Finding a suitable fit-out contractor can save you time and money, and provide you with peace of mind. But from what we’ve learned in our experience at Built Interiors, if a real estate investor is looking for just one thing in a fit-out contractor, it’s a mutually beneficial, sustainable relationship. But, of course, relationships don’t just come into being, fully formed. They are created over time. In this article we’ll look at a few of the building blocks that go into making the relationship between investor and contractor a solid one.
Why is a long-term relationship so important?
Budget will always be a deciding factor on any project, but it can’t be THE deciding factor. Jumping from one contractor to the next in pursuit of a lower quote doesn’t really build bridges, but it can often burn them. When you develop a long-term relationship with a contractor, you’re building trust. That means when you have challenges in your business or on a particular project, you have a team of experts in your corner who are understanding, and who can work with you to find a solution.
It also means you have a contractor who knows you, your personal preferences, the standards of quality to which you like things done, and the way in which you like projects to flow.
Some tools for finding the right fit
As an investor, it’s important you and your contractor share a clear understanding of your business goals. Does the contractor you are considering have the same attitude to quality and safety standards? Are they people who dot all of the i’s and cross all of the t’s as opposed to short cuts? Of course, the latter is something you’re not going to find on their website, so take a look at the projects they have worked on in the past and get in touch with some of those clients, developers or investors. What was their experience of working with this contractor? Have they worked with them before? And has the experience from one project to the next been consistent? As with any other aspect of your business, you’re going to want to find out more about someone before you consider working with them.
Your contractor must be tooled up for great communication
Strong communication is the lifeblood of any relationship and project. Bad communication, on the other hand, will be the root of most problems should they arise, causing delays and impacting your budget. So, in the “feeling out” stage of the process with a potential fit-out contractor, ask them about their communication practices and what tools they use to support fast, reliable, transparent sharing of information. For example, do they employ:
Common Data Environment (CDE): This digital platform ensures that all parties involved in a project are working from the same data, reducing discrepancies, confusion and miscommunication. It acts as a central repository for all project data, including drawings, 3D models, contracts, reports, specifications, schedules, and other documentation. This will make it easier for you to track project progress and ensure construction projects are being completed on time and within budget.
Building Information Modelling (BIM): This will create a 3D model of your building with detailed information on its components, materials, and systems. It enables the building to be fit out in a virtual environment, simulating how different options will play out, reducing errors, improving accuracy, and helping to identify potential safety hazards before any work begins.
Building trust and transparency
While the digital platforms outlined above offer you, as a property owner and investor, a clearer picture of how your project is progressing, these should be used in conjunction with ongoing face-to-face communication and conversation.
Regular meetings: These will provide an opportunity for the contractor to discuss project progress, address concerns, and plan for upcoming tasks. Regular meetings also help to ensure that everyone involved in the project, including you most importantly, is working towards the same goals.
Checklists and updates: A key element in a contractor’s chain of communication with you, all stakeholders should be provided with accurate and timely updates, such as checklists and quality audits, to stay on top of any challenges or issues as they arise. A lack of transparency will very likely lead to mistrust and a breakdown in communication.
