The 10 Challenges Home Builders Face Part 2
Project development in the construction industry is an extremely complex undertaking that requires a large breadth of skills to get right. Home building has some of the industry’s most complicated moving parts and can be intimidating for those looking to get into home building and development. Instead of looking at it one piece at a time contractors can get lost in all of the requirements and demands and never take steps to become a developer.
In this episode of the Mobile Workforce Podcast, we welcome Dominique Main – Director at Epcon Communities onto the show to share 6-10 of the top ten challenges contractors will face when building homes and how to best overcome them. Today’s Episode is number two in a two-part series with Dominique if you haven’t listened to her first episode you can catch it here.
- There are two sides to funding a project. There is the relationship and the strategy. For the relationship, it is suggested that you work with local and regional banks to secure loans. Any time you can see and engage in person with a loan officer that lives in the community you are building in it will only strengthen the stability of the project. On a similar token strategically using both loans and investors gives flexibility inside of a project’s progress and allows for a builder to benefit from both a structured loan and the personal relationships of an investor.
- Building the right team is building stress relief for the builder. Builders that take the time to build their team to function effectively and spend the time over years developing their skills will reap the benefit of enjoying the process and enjoying their success. Take the time as you build your business to build your team.
- There’s margin in the mystery. There is more money to be made outside of the bricks and sticks of home building. The right marketing infuses value into the idea of the home and what it represents. There is value in the lifestyle the home will support, there is revenue in painting the right picture for your customers. Make sure you are reaching outside of the actual building and sell the lifestyle.