Management of construction and renovation teams are the central part of the life of a real estate developer. What were we not ...
Management of construction and renovation teams are the central part of the life of a real estate developer. What we would not give for Chinese 100 teams who finish a project on 5 days.
Americans are far from being Chinese when it comes to hard work. The contractor's workers like to receive a weekly fee and the speed of the project is the latest in their concerns.
Therefore, the developer must find incentives and ways to expedite the process of renovation. As with any company, contractor employees are ultimately the ones who hold the business. If they do not do their work faithfully and at the time devoted to it, they will harm the entire investment process.
When the question arises as to what is better to save time or money in renovations, my advice is time.
A real estate entrepreneur should set as short a goal as possible for his projects. Our target for example is Flip Improvement (preparation for sale) in 4 weeks.
We need to make our teams feel the desire to finish projects very quickly and very well.
3 Tips we've tried, I'd love to hear more tips on comments:
- Salary ratings. Most common workers calculate pay by work day. Our prices for example are about $ 110 a day. We have found that raising an extra $ 10 daily for each project that finishes it, makes the employee feel committed to completing the project. An employee who has completed 5 projects is promoted to some managerial position where he is educated and receives bonuses as the team and project progress.
- Scratch cards. Yes yes you heard right. Now think for a moment who most of your contractor workers are.
Every Friday we bring 3 bottles of cola and a handful of scratch cards worth $ 15 to each of the construction sites. The workers feel rewarded and sometimes even win. It becomes a habit and creates a sense of belonging. Know the names of the workers!
- singles job managers. Yes, I know that sounds bad, but in order to get a refurb in 4 weeks sometimes you have to stay on site for the night as well. We've found that single job managers are more self-sacrificing. No need to elaborate on why, I believe everyone understands. But these are just a few small things that make teams faster and more efficient.
It is always highly recommended to know how to pamper and compensate the teams. If the property is sold quickly, they always feel that they are responsible and there is recognition of the hard work they perform.
We will meet tomorrow 🙂
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