3 Important Steps to Follow to Become A Successful Commercial Real Estate Developer

1. You must be willing to compromise. You must express, from the outset, that you are going to be flexible - When working with a municipality, arguably the most important of all strategies that you can use is the exploration of every option that is available. Most developers will wholeheartedly believe in the projects they are developing, ones that are formulated by engineers, financiers, and planners, that they believe are best suited for their city or town. In their minds, they will conceive of a project that is fully formed, checking off every box on their proverbial wish list, e.g., high density, retail projects that will be at the corner of an intersection of a highly trafficked affluent area or set back variances related to the project. Unfortunately, some towns are not going to approve the project that you have in mind. This is a realization that many developers must come to when they are embarking upon any project. Our so-called "perfect" plans will originate from several different sources, whether this is through the help of the town council or local concerned citizens. If we can adapt, subtracting and adding different features to reflect the vision of the town's residents, we can overcome any resistance that we face and successfully create collaborative projects that will be best suited for those in the community.

2. Involve stakeholders - You must have good communication with the town's stakeholders, maintaining communication is not just an option in our highly connected era. It is essential. You must ensure that your entire team is speaking with one voice. If there are any on the spot decisions that are made, these changes must be communicated between all parties. Whether you are dealing with an influential community member, your municipal leader, or a local environmental group, you must proactively seek the development of powerful relationships with stakeholders to the best of your ability. You should never strive to keep leadership, or the public, in the dark as this could be potentially upsetting and will typically backfire, creating a breach of trust between the town and the developer which is something you may not be able to resolve. You must develop open and trusting relationships because these are the best tools that will ensure that the municipalities that you are working with hear your plans and concerns, and ultimately adopt them as their own.

3. Be patient and consistent - Projects are simply not going to come together overnight. Obtaining approvals can be a lengthy process, especially if you are dealing with environmental issues that are very sensitive or trying to deal with the impact of usage or traffic patterns. These can lead to delays and headaches for both the developer and everyone in the city or town. You must maintain forward momentum always, pushing ahead on obtaining permits, realizing that the approval process is simply going to take a little bit of time. You must learn to wait for the resolution of every aspect of the project you are working on before taking the next step which will probably lead to delays. If you can step back and wait, these things are going to occur - these are simply risks that need to be taken on certain projects.