Critical Thinking,  Problem Solving &  Decision Making

The development process is an exceptionally iterative process that is continuously reviewed and adjusted. To ensure the timely completion of a project, development managers must be able to quickly adapt and overcome unexpected events and obstacles. Construction tasks must closely follow project schedules and timelines; however, projects do not always proceed as planned. Countless risks and obstacles, to include imperfect designs, labor and supply chain shortages, shifts in the political arena, drastic changes in market demand, etc., can suddenly become detrimental to a project. Ultimately, it is the developer's responsibility to foresee and overcome any and all obstacles that may delay the timely completion of a project. For example, the goal of a land development manager should be to reach substantial completion in a timely manner and allow a lot take-down to commence. As soon as the last lots are sold to the builder(s), and all the common lots are deeded to the HOA, the developer can terminate the project; and thus, move forward with the next land deal. 

In worst case scenarios, a reversion plan, or exit strategy, may need to be executed to avoid imminent financial risks or losses. By understanding market cycles, developers and investors can make educated assessments as to which assets they are more willing to risk developing and investing in. Market studies can be used to evaluate the conditions of the real estate market, and they can help developers make informed judgements about where they believe the market is within the real estate cycle. Below, is a memorandum I drafted after reviewing a market report for a 272-unit apartment complex in Lewisville, Texas. The report did not have enough relevant data, and it lacked credibility for multiple reasons. Too many questions remained unanswered by the third-party agency, and I strongly recommended that further review of market demands needed to be conducted before continuing with the rest of the development process.