Success Tips for Real Estate Developers: Relationship Building
Whether you’re a seasoned real estate developer fine-tuning your strategies or an aspiring newcomer eager to make your mark in the industry, there is always more to know and learn to help grow your business and scale your impact. This series is designed to provide invaluable insights and actionable advice to propel your development projects and your business forward.
At the Momentus Capital branded family of organizations, we harness the collective expertise of Capital Impact Partners, CDC Small Business Finance, Ventures Lending Technologies, and Momentus Securities to expand capital and opportunities for underestimated communities.
At Capital Impact Partners, in particular, we offer flexible and affordable financing to a diverse array of community development projects that deliver tangible social impact. From community health centers to affordable housing developments, we are committed to empowering projects that uplift communities and foster sustainable growth. We also offer programmatic services that equip you with the resources, support, and networking opportunities you need to succeed in the real estate development world.
In the competitive realm of real estate development, success hinges not only on vision and execution but also on the ability to ensure real estate development relationship building, craft solid projections, and attract investors. These pillars serve as the bedrock upon which thriving projects are built, distinguishing between mere ventures and enduring successes.
Real estate development relationship building is the cornerstone of success in the field, spanning two critical areas: building a stellar development team, and engaging local stakeholders and the community. Let’s delve into each of these aspects to understand their significance and how they contribute to project success.
Building a Stellar Development Team
Real estate development relationship building starts with building a great team. A successful development project begins with assembling a stellar team that shares your vision and values. From project managers to architects, each team member plays a vital role in bringing your vision to life. As a new developer, being actively involved in the team-building process is essential. Seek out experienced professionals who align with the specific needs of your project, whether it’s historic preservation or meeting energy requirements. By asking for references and recommendations and ensuring each team member is comfortable and capable in their role, you can build a cohesive team poised for success.
“The advice I would give to new developers when building a team is to make sure they are experienced with the type of project you are working on. Ask around for references and recommendations – but most importantly, make sure that they believe in your vision.”
Ronette (Ronnie) C. Slamin, Founder and Principal at Embolden Real Estate
Engaging Local Stakeholders and Community
Engaging with local stakeholders and the community is not just a box to check—it’s a fundamental aspect of successful real estate development. From the early stages of planning to project completion, involving the community in the decision-making process is essential for building trust and goodwill. Define ‘community’ in the context of your project and understand the unique dynamics at play. Be deliberate in your outreach efforts, ensuring that community input informs every stage of the project lifecycle. While challenges may arise, proactive engagement and genuine listening can help overcome obstacles and foster meaningful connections.
As you embark on your journey as a real estate developer, remember that success is built on relationships. Whether it’s with your development team, lenders, or the local community, cultivating strong connections is essential to bringing your vision to life.
Up Next in this Series
Solid Projections: Coming Soon
Contact us today to start a conversation about how Momentus Capital can support your journey to success.
