5:25 PM| 214KB/s 2 1, all Wr all ZS GD: € READING MATERIAL Introduction In real estate, marketing is only about on-time delivery and on-site construction. When construction is going on the site, the customer gets confidence that the work is in progress and he will get his house soon. So, the first thing that the builder should do in a stuck project is to start construction on the site. The work should be done at a pace that the complete city knows that the work has started on the site again. For this, you need to mobilize the contractor, which means you need to convince the contractor and bring him on the site to work. In 7-10 days, the contractor will bring his machines, manpower, materials, and make an investment into the site and restarts the work. Barter Deal with Contractors Sometimes, despite the fund planning, the funds are not available at the right time and the project stops. To avoid such situation, you should start practicing barter deals with your contractors and suppliers. For example, if the contract is of 10 crore rupees, then you can make a deal with the contractor that vou will give him 8 crore rupees a (C} <45:25 PM | 283KB/s 2 1 all Wr all ZS GD: € READING MATERIAL rupees, then you can make a deal with the contractor that you will give him 8 crore rupees in Cheque and an apartment of worth 2 crore rupees. When you make him contractor plus customer, he will work with more dedication with the motive that he is making his own house. This increases the focus of contractor on quality. Moreover, he will never stop the work because he knows that if the work is stopped, then the value of his apartment will also decrease. Thus, a barter deal is the best solution to keep the development of real estate fast and keep the contractors aligned with the builders. Connect with Customers To restart the stuck project, gear up your sales and CRM team and communicate with the customers. Invite your customer on lunch or dinner on the site so that they can see the work going on site. Be ready to listen to the complaints of the customer when you connect with them after a long time. On the meeting, treat the customer and his family well. Explain the complete plan to the customer, tell them how vou will execute the project. and a (C} <45:25 PM | 283KB/s 2 1 all Wr all ZS GD: € READING MATERIAL On the meeting, treat the customer and his family well. Explain the complete plan to the customer, tell them how you will execute the project, and when you will complete it. Revise the documents with customers (if required). Update the customers about the project progress by sending them the photographs of the site every week. Difficult Customers There are some customers who do not want to be with you anymore because of various reasons like their circumstances have changed; their money is stuck in your project; etc. These are called difficult customers. You need to convince a difficult customer to buy the house. If he is not ready to take the house, then assure him that their money is safe and secure. Tell the difficult customer that you will pay back his money when you get payment from other customers on completion of the project. Tell them that you will repay his money in installments and slowly. Deploy two sales people to handle the difficult customers so that the main boss keeps on a (C} <45:25 PM| 169KB/s 2 1, all Wr all ZS GD: € READING MATERIAL Deploy two sales people to handle the difficult customers so that the main boss keeps on doing the execution work. Do not get frightened, if a customer warns you to take legal action against you because actually, they do not want to go to a legal forum. Just make them understand that you will repay their money slowly. If you start giving refunds to the customers, you will not be able to invest money on the construction and the project will stop again. So, try to postpone the refunds as much as possible. Collecting Money from Customers As soon as your building construction is about to complete, you should start collecting money from your old customers. This money is used to take the development work further. Launching the Project You should launch your product in the market when your first set of the building is almost ready for handover. This will attract new customers to visit your site and convince them to purchase your apartments in your project. a (C} <45:25 PM|101KB/s 2 1 all Wr all ZS GD: € READING MATERIAL As your project is completing on time, the market will become receptive. It will start giving money to you, and your sales will increase. In this manner, your cash flow cycle will also start rotating. Things to Do (i) Hire a good leader and ask him to create a plan. (ii) Make your construction activity fast. (iii) Focus only on delivery. (iv) Take out maximum work from minimum people. (v) Do not focus on profitability initially but focus on cash flows. Things Not To Do (i) Do not keep multiple decision makers (ii) Do not focus on marketing (iii) Do not focus on multiple buildings (iv) Do not give refunds In real estate, if you can deliver the project on time, then recession or any downturn cannot affect you. a (C} <4