An aspiring property developer came to our office and sought to see me. He said he’s aware that a lot of families give us their briefs to help get suitable developers for them and he would want for us to consider him.
So I asked him how much capital he had and he said 500k!!! That’s not enough was what I told and he said once the work has commenced he’ll use the rents from interested tenants to complete the structure. We never called him after that day.
There are developers and there are developers. Unfortunately many families believe they can handle the technicalities involved in such a transaction and they end up getting their fingers burnt.
A family whimy we had introduced one of our trusted developers to,decided on their own to go for another who offered them more money.
The developer ended up putting up a building that has no parking space, poor ventilation cause he used up all the land and poor finishing . Though the building is less than 6 months old, there are visible cracks that one can expect in a 15 year old house.
When other members of the family saw what the developer had done, they refused to sign their portion of the agreement. Only three family members signed out of seven.
Those who opposed ask the developer to hand over their property the way he met it. The developer said that won’t happen. Very soon the matter will be in court.
So before you engage a developer, involve those who are in the business and who know the right questions to ask and the pit falls to avoid.
Even developers who have the financial strength may be lacking in knowing the need to do that which is fair and right .. To many of them, its all about the money and not quality.
Don’t fall a victim. Avoid costly mistakes. Involve those WHO KNOW.

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