WHY THE SAVVIEST BUSINESS OWNERS START WITH A DEVELOPMENT CONSULTANT

A commercial building project can feel overwhelming to take on on your own, especially while trying to do your day job. That’s where a development consultant can help you get your next renovation, expansion, or new development off the ground and moving forward.

Need help understanding which architect, contractor, accountant, lawyer, banker, or the like to work with to make your next project a go?

Need help developing and analyzing proformas, projections, financial, structures, navigating business partner relations, legal structures, and communicating the same to the necessary parties?

And, by the way, do all of the above while maintaining your client base and servicing their needs while you take on a multi-million-dollar real estate project?

That’s where development consulting can help you with your next project. Donohue Brokerage can make the large endeavors more manageable by applying a systematic approach to your commercial real estate project and ensure the project stakeholders deliver results on time and on budget.

Many business owners assume they can manage the process internally or rely on their architect or contractor to guide them. Although this may be feasible, time is money, and the cost a business owner pays a development consultant will be saved in time spent on the business and in other unnecessary project fees.

1. Commercial Real Estate Project Planning and Structuring

The early phase of a project is critical and determines its overall success. Without the correct service providers, process, or understanding in place, important points are missed and the project can be set back. A development consultant helps you with:

• Financial expectations and advisory;

• Project structuring and ownership;

• Legal arrangements and suggestions;

• Regulatory and zoning questions;

• Project execution;

• Project coordination and organization; and

• Project execution by hiring the right service providers for the project.

By having a clear understanding of the project at large on the front end, the owner or developer can set themselves up for success.

2. Development Consultants Coordinate the Entire Team

Development projects involve a number of parties to get the project trending in the right direction. Some parties include, but are not limited to architects, engineers, contractors, city planners, lenders, inspectors, specialty vendors, and more.

Without a central coordinator, miscommunications are common. Sometimes, without a centralized communicator for the project, vendors overlap and the client can be double billed.

Not only does central communication help with the project, but development consultants have experience with certain vendors and know who to hire for the job. By hiring a development consultant, they will save in the areas of hiring other vendors to justify their compensation.

3. Project Operator and Coordination

Owners, business operators, medical professionals, and non-profits are great performing their craft or service, but taking on a construction project is a new endeavor. Development consultants, although are not construction tradesmen or women, understand construction projects and are able to navigate their complexities alongside the developer.

A development consultant navigates the project by assisting the developer with the noted tasks:

• Overseeing the entire project;

• Runing meetings among internal stakeholders;

• Making meeting minutes and facilitating decisions to general contractor;

• Tracking schedules and deliverables;

• Reviewing agreements general contractors, architects, and vendors providing services not offered by the general contractor; and

• Coordinating services not otherwise provided by the general contractor; and

• Keeping project stakeholders accountable and being eyes on the project for the developer.

By hiring a development consultant, you are able to keep focus on your business and ask the development consultant questions as needed. Additionally, by hiring a development consultant you can stay organized and meet with the internal stakeholders, make decisions, and move on. You’re free to focus on running your business and generate income with what you do best, which doesn’t include overseeing, organizing, and coordinating a construction project.

A Development Consultant Isn’t an Extra Expense—It’s Peace of Mind

Smart owners, business operators, medical professionals, and non-profits bring in a consultant early to manage complexity and ultimately ensure a smooth project for the developers.

If you’re considering planning a remodel, relocation, expansion, or new construction, contact Donohue Brokerage for details and see how development consulting can help on your next project.

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