As a builder, the dream is to have access to prime lot inventory in new developments. AMRIK, an industry leader in community development, offers advisory services to home builders on how to find the best lot inventory. Here is their take on how to gain access to premier lot inventory and become a successful community builder.
Form Solid Relationships with Reputable Developers
Do your research and find developers who have values that align with the way you build and how you interact with buyers. Look for area experts with great reputations and who are selective in the builders they collaborate with. Then ask:
- For a list of their past developments, as well as other builders they currently work with.
- What their values are within their communities – sustainability, green space, families, etc.
- Do they participate in philanthropic activities and give back to the community?
- What are their relationships with industry partners like? Can they provide references?
- How do they choose their builders and industry partners?
Look for a developer who prides themselves on quality and similar values to your own and who distributes lots fairly. Also, make sure that you have a contact there who is responsive, and you can build a great relationship.
Protect Yourself with Legal Representation
Real estate transactions are contract-heavy, and there are so many details that can become liabilities without the oversight of a good legal team. In fact, most of the process does need to be conveyed through a lawyer to be legal! Deposit trusts, title transfer, and possession are all part of the legal purchase of a lot or a home, and both the seller and purchaser need to have a lawyer to represent them. Beware a developer who offers a direct sale, as you could run into legal complications down the road. If you require a lawyer, please reach out to us, and we would be happy to assist you!
Brush Up on Your Understanding of Legal Contracts
There is no single standard contract for developers. Each developer creates their own contract and their own terms. Additionally, depending on the type of development, there may be additional obligations and restrictions that builders must follow. Before signing anything, read through it in detail. Now, contract language can be very drawn out, which is why the AMRIK team offers contract reviews as part of its advisory service package. Additionally, your legal representative may be a good resource for this.
Stick to Your Strengths
When given an opportunity to work in a development, it can be easy for builders to say yes to a good deal and put their own values and strengths aside. The general result of this is poor execution and strained relationships with the developer and the end buyers. If you know that a certain style of build is your forte, take the time to find a development where it fits, rather than trying to perfect a new skill on the fly. You want your work to be remembered and you want to be proud of what you can do – and your clients deserve the best you have to offer, too!
Partner with Developers Who Want to See You Succeed
As a builder, it can feel like everyone is in competition. When choosing your partnerships, it is important to look for developers who offer service and support to their builder partners. That is exactly why AMRIK was designed to be more than simply a development company. They focus on teaching investors and builders how to grow their businesses. Every builder partner receives guidance, insight, and expertise to maximize and protect their investment.
AMRIK brings this approach to all builder partnerships, and it is one that has been proven successful for builders in various Canadian cities including Edmonton, Vancouver, and Toronto. AMRIK is always looking to grow a network of relationships with builder groups, brokerages, investors, and developers to create partnerships that unlock the value of development projects.