Imagine a man whose fridge has broken. This man, a meticulous type-A who panics at the slightest lack of uniformity, must make sure his cautiously-catalogued fridge items do not spoil. He’s at the end of his wits, calling repairmen across town in desperation to get someone there immediately, so as not to lose his precious eggs. He finally hears a quote he likes, and he hires the crew.
They show up an hour later, equipment in tow. They remove the fridge doors and yank off some paneling, which panics the meticulous man. Forgetting to check himself, he curtly tells the repairmen to be more careful, to which he receives a dirty look. Finally, they discover what’s stopping the fridge’s cooling pump, and fix the faltering equipment. As the crew puts the paneling and doors back together, the meticulous man goes to inspects the work before experiencing a twinge of guilt. Perhaps he had been a bit harsh before. He decides to give them the benefit of the doubt, pays them the service fee, and see them out.
It may come as no surprise to the reader that the meticulous man woke up late that night to a deafening crash, reverberating through the house. The fridge door fell off.
The first thing that ran through the meticulous man’s mind as he observed the broken door was a particular lesson his father taught him: “Inspect What You Expect.”
Every real estate development manual out there should write this rule on the first page. It should be stapled to the framing wall of every new build. Because when it comes to real estate development, whether it be commercial or residential, inspecting what one expects can make the difference between a satisfying construction process and completely blowing the budget. Whether you’re looking to invest in real estate for the first time or you’ve been in development for three decades, if you can hone one skillset, let it be your observation skills. Inspect what you expect.
Money piles up. Large budgets are complicated, and only grow increasingly so over time. Budgets are blown all the time, and a large percentage of projects going overbudget do so because the job wasn’t done right the first time. It’s inevitable that something, at some point, goes wrong, and when it does, the budget takes the hit. But it doesn’t have to—you just have to inspect it well enough the first time.
Now, this goes without saying, but if you’re to inspect anything to any degree at all, you have to know what you expect. That’s where the Denver Developer Blog & Denver Development Group comes in. As investors ourselves with decades of industry experience, we’ve developed a keen eye for small details found in every step of a real estate development project. From instructing engineers on blueprint details to working on-site with professional contractors, every step of the process requires attention—and inspection. Denver Development Group has found that, if project managers or general contractors or real estate investors just take the time to inspect the work—no matter how professional or reassuring or hostile the contractor may seem—it pays off by saving future headaches and stresses.
Take the time, double and triple-check, and your budget will thank you for it. Or hire a great developer.
Denver Developer Blog was established to help investors and other individuals interested in real estate development with steps in the process. With this resource, hopefully when you show up on your work site you’ll know just what to expect so you can inspect to the best degree. If you’d like to invest but don’t want to have to deal with all the intensive detail, well, that’s what we’re here for!