In advance of settlement you need to get together all of the keys, codes, warranty certificates, product manuals and other paperwork that your buyers are entitled to receive once settlement has taken place. You will have contractual obligations to deliver this material, usually on settlement. Sometimes that is handled by your representative (for example the Agent) handing over a package of material onsite. Make sure everything is clearly labelled (for example keys) to avoid annoying your buyers.
However well designed your project there will be variations. Whether it’s accommodating the needs of particular buyers through a change of specifications, taking advantage of an available change in materials or the vagaries of the site as construction proceeds. Ensure that you are clear on the contractual requirements, what the financial implications are and how the variation must be documented. Poorly documented variations are a major source of construction litigation disputes.
If you’re going to use more than one sales team then they have to have clearly demarked areas (for example stock) and they all need to follow the same execution process; usually prepared as a joint effort between the lawyer, the developer and the lead marketing agent. Following the same process makes the job simple, ensures consistent results and will help ensure that you end up with binding contracts.
If you establish a brand, deliver a quality product and a hassle free experience for your buyers, then you will have a ready made second sales force for your next strata development. One way to achieve this is, in every decision in the development process that you make, consider your buyers first. Looking after them does not have to be expensive, it just requires a little bit of forethought.
A great development idea is just that … until you have the development approval. The bank’s valuers do not value potential, they ascertain the property’s market value. If you want to get a development finance loan against the security of your development site, then expect that you will have to get your development approval first.