Property development is all about persistence. You will never make it to the finish line (at least on time and on budget) without unwavering persistence in almost everything you do. Persistence is about challenging the status quo and not accepting mediocrity. Persistence is about persevering to find a better, faster, cheaper or more valuable alternative to the solution that is first presented. It’s persistence with people that is most important. Persistence to a point of course! It’s a fine line between being just persistent enough to achieve what you need and being a pain in the butt that paradoxically slows things down.
This series ‘Persistence Pays’ is my who’s who list to be persistent with and when you might need to restrain yourself.
Funders (Banks, Investors, Boards and Partners)
When dealing with funders (whoever holds the purse strings) my golden rule is to persistently communicate. Your new word is ‘Persistamunication’. You never know if you will need to extend your funding. A hiccup with construction or a slowing sales market could trigger it. Before you get in that situation, ensure you have a great working relationship with your funders, and that means talking. Communicate the good news in between typical reporting periods. Don’t hold back the bad news. Even if you are confident that you will fix some bad news before they need to know, consider telling the bank. When you do fix something that might have caused a scare (so long as your incompetence didn’t cause it), funders will gain more confidence in you. This is one group that will appreciate you being persistent on the project. So instil trust with your funders and show them just how hard you persist with everyone and everything to see the project through to the bitter end.
The moral of this section: Persistence has a pay-off. Without persistence, development projects can flounder and every day equals extra dollars.
Andrew Crosby
+64 21 982 444
andrew@xpectproperty.com
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