I'm working at a hospitality consultancy, where the work is mainly strategy and project implementation.
Without much intent, we've managed to generate a lot of interest from investors for a couple of hospitality project ideas that entail building things from the ground up.
Unfortunately, none of our team have any RE experience. Timelines, milestones, what to pitch, how to pitch, etc.
Does anyone have any resources or advice on where to start, or how a real estate project looks like end-to-end? Are we going to need to bring in a specialist?
Thanks :)
So a team with no RE experience is going to be consulting on a ground-up development project?
Not even trying to be mean here but this is why people joke about consultants being useless.
Edit: I take it back
Lol ideally not. Initial thoughts are we'd like to take lead on developing the "business" concept, have some input on the building concept and design, then take over operations when the building is up.
I'd like to get a full picture of what the entire process looks like, so that we can clearly articulate our involvement/value add and not look silly trying to take on things we're unqualified to handle.
EDIT: key element that is worth mentioning, the investor interest is largely coming from contractors and more "traditional" RE developers. Just want to collaborate and not get eaten alive lol
Gotcha, in that case we would need more information about the projects. Is there a site or flag identified already or are these purely conceptual? Also development processes and timelines are somewhat market specific. Would probably be worth bringing in a specialist.
Thanks, it is purely conceptual at this point and we (someone) would have to find a suitable site.
Do you have any recommendations for material that can help us start speaking the same language at least?
So real estate development is often referred to as an apprenticeship industry due to the fact that it takes years to learn all the skillsets required to run a project successfully from cradle to grave. Not to mention that it usually takes years to complete a single project. I really don't know of any material that I could point you to that would help.
If you just want an idea of a typical process from a high level here you go: find a site -> run due diligence & rezone (if required) -> work with civil engineer & architect to design -> obtain a site permit & begin horizontal work -> obtain building permit & begin vertical construction -> stabilize & operate.
This is extremely oversimplified as many of these stages can overlap, have various sub-stages, and vary based on the municipality.
I'm sure a couple all-nighters with the slide deck and you'll have development nailed down.
Thats the intention lol
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