I am planning on becoming a builder since I am a good broker

Question: Planning on becoming a builder? What could be challenges for a such new real estate development company?

Question asked on Quora:

people of real estate background worked as brokers and employees..we are planning on becoming builders

We are confident that we can sell the project, however i have a question in mind that what would be the challenges for us as a new brand & company doing 1st project ? we would sell residential homes..

My Answer:

I wish you luck for your new venture.

You need to have a good team as follows

  1. architect
  2. Contractor
  3. Laisoning officer
  4. Accounts person/CA
  5. Project management Company
  6. Marketing (which I assume you are capable of)

Note 1: Choose your partners very carefully as a bad apple can spoil the whole basket

Note2: You must meet each team separately every week and have a group meeting once a week to review the overall status of project. Reporting be by each dept must me done daily and a consolidated report should be made to know who is lagging and that person/dept should be pulled up for questioning.

Finally it’s more of a project management expertise game.

Once again wish you on your new endeavour

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