Jonathan Rooks is the owner of Parkland Properties, a successful real estate firm that has been in operation for more than thirty years. He has decades of experience purchasing old commercial buildings, remodeling them, and then leasing or selling them at a profit. He explains that one secret of his success is his ability to build a successful developer/builder team, and he offers advice to other developers on how to do the same.
First, Jonathan Rooks points out, choosing the right team members is essential. The builders involved in the project should have the experience and tools needed to handle the project in question. They should meet local and state insurance requirements, be able to procure required permits, and have the means and ability to complete the project on time. To find the right builders, a developer will want to check online reviews, contact former clients, and ask for information from professional organizations such as the Commercial Real Estate Development Association and local builder’s associations. Furthermore, Rooks advises talking with multiple builders to find the one that is the best fit for the project. Developing a long-term relationship with a builder is important; however, this should not prevent a developer from hiring a different builder should the need arise.
Clear communication also plays an integral role in the success of any project, Jonathan Rooks notes. He explains that a developer and construction company would do well to agree on a preferred method of communication, be it phone, email, or text. If documents need to be signed, both sides should agree on which online signature platform will be used for the job. Rooks also suggests that each side appoints a “point person” who can be contacted regarding any aspect of the project. When new agreements or changes to existing agreements are made, these should be put into writing and signed by both parties. Additionally, Rooks says, developers should ensure builders have a clear line of communication with any real estate agents who are working to sell or rent the properties, as builders will have in-depth knowledge of the materials used for the project that can help agents successfully pitch the properties to interested buyers or tenants.
There are two things that make a team of developers and builders successful. First, each team needs the right team members. Developers should choose a construction company with care; likewise, builders should research any developer they are considering working with to ensure they are a good fit for the project. Second, clear communication is a must for the team to be successful. Establishing communication methods and standards from the start can save all parties a great deal of hassle and misunderstandings, help a project flow smoothly, and even enable a developer to turn a profit faster than would have otherwise been possible. Jonathan Rooks urges developers and aspiring developers to pay close attention to these two aspects of team building in order to succeed long-term.
