Common and Unecessary Costs in a Development Lifecycle

2 minute read
Common and Unecessary Costs in a Development Lifecycle

Few in the property development industry would argue that managing a development and the information that comes with it is difficult. Advances in technology are on us day after day. With it brings opportunity but be left behind, and you’re at a serious disadvantage.

Successful real estate selling and property development require a mix of skills, people, timing and resources. In strong markets, there is ever increasing competition from developers with buyers having the power to access information in real time across the web.

Dealing with acquisitions, managing selling campaigns and construction are no small feats and through it all, it is imperative management are able to focus on the big ticket items and not be drowning in day-to-day ground level tasks.

Property Shell's philosophy is to bring the power of technology to developers and lead sales teams to help steer the ship with ease and remain in control.

Here are 11 key indicators and pain points we typically see from developers and lead agents before adopting good technology into their business:

  1. Sooner or later, one has to deal with the consequences of poor data integrity.
  2. Poor communication results in slow or missed sales opportunities.
  3. Time spent building reports makes decision making difficult.
  4. It takes too long to understand sales progress and adjust strategy accordingly.
  5. Tracking both holding and fixed deposits is difficult and there is no real time visibility.
  6. A lot of time is spent compiling information for financiers.
  7. A lot of time is spent compiling information for construction teams (such as contract variations and amendments).
  8. Lack of real time visibility of activity without having to correspond with sales teams, lawyers and/or staff directly. Too much time is spent communicating via phone, e-mail or SMS.
  9. Settlement and purchaser inspections are conducted without the use of automation.
  10. Some technology is in place but it isn't integrated nor standardised. Duplication becomes inevitable.
  11. The day-to-day management of small ticket items are invetiably what stack up to form project success or failure.

These are only a handful of issues listed above. We know that millions of pieces of information flow between partners and staff on even the smallest of developments. It’s easy to overlook how small issues day-to-day add up to serious costs and missed benefits throughout the life of a project and it's important to get set up correctly before any major selling campaign commences.

If you'd like to learn more about some of the typical challenges we see, talk to us today and we'll show you how we seek simplification and hard cost savings across property developments using the Property Shell software platform.

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