Being able to develop successfully in real estate requires a variety of aspects. A significant part of that is about choosing the right relationships. In this episode, I discuss the different types of contractors and how to find the right one for your project. I also stress the importance of pre-planning and working together with the architect, as well as having good relationships with your suppliers and tradespeople. Remember, if you are able to leverage your resources and manage your relationships effectively, you can save money on your project.

[00:01 - 05:00] What to be Mindful for When Hiring Contractors

• Avoiding common mistakes when hiring contractors
• • The tendering process is often difficult and expensive and it is difficult to get good pricing in advance.
  • Developers should build trust with their contractors and avoid playing games with them.

[05:01 - 29:06] The Value of Relationships and Early Planning

• Valuing relationships
• • It is important to have a good relationship with your general contractor, as they can be a valuable asset during the construction process.
  • Be aware of the different types of general contractors and to have a plan in place for any potential problems.
• Commercial real estate planning
• • Pre-construction planning is key to ensuring a smooth project.
  • Having the right team on board is essential and relationships are key to success.

[12:16 - 13:30] Closing Segment

If you are interested in my coaching and consulting program, please reach out to me through email at shane@shanemelanson.com. I want to make sure to cater to those interested, so please use the word “coaching” on the body or subject line.

You can also follow me on Linkedin, and Twitter. If you would like to go even deeper into the world of commercial real estate, head over to Shane Melanson, a roadmap to investing in commercial real estate! Get my book Club Syndication - How The Wealthy Invest Their Money.

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Tweetable Quote:

“The solution, at least in my experience, is preconstruction and really picking a general contractor early to help you through the design phase and value engineer to catch any mistakes now before it's too late.” - Shane Melanson