors and service providers are being cost efficient as possible. Always remember this: if there is a contractor you’ve never heard of that comes in significantly less than anyone else, be weary. The price may be perfect and they may say all the right things, but if they can’t meet deadlines or have less than acceptable quality standards, you’re going to be sorry. As the old saying goes, “The bitterness of poor quality remains long after the sweetness of low price is forgotten.” A good general contractor will always have quality vetted contracts they have a history with.
Set Benchmarks for success
Throughout a project lifecycle, there will typically be a number of plan revisions. Make sure the architects and engineers are involved in communicating changes to the contractors. Establish protocols laying out how contractors submit questions and who will answer them.
The More you Plan, the Smoother the Ride
Construction projects involve a number of customized selections and finishes. By finalizing these items at the front-end of a project, you can avoid delays and surprise costs. Oftentimes, these materials may even be back ordered or challenging to procure. The best way to prevent these situations is to invest the time and effort to nail down the details early on in the project… it is for your own good.
Calmer Heads Always Prevail
As with many large endeavors with a lot of working parts, projects never seem to go according to plan. Deadlines that aren’t met for one reason or another, weather doesn’t cooperate, a major inspection fails, and mistakes are inevitably made. With millions of dollars on the line, tempers flare. The best way to work through these issues is to be firm but respectful. Most importantly, never send a text or email when there’s a major issue! Nobody like confrontation, but you’ll regret not speaking directly to the person involved with the issue.
We have integrity in all we do and believe in contributing to an amazing work environment utilizing cutting edge cool services. We live by the philosophy of work hard, play hard. We are passionate about our lifestyle and creating the “Fiorilli Family” experience for both our co-workers and clients. At the end of the day, Building Synergistic Authentic Relationships™ (BSAR) is our #1 priority. Working at Fiorilli Construction is not just a job, but a passion and we bring that to each and every project that we do. Talk to us today about your next commercial project.
