When it comes to property development companies, is bigger always better?
While you may assume large developers have more experience, this is not always the case and small property development companies have their own benefits to boast about.
Whether it’s cutting the red tape or giving you the chance to voice your opinion and be heard, there are many great attributes of working alongside small development companies.
We’re going to show you why being big doesn’t make a developer the best and why small property development companies come with a host of advantages that make your investment experience easy.
While you may want a hands-off investment, chances are there are going to be at least a couple of times when you want to give your opinion. Small property development companies are able to provide you with a service which makes you feel more involved in the project, and your opinion will be heard.
With larger development companies, you may find yourself having to spend a lot of your time chasing them just to make one baby step in the right direction. This isn’t the case with smaller companies.
If you want an update on the progress of a development, or if you have any questions, you can easily get in touch with someone that will help. You’ll likely even be able to speak to the owner if you ever need to.
More than just keeping up with the progress of the development, smaller property developers often give you the chance to have a practical impact on your property during the build.
This could be by offering you a variety of high-quality appliances to choose from, or by giving you early insights into the development plans.
Because of this, the level of transparency while working with a small development company is going to be greater. Your questions will be answered directly, without being left on hold.
For smaller property companies, everything they develop is a case study they’ll use to grow their reputation. Therefore, they’re extremely motivated to deliver a high-quality product.
A small development company needs to stamp its mark firmly on the local area and property market. Because of this, you’re more likely to see the use of quality brands for the fixtures and fittings and shouldn’t have to worry about corners being cut.
Furthermore, the focus of a small development company will be greater. This is due to the fact they have few developments ongoing and so the senior team has more time to dedicate to each one. That means more attention can be given to the details.
The outcome? You get a high-standard property with a boutique style.
What this ultimately means is that small property development companies aren’t only concerned with their own bottom line. Instead, they care about doing a great job, which, as an investor, is what you want.
Larger development companies will have multi-area knowledge, which, don’t get us wrong, is great for a national overview, but isn’t as much use when it comes to individual market knowledge.
Conversely, smaller development companies are going to have much more niche knowledge of the local market, and know it inside out.
While larger developers have their expertise stretched across multiple markets, small companies typically focus on only one or two areas. That means they can better predict the market and identify future trends or opportunities.
If you find a small property developer you can trust, they can be a hugely valuable resource for local market knowledge in the future. Since it’s easier to get in touch, you have an easy point of contact for detailed knowledge.
When you’re working in a smaller team, your voice is easier to be heard – and more likely to be listened to, right?
The same principle applies to small property development companies. If any specifics of the build need to be changed, ideas can be suggested, considered and implemented far more quickly.
This makes smaller development companies more agile and quicker to react to unforeseen speed bumps in the build or changes in the market.
Contrast this to large development companies where there are more voices and it’s easy to see why bigger developers may struggle to reach a consensus quickly and deadlines may be missed.
Because of this, you’re likely to find that the amount of ‘red tape’ is significantly less due to the simple fact that there are far fewer decision makers in the mix, meaning that there aren’t too many conflicting views from those in charge.
Because of this agility, small development companies are able to make positive changes to current developments, instead of only being able to plan them for the future and you missing out.
Technology in property development is rapidly changing, making properties more efficient, eco-friendly and desirable.
We’ve already discussed how smaller developers can be more agile and one of the key benefits of this is making the most of the latest technology.
This could mean incorporating new smart appliances to make the properties more attractive to tenants, or it could mean redefining and improving how they develop properties from the first planning stages.
Take computer-aided design (CAD) or building information modeling (BIM) as examples. Both of these are ever-improving technologies property developers can make use of.
However, in order to adopt new elements of this technology in large developers, hundreds of people need to be trained. This can result in the implementation of new technologies taking years, by which point they’re out of date.
This isn’t the case with smaller companies because there are not that many individuals who need to be taught how to use the technology.
Technology is the future, and small development companies are able to incorporate it into their projects because they are generally more agile and proactive.
There are so many good reasons and benefits from working with small development companies so they certainly shouldn’t be disregarded.
If you’ve invested with larger developers in the past and would rather enjoy a more personal service, get in touch with us today to find out how we can help you invest wisely in the future.