Construction Industry News
Despite today's difficult economic environment, real estate still offers a profitable business opportunity. Due to a shift in demand for real estate, business operations are more difficult than usual. One option that holds up here is to outsource certain operations outside the companies. Of all stakeholders in the real estate sector, a developer's job is the most difficult. The role of a developer is naturally a coordinating function. In general, real estate development requires identifying land, devising a product, obtaining approvals, overseeing construction, arranging financing, selling and delivering the project. Over time, functions such as construction and design were outsourced. Several sales and marketing consultancies with specialized expertise have sprung up since the industry began to evolve, including sales experts Anarock, Xanadu and Guardians. The pandemic and a slew of regulations in the real estate industry led to the proliferation of a new model called Development Manager, where the entire company was run by a larger and recognized brand, and the original developer was reduced to a landowner with no brand identity.
Research in the real estate sector has shown that outsourcing various activities can lead to cost savings, cost control, access to specialized competence and specific technologies, in addition to contributing to the overall success of the companies.
The outsourced partners can efficiently capture, maintain and manage data of a very high level of service, use of resources and lease information. A robust data management system is essential, especially at a time when companies revise their strategies every few years to keep up with rapidly changing market demands. In addition to building a strong foundation for advanced data analytics, it also improves visibility into operations and helps make informed business decisions.
There is another emerging model in which developers "insource" talent to run their organizations by appointing specialized agencies and maintaining their brand. Under this model, the developer just needs to acquire the land and get approvals. The specialized agency then takes over and ensures that the development is carried out on behalf of the developer.
Amid a transformation of the entire real estate industry, we are looking for new ways to operate and sell, as well as a plethora of regulations closely watching their operations.
This regime has broadened the scope and accountability of developers, sometimes down to a personal level, while still being a close part of the job. For example, the industry has now completely rethought its business practices and changed its way of doing business to realize that outsourcing critical functions is really the way forward!
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