The need for research in real estate extends beyond residential and commercial properties and opportunities. I'm often reminding my clients and connections about the need to research costs and pricing. Sometimes I talk about searching for 'backup' vendors. There are thousands and sometimes millions of dollars on the line. I want to know that if a vendor of mine screws up that I have someone else at my fingertips I can reach out to with confidence.
However, doing research should not stop upon finding whatever opportunity or change you are looking for. Be ready for if and when things don't go as planned.
The article linked below tells the story of a state hospital in Hawaii which was built and opened less than four years ago. Its roof already needs replacing to help with leaks and other structural problems which have caused millions of dollars of emergency funds to be put in place.
This tells me that not enough research went toward finding the original contractors, vendors, or materials used in the project. However, my point here is that much improved research methods need to be in place to plan these repairs. Make this building an example for other state agencies to follow.
If I owned or if it was my job to operate a multi-million dollar property, I would be researching and finding out everything I could about this hospital facility. I would want to know which providers were involved in the original construction and then see what changes are made as the multi-million dollar repairs are taking place. I need to be sure that my people don't make the same mistakes, and that "my" property is as safe as possible from having problems like the ones at the hospital facility.
There is no telling how much spending a few thousand dollars on a research person or team could have saved the State of Hawaii, investors, and vendors. This is valuable information no matter where you and your property are located!
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