Wadi Hanifa works directly with organizations and companies to develop real estate projects. The primary role of WaHa is to manage the entire real estate development process, from initial concept to the start of operations for the finished project.
While other members of the real estate development team perform specific tasks at different stages during the course of development, WaHa oversees the entire process and is engaged throughout all stages.
By working together, the owner and Wadi Hanifa become the "developer" of the real estate project. While the owner is responsible for decision-making, we take on the responsibility for managing the entire development process, coordinating the work of the development team, serving as central point for communication and decision making, and providing advice to the owner. In addition, the development consultant takes on a number of specific tasks either independently or in conjunction with other members of the development team. These tasks normally include:
Developing real estate is a complex process involving years of effort, large sums of money, and the work of many professionals. In recent years, changes in financing procedures, shifting market needs and demands, increasingly more complicated government programs and development regulations, and evolving design requirements have all added to the complexity of the real estate development process. An experienced professional development consultant offers owners the comfort of having someone "on board" who understands the complexities of real estate development and has navigated through the process many times before.
Decisions made, or not made, early in the development process can have a major impact later in the process. Awareness of how early decisions impact later in the process is one of the skills a qualified development consultant brings to a project.
Because developing real estate is a cumulative process with each step forming a foundation for the next, it is important for the development consultant to be hired by owners as early as possible in the process.
For most projects, development consultants guide owners and the development team through a five-step real estate development process.
1. Organization & Property
During the first step, the development consultant helps the owner assemble the development team, identify the project’s goals and objectives, secure/define the property to be developed, and develop an initial building concept. The development consultant also assists the owner in assessing its own financial and operational capacity to undertake development of the project.
During step two, the development consultant works with the owner to assess the project’s feasibility. This step typically involves helping the owner with tasks such as: market/need/demand analysis, preliminary designs, preliminary capital and operating budgets, financing applications and negotiations, and zoning / development approvals. The goal of the feasibility stage is to help the owner determine whether it should proceed to the next stage of development.
Once feasibility has been determined the next step is pre- construction. Deciding to go to preconstruction is normally a major step for an owner as it usually involves significant expenditure of funds for architectural and engineering services. During his stage the development consultant also helps the owner determine an acceptable construction contract. The goal of step three is to arrive at a final capital cost budget, finalize agreements, and achieve all necessary approvals in order to proceed with construction.
Step four is construction of the project. During this step the development consultant participates in construction meetings, helps the owner resolve any construction issues that arise, accounts for all project costs, and facilitates advances from financing agencies. Depending on the project, the development consultant may also need to initiate and coordinate the marketing / pre-leasing / pre-sales process.
The final step in the development process involves assisting the owner with setting up for on-going property management, initial move-ins, clearing-up construction deficiencies, and finalizing the project's capital cost. Depending on the situation, the development consultant may also need to help the owner initiate staffing or enter into an on-going property management contract.