Accountability is vital in property development. Everything depends on it. Moreover, consumers are becoming more conscious of who they trade with in the business environment. They are now more informed on matters before spending their money and ensure their values are met before signing up for any service. Standards are higher than ever, and property developers must be aware of that.
Accountability is more important than ever in these increasingly perceptive times. There are a few mistakes property developers can get away with today. If you run your own property development firm, then here are some ways you could be more accountable in your operations.
Be Responsive
It’s common for new homebuyers to raise concerns about the quality of their build. Defects may not seem obvious at first but materialise or worsen later. It’s important to put yourself in their shoes and empathise with them during any situation you inadvertently put them in. So long as you’re responsive in this process and do your best to problem-solve with them, these circumstances can be improved upon.
Accountability cannot come through evasiveness. Every firm, in property development or otherwise, makes mistakes. The important thing is not to shy away from them but to tackle them head-on and be seen doing so.
Secure a Structural Defects Warranty
There’s no legal obligation to secure a structural defects warranty. That said, it’s highly recommended that you get one. Your property development firm is worse off for going without. Buildsafe is one of the UK’s leading specialist broker on structural defects warranty and construction insurance. They can help you get quotes on your coverage for free and explain the different types and perks. There are also assurances that it’s transferable. You take out the coverage, and when you sell the development, the remaining period of coverage transfers to the new homeowner.
A structural warranty means there’s no requirement for establishing who’s at fault for defects, dodging expensive litigation costs too. Thanks to the coverage, you can fix any mistakes you have made without any hassle. Many mortgage lenders and banks also insist on it, so a structural warranty can also improve the sale experience you have with the property.
Think About the Future
While fixing mistakes highlights your commitment to righting wrongs, that doesn’t mean you should comfortably lower your standards. Try to raise the bar and make better judgements from the beginning. For example, you can thrive in implementing energy-efficient methods, both during the development process and with the finish of the build. Unfortunately, energy bills continue to climb today, but if there are built-in sustainability and energy-efficient utilities, your property development firm could help to lower them.
You could also engage residents from the outset, consulting them during the planning process so that they can feel fully confident about where they may come to live. Ultimately, your property development firm is in a prime position to implement lasting change, and you should not squander that opportunity.
