Then next up, we have a Real Deal from Ben Holt which was a Structural & Cosmectic renovation (..his favourite kind)Renovation in Heidelberg Heights, Banyule City Council.
When we asked Ben what went well with this deal, his answer was "Not really very much unfortunately"....Oh dear!
From SEVERAL problems with their Builder not delivering on his word, MULTIPLE time delays causing the project to span out from 1 year to 2 years (Eeek!) and all the headaches that came along the way, it's a wonder why Ben and his team didn't just 'down tools' and walk away SWIFTLY in the other direction!
Even though Ben did thorough DD on the Builder prior to engagement, the nightmare soon unfolded as the Builders true colours were shown...
This Real Deal is VERY relevant for today's Industry Expert topic as it's something that strikes fear into most Developers hearts out there!
This deal came with surprise after surprise....including when the Builder completed the back portion of the Renovation, he then refused to complete the front half, having to renegotiate a new contract for the front half (they couldn't change Builders it was too hard of a process)....and to top it all off....the Builder then lost his license throughout the build too! WOW!
A KEY TIP....make sure you cater for time delays in your initial feasos people!
Yes, sometimes these things crop up, and often they can't be forecasted as it's hard to know how long / how short is a piece of string, BUT.....if your margins are that tight that you have no room to flex for the unexpected, then you'll inevitably be left short at the end of the day.