Professional Real Estate Development Quotes

“Development is always a team effort. The lenders, contractors, professional consultants, and other specialists described in this chapter represent the major players with whom developers must be familiar, but they are not the only ones.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“Smaller firms are more often organized by project, larger ones by function. That is, owners of small firms tend to appoint one individual to be in charge of each project, with the group working on that project responsible for all aspects of it—financing, construction, marketing, leasing, and general management. In large firms, on the other hand, one group is responsible for each key function across all projects.3 In some organizations, employees report to two different managers, one responsible for function and the other for”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“A common practice among even very large firms is for the principals to retain the responsibility for making deals, initiating and maintaining strategic relationships, hiring and compensation, the activities most reliant on personal contacts, reputation, and understanding of”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“Mature development companies have built a network of relations with financial, political, and professional players and have cash flow and assets that confer staying power, the so-called deep pockets. These firms tend to focus on larger, more sophisticated projects that tend to be more profitable and that require fewer managers than multiple smaller, less predictable projects. With higher barriers to entry, they usually face less competition.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“Successful developers know that accountability is just as important for functions handled by consultants as it is for in-house services.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“A written agreement that defines each partner’s role, responsibilities, cash contributions, tax needs, and share of liabilities and that sets out criteria for the dissolution or modification of the partnership is an essential document.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“Nonetheless, the time and effort spent in finding the best possible team are a good investment. Developers can spend as much time in search of relationships as they do in seeking investment capital.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business

“Landowners may contribute their property as equity—always scarce for the beginning developer—but they might also supply debt, via seller financing, at terms unavailable through financial institutions. Even if they do not materially participate, landowners can tie up land while financing and approvals are obtained. In income property, key tenants might also be offered partnerships to induce them to lease space in the project, particularly if the project can be designed around the tenant’s specific needs.”
― Richard B. Peiser, Professional Real Estate Development: The ULI Guide to the Business