The Real Estate Questions You Need To Answer – At Altitude
In designing, managing and leading hundreds of ‘building campaigns’, these are questions we ask – at altitude:
- Are we in the Re-Construction Biz or the Impact Biz?
- What is the Purpose(s) of the ‘Space(s)’?
- How does it relate to our Vision?
- Have we dealt with the ‘Footprint’ & ‘Bubbles’ before Wall Coverings & FFE?
- Do our Financial Goals match our Constituent’s Capacity?
- Is this about ‘Ownership’ or ‘Control’?
- How do we Share this Story (of Impact) vs. ‘Sell Recognition/Naming Rights?’
- Have we explored Partnerships? Multi-Use Facilities? 24/7?
- Have we engaged all stakeholder groups to validate that we have the best solutions/plan?
- Are there other cheaper and/or more creative real estate solutions to achieve our goal? If so, can we address why we’re not pursuing?
- Have we looked at all Creative Financing Opportunities?
- Are we telling the architects and planners what we want and need, what we can afford, how it fits… or are they telling us?
- Cost per sq. ft. needs to fit our situation
- Entire Project/Cost must enable our Case for Support
- Can this be divided into phases? (Both Building & Funding)
- Can we take 3 to 5 Year Commitments? Do we need Bridge Financing or a Construction Loan?
- Have we made Everything A Project? (within the Big Initiative)
- Are there Projects (In-Kind Opportunities) to Maximize Gifts?
In sharing this, I also want to encourage leaders and readers to engage with us EARLY in the formative stages of a building project or strategy. By asking the right questions up front you can save time and money – but it’s not just about that – It’s about identifying the right solution and needs to help you with your impact!