4 Essential Factors We Consider for a New Engagement
As a professional services firm, Real Projectives® cares deeply about doing the best for every client and adding real value to each project we get involved with.
We are very proud that more than 90% of our work comes from repeat clientele and referrals based on prior excellent performance. Earning and preserving the trust and confidence of our clients is vital. So, maintaining our reputation of achieving outcomes begins with determining which projects we take on and communicating honestly and openly with clients. In this blog post, we’d like to overview four factors we consider when presented with a new opportunity to support existing or new clients.
1. Can we still serve existing clients and projects?
We love to take on new projects and new clients, however, we must reserve enough resources to give every client’s project the care and attention they each deserve. If a new project could keep us from adequately servicing every existing project, we may not take on the additional project.
2. Can we make a difference?
Another thing we consider before taking on a new project is whether our expertise can genuinely improve or add value to the project. For example, we don’t do house flipping or basic interior renovations (like carpet & paint jobs) because our expertise is better applied elsewhere, and our fees would likely exceed the benefits. And because we are focused on managing risks, people who are great risk takers and not used to reporting to others may not be good fits as clients.
3. When are services needed?
In addition to not jeopardizing current clients and projects, we must determine if we have the right expertise and capacity to accommodate the urgency and duration of the new project. If we don’t have enough staff with the expertise to cover the needs over the project timeline, we may step away from those too.
4. What kind of fee structure is expected?
It is important for us to come to an agreement with potential clients on fee structure and payment schedule. Both the RPL Team and clients are typically best aligned through an hour plus expenses model as our services often must modulate to a developer’s level of competency and timeline that we don’t control. For instance, we rarely take a percentage of construction as that doesn’t encourage cost savings. And seldom are we able to establish a fixed total fee because we are engaged so early in the project stages that a defined project scope and schedule are not yet solidified. Therefore, if a client or prospect insists on an approach that would put them or us at material odds, we will decline that engagement.
If you’re planning a new real estate development or renovation construction project, we’d love to discuss your goals, concerns, and risks. Contact us today or call us at 888.357.7342 to discuss how leveraging our knowledge, expertise, and ambition could drive your next project or portfolio to success.
