Being a property developer is a little like being a conductor. Many different activities need to be coordinated to create the symphony of the strata you’ve envisioned. Some may say that there’s never a dull moment – or a minute to sit down! From locating the perfect property to marketing the final development, a property developer solution needs to support each step of the project for it to add value.
Property developer solutions come in many guises. Some focus on the accounting side of the developer’s role while others are great for project management and assisting with the prioritisation of subcontractor’s tasks.
When you’re conducting a disparate orchestra to create a beautiful structure, a comprehensive software solution that smooths processes and builds your developer brand is the ideal answer. Something that allows you to project manage, handle finances, schedule valuations and preliminary site investigations (PSI), store important documentation, and support marketing for your development.
Before rushing out to invest in a property development solution to support your developer role, consider the benefits you really need from a proptech solution.
Site evaluations and due diligence
Before the first clod of earth is turned or brick is laid, there’s a lot of work a developer must do. Not least of all is gaining the right permissions and ensuring due diligence assessments have been carried out and the results stored safely.
Complete PSI’s support smooth sailing when it comes to applying for planning permissions and determining the costs and time frames of a development.
Working across different systems for valuations, certifications and scheduling is both time-consuming and costly if documentation gets lost or appointments are missed. Software solutions that enable these preliminary processes to be streamlined and monitored are essential for ensuring every box is ticked and detail is taken care of. Even better if the reports and certifications that are gathered in these early stages of a development can be stored in the same digital system.
Proptech solutions that support these early stages of your development will pay dividends in time and convenience as the project grows. Reports and certifications will be easy to find when lenders, planners or other stakeholders request evidence that validation reports, inspections and sampling have been completed to the required standards.
When coordinating multiple contractors to create a building efficiently, and with as little time and cost overrun as possible, communication is key. Getting the right message across to the right people at the right time and being able to follow up without requests falling through the cracks, goes a long way towards making developer’s lives easier.
When communication is across various channels, confirming instructions and following up on requests can be difficult, if not impossible when there is no single system to tie things together. A property developer solution needs to be able to weave together communication threads from SMS, email and phone calls to create a single, easy to follow strand.
In doing so, the proptech solution improves accountability for subcontractors, transparency of processes for the developer and the overall efficiency of the project.
Quality control: managing defects
As the development rises from the ground and nears completion, defects need to be addressed by developers. A survey conducted by financial group Mozo in 2019 found that building defects over the previous ten years had cost owners a massive $10.5 billion in repairs.
The cost to developer’s reputations and future business can be even more severe. Developments that don’t have defects dealt with quickly and efficiently can end up haemorrhaging cash for all stakeholders. In worst-case scenarios, developers may never get another chance to turn their strata dreams into reality.
A comprehensive software solution should enable developers to easily submit issues – with photos if appropriate – and track their management through to resolution. Records of all defects should be automatically made so that they are to hand if disputes arise.
As developments near completion, developers’ minds turn to marketing their property. Bringing the dream to life for prospective buyers is critical for the sales and marketing process.
Digitising handover manuals and providing access to comprehensive building data – floor plans, warranties, details of community amenities and more – helps to build a future-facing brand with clear and consistent messaging that supports the buyer’s journey seamlessly.
Digital packs are easier to deliver to prospects while having the added benefit of costing far less for developers; there’s no need for large print runs of glossy brochures. Information is secure and confidential aspects can be gated to allow access only to those with the correct credentials. The result is a smooth and sleek look for the developer’s brand and the ability to bring the prospective buyer’s dream into full vibrant colour.
Taking care of details
As units begin to sell, managing the finer details of move-ins can become unwieldy. Storing contracts, handing over keys and access cards, and delivering the dream sold in the marketing stages of the development can take a team of people.
Proptech solutions that can continue past the development and construction stages of a project deliver value to residents and developers alike by storing the building’s full history. All documents are safe and easily accessible from a single system. The communication functionality so important in the contractor stage of the development continues to add value in the occupation stages of the project by facilitating relationships between residents and building managers.
Taking care of residents with a custom built app enhances developer brands with a sleek, cutting edge image that supports buyers and future developments too.
An essential system for real estate developers
Considering the entire lifecycle of your development is essential when choosing a property developer solution to meet all of your needs. Separate systems waste precious time and put your security at risk.
BuildingLink’s software solution supports the developer’s journey from the early stages of a project right through to managing life within the strata that’s been built. We’re industry leaders with more than two decades of building management and property development experience under our belts. Our proptech solution is comprehensive, reliable and secure. Get in touch for a free, no obligation demonstration of how we can support your development.