Things to Consider When Hiring Property Developers

Posted by Harshita Agrawal on June 16th, 2017

Millions of people all over the world engage in one or the other type of construction to make their lives more comfortable. This has led to the cropping up of real estate developers all over the world in very good numbers. Despite that, not all professionals that you come across may be as efficient or trustworthy.

Since property developers are the ones who will take care of the entire residential/commercial unit, right from the scratch, you need to give proper thought before you finalize a firm. Here are a few things that you must consider when hiring property developers in Dubai or anywhere else in the world, for residential or commercial properties –

Their background

A background check is one of the most essential things to take up when hiring property developers, especially for a large scale development activity. This will help you ascertain their track record, the tasks or projects that they have already worked upon, and other details about the services they offer. In order to make a proper background research, you can -

• Gather information about their history, past projects, associates, teams, and work philosophy, by visiting their website online.
• Try to connect to their past clients and also meet up with them if possible. You can get in touch with them over the phone and ask about their experience with the firm.
• You can even visit one of their ongoing project sites and have a closer look at how they manage work, the quality of products used, and so on.

Financial security

It is important that the real estate developer you hire is financially secure, otherwise there is a chance that they might-

• Make numerous delays and not deliver your project in due time
• Make use of poor quality materials and techniques to make up for the lack of fund
• Raise their funds by including hidden costs or charging you dishonestly

You can talk to them about their financial reports or talk to bankers about their financial status. You can also derive a rough estimation of their financial position from their project success rate and sales units. In case of a joint venture, remember to include the other unit in your research as well.

Time taken for project completion

There are cases where even economically secure companies fail to deliver their projects on time. Hence, timely delivery is also one of the things that you must inquire after. You can always select listed firms that are expected to make timely project deliveries to their stakeholders. Certain countries even have regulatory bodies that are responsible for listing such firms, based on their economy, success, and other track records.

Checking with the company’s old clients will also help you get this work done.

Legal Documents

To ensure that your dream apartment or villa on a beach in Dubai gets completed without any legal obstructions, you need to ascertain that the firm you hire has proper legal documentations regarding authority approvals, land titles, approval of building plans, construction commencement, etc.

You can take help of a lawyer to make more sense of the confusing terms and conditions.