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Real estate developers should practice smart planning for their projects, particularly in new markets. The companies will have to identify the need and integrate sustainability initiatives, among other things.
Smart planning for developers will help ensure the success of projects. They should identify the need and know the market while taking advantage of technology.
The Philippine real estate industry is experiencing massive growth, buoyed by the influx of foreign investments and the value created by the host of infrastructure projects currently under construction.
Developers should take advantage of the economic boom and build worthwhile properties that will cater to the preferences and demands of customers, particularly in new markets. However, that is easier said than done, as planning projects require several important components, with each one contributing to the property’s overall success.
Real estate companies will need to practice smart planning to ensure the success of their projects. Here are the necessities to smart planning for properties in the Philippines.
Identify the Need
When an opportunity presents itself to develop a property, one of the first things that real estate companies should do is to identify what kind of property the area needs. It would be disastrous if a condo unit is built when an office building would have drawn more interest. Similarly, the project will not find success if it goes high-end when the demand is for low-cost spaces.
Identifying the need will also help determine if the company will push through with the project, according to its available budget and expertise. While real estate developers should always look to expand their knowledge and experience, taking on an expensive project with no prior background would be a major gamble.
Know the Market
Once the need in the area is identified, the company should turn to know everything it can about the market to fill out the rest of the plan for the property. If a condo unit will likely draw the interest of students, perhaps one of the features that can be incorporated is a library or study area. If BPOs will likely occupy an office building, plans will need to consider that the property will be operating nearly 24/7.
By figuring out these details, the property will already be meeting the needs of the target markets as early as the planning stage. This will help set a clear goal for the project as it moves through the different phases.
Choose the Right People
After identifying the type of property and knowing the individuals or businesses it will serve, the real estate company should start filling out the team that will be behind the project, including the project manager. The team should be composed of a healthy mix of people with collaborative views that will positively contribute to the planning of the property.
The project’s team may include members who may be considered as novices, as long as there are enough experts on board to make sure that there are more people teaching than learning. More importantly, the team should always be communicating with each other to follow the proper processes and make sure that milestones are achieved on budget and on time.
Upgrade with Technology
Planning for a project should consider all the available technology. There is various available software to help with property planning, with features for cost assessments, work schedules, and progress tracking. There are some free tools, but the premium software that requires a small upfront investment will be worth it for the better features.
The property itself will also need to include some of the latest advancements in technology, though the team will need to make sure that there are no mismatched components. The Internet of Things trend is currently growing due to the conveniences provided by internet-connected devices, but it will have to be designed according to the type of property and its target market.
Integrate Sustainability
Following the advancement of technology with real estate applications, property planning should also consider sustainability initiatives for the project. Sustainability is another important trend in the industry, and it may apply as soon as construction starts through to when customers are already using the property.
Integrating sustainability initiatives when planning a project may lead to higher costs, but it will provide various benefits in the long-run, not just for the company and its property’s customers but also to the surrounding environment. Examples of such initiatives include installation of solar panels to generate electricity, usage of energy efficient LED lighting, and water-saving features such as low-flow toilets, rain collectors, and xeriscaping.
Take Advantage of the Internet
Project planning includes how to market the property, for which the internet will be the team’s best friend. Getting the word out on a project as soon as the details are finalized will help generate early interest, and possibly early reservations for additional funding. In addition to the company’s official website, social media will be a powerful tool for the property’s marketing efforts.
The internet will also help in all other aspects of planning, such as through online surveys for knowing the target market and providing cloud accessibility for the software that the team uses to the members.
Smart Planning at The Outlook Conference 2019
Smart Planning: Creating Value in New Markets is one of the topics at the upcoming The Outlook Conference 2019. It will be the perfect venue for real estate developers to learn more about project planning from experts in the field, with a view of maximizing the value of investments.
The Outlook Conference 2019 will be held at the Makati Shangri-La on October 17, featuring five sessions on various aspects of the booming real estate industry in the Philippines. In addition to Smart Planning, the other sessions at the conference are titled New-Age Customer Experience: Transforming Marketing in the Age of Disruption; Fresh Perspectives: Mapping the New Sales Matrix; Paradigm Shifts: The Future of Sharing Economy; and Changing Face.
Real estate companies who would like to send representatives to the annual event, which will look to highlight key trends and initiate important conversations on the current state of the property sector, may send an email to theoutlook@lamudi.com.ph.
Sources: Slideshare, Simplilearn, Watchdog PM
