Jack Bistricer

Five Keys to a Successful Real Estate Project

Many times the success or failure of a real estate business does not depend on the current market, nor on the situation that the local or global economy is going through. Moreover, this is a concept that must be understood in times of crisis, like the one the world lives today.

Being a successful real estate developer is a difficult thing. You need intense business savvy, a keen intellect, and the ability to synthesize and analyze data into a great investment decision. You have to choose the right land to develop on, and then do an incredible job of making the people you’re selling the property to happy.

Jack Bistricer, Chairman and Chief Executive Officer of the Talisker Club, and an expert in business structuring in the real estate sector, ensures that the true success of a real estate project depends on several aspects that must be executed from the conception of the business idea. For almost two decades, Jack Bistricer has been working on the company's integrated platform, driving strategy and growth, identifying and developing key talent and broadening Talisker Club's geographical reach.

With a culture of creative teamwork and a sharp, detailed focus on value, Talisker Club provides the essential building blocks for some of the most exciting projects in the Park City area. Talisker, is one of the largest landowners in the Park City area, with its land holdings spreading from Canyons Village to Deer Valley.

Drawn from his own experience, bellow, Jack Bistricer explains the five keys to achieving success in the development of a real estate project.

1. Structure from the conception of the business idea

The rigor of structuring a real estate business is essential to achieve its success. "This is only achieved by doing a very judicious integral exercise, with an interdisciplinary team", which must carry out a deep investigation of all the variables that make up the development of the project.

2. Understand government policies

In addition to immediately reviewing the environment where the project will be located, it is important to understand the policies of the local and national government at a more macro level, in terms of the business profile (subsidies, reliefs, incentives, exemptions, charges). "In addition, the technical conditions of the area of ​​influence must be fully analyzed, considering factors such as topography, soil, public services, accesses, mobility, environmental conditions and works or procedures to mitigate the impacts that any of these factors may require."

3. Understand the market

According to Jack Bistricer, it is necessary to understand the market, not from the light point of view of how the neighbor fared or how the others sold, but rather to make a judicious almost anthropological study to understand the needs of the inhabitants of the area. , the transformation of customs or the roots of the same, and the absorption capacity that remains or has the potential of the sector to be intervened. This point is essential to overcome the crisis today, since all habits are necessarily going to be transformed and from these new needs it is that architecture, as part of real estate development, begins to play a fundamental role in projects. The market will change based on new needs.

"It is here that most developers make a mistake and decide to launch a project with an excellent location that over time fails due to the type of product, price or specifications with which it was projected, because they did not contemplate the procedures at the time, or didn’t take into account the techniques that would determine the costs and schedule of the business, ”says Jack Bistricer.

4. Rigorous analysis of the variables

After understanding the market, it is necessary to rigorously analyze the rest of the variables. For example, it is valid to say that the market is saturated with a product, that there is no demand or that it is not the time to start with a project in a certain area, “but there will always be a development that leaves everyone 'with their mouths open' , because while others prudently preferred to be conservative, whoever structured and developed it had not only the sense of smell and wisdom to project it, but also did a rigorous exercise in its structuring process accompanied by an expert and specialized team in each of the disciplines that are required for development ”.

5. Responsibility in the mission

We must demystify the concept that making a financial model is structuring a real estate business, this is only 5% of the process. Neither is reviewing a sales report and landing a fantastic design on land. To properly structure a real estate business, it is essential to “feel the land, smell the technical, legal and commercial needs of the business, spread the area, its inhabitants and customs and soak up local politics, structure, is to create the dream of the final recipient of the property in the womb of the experts responsible for making it a reality, is making the city, with social, aesthetic, economic and technical responsibility ”.