I am interested in hiring an architect to work on a real estate development project for me. I am still in the pre-planning stage. I still need to raise funds for the project but I need to get some drawings so I will be able to get an idea of the cost of the project and to raise funds and to excite possible investors.
Having never worked with an architect before I would to know:
1. Is it possible to get the drawing I need without going through the entire architectural work for such a project?
2. How accurate are estimations of this sort?
3. How do I create a win/win for myself and the architect?
4. What is the fee for something like this?
5. Any thing else you think is necessary I should consider?
Donna Sink
Jul 27, 14 9:57 am
To help responses be more accurate: roughly how large is this project? How big is the lot, how many stories is the building (approximately). Is it residential, mixed use, other?
Carrera
Jul 27, 14 12:07 pm
Donna, while we wait I think I can jump in and provide some answers to her stated questions:
1. Is it possible to get the drawing I need without going through the entire architectural work for such a project? – Yes of course. All you need right now is a site study drawing, a sketch floor plan and a sketch front elevation of the building. These are used to talk it around, get interest or tenants. These too are necessary to do cost estimating. What we do isn’t all on – all in, it’s an incremental process.
2. How accurate are estimations of this sort? – Cost estimating is educated guessing. The more information the more accuracy. Your preliminary drawings will yield a preliminary estimate. As things progress you keep re-estimating, refine the drawings – refine the estimate. I found that preliminary estimates would be 25% +/-. A really good detailed estimate from really good construction drawings can get as close as 2-5%+/-. Just be sure to state what your numbers represent, “This is my preliminary estimate…..”.
3. How do I create a win/win for myself and the architect? That is easy. I am trying to post a forum here that includes the subject of architects getting in to development; you may be interested to follow. Look to this Discussion Forum, there are many young architects looking for a starting opportunity to be involved in development. You said you were looking for investors…This is perfect. Offer to bring an architect in as a general partner with you. His/her work - His/her ideas, designs, concepts, drawings etc, all add value to a project and are his/her equity in the project. You are right to use the term “Win-Win”, this would be win-win. Keep using the term with everybody, it’s the right attitude.
4. What is the fee for something like this? I the case I suggest there would not be a “fee”.
5. Any thing else you think is necessary I should consider? I revert back to Donna’s questions for this. A number of things are “necessary”…if you add specifics and/or ask something specific you will get a specific answer and more ideas. Don’t do like some, pose a few questions, sit back and disappear, try to feed/steer the discussion with more details/questions as they come to mind.
Hope this has been of help.
Bench
Jul 27, 14 12:25 pm
Really Carrera? You would not ask for a fee in this situation after doing a site scheme, base plan and sketch front elevation?
Carrera
Jul 27, 14 1:35 pm
BenC, I am not suggesting not getting paid. One would not be volunteering pro bono. They would be investing the value of their fee. If they need the cash they could easily sell their shares later and think of it as deferred compensation. Development projects can also grow in value as they come to fruition and add to the base fee value. Developmentgirl, you will find that most all architects will not want to participate or can’t because they need to feed the tiger, but there are some that are looking to get into development opportunities as a way to create investments or create work for themselves.
developergirl
Jul 28, 14 6:46 am
@Donna The lost size is 50m by 200m. (4 town lots) It is overseas. It would be mixed use retail at the bottom, office and residential. Between 8 to 10 stories.
@ Carrera Thanks for your insights. This will give me a head start in my conversations.Your thoughts on brining on an architect are interesting and innovative. I will be on the look out...
batman
Jul 29, 14 1:48 am
developergirl
can you hire me to do your proforma? im training as a msred + m.arch right now. i can provide you design AND provide market analysis research AND investment analysis.
developergirl
Jul 29, 14 3:09 am
Lets Talk. Send me a direct message along with your resume.
awaiting_deletion
Jul 29, 14 7:05 am
Everything up front to get investors, from plans to renderings to marketing animations to even a website for 2-3% "investment"....paid when your investors get paid. If I did my math right you are suggesting a nearly 1 million square foot project? Includes finding, overseeing, and somewhat managing the local architecture firm who will deal with local municipalities and produce drawings for bid and construction.
developergirl
Jul 29, 14 7:21 am
Sounds interesting. Please send me a private message or let me know how to contact you. Lets continue the conversation.
proto
Jul 30, 14 2:43 pm
tdcontainer, participate in the forums if you want, but don't just spam everyone
I am interested in hiring an architect to work on a real estate development project for me. I am still in the pre-planning stage. I still need to raise funds for the project but I need to get some drawings so I will be able to get an idea of the cost of the project and to raise funds and to excite possible investors.
Having never worked with an architect before I would to know:
1. Is it possible to get the drawing I need without going through the entire architectural work for such a project?
2. How accurate are estimations of this sort?
3. How do I create a win/win for myself and the architect?
4. What is the fee for something like this?
5. Any thing else you think is necessary I should consider?
To help responses be more accurate: roughly how large is this project? How big is the lot, how many stories is the building (approximately). Is it residential, mixed use, other?
Donna, while we wait I think I can jump in and provide some answers to her stated questions:
1. Is it possible to get the drawing I need without going through the entire architectural work for such a project? – Yes of course. All you need right now is a site study drawing, a sketch floor plan and a sketch front elevation of the building. These are used to talk it around, get interest or tenants. These too are necessary to do cost estimating. What we do isn’t all on – all in, it’s an incremental process.
2. How accurate are estimations of this sort? – Cost estimating is educated guessing. The more information the more accuracy. Your preliminary drawings will yield a preliminary estimate. As things progress you keep re-estimating, refine the drawings – refine the estimate. I found that preliminary estimates would be 25% +/-. A really good detailed estimate from really good construction drawings can get as close as 2-5%+/-. Just be sure to state what your numbers represent, “This is my preliminary estimate…..”.
3. How do I create a win/win for myself and the architect? That is easy. I am trying to post a forum here that includes the subject of architects getting in to development; you may be interested to follow. Look to this Discussion Forum, there are many young architects looking for a starting opportunity to be involved in development. You said you were looking for investors…This is perfect. Offer to bring an architect in as a general partner with you. His/her work - His/her ideas, designs, concepts, drawings etc, all add value to a project and are his/her equity in the project. You are right to use the term “Win-Win”, this would be win-win. Keep using the term with everybody, it’s the right attitude.
4. What is the fee for something like this? I the case I suggest there would not be a “fee”.
5. Any thing else you think is necessary I should consider? I revert back to Donna’s questions for this. A number of things are “necessary”…if you add specifics and/or ask something specific you will get a specific answer and more ideas. Don’t do like some, pose a few questions, sit back and disappear, try to feed/steer the discussion with more details/questions as they come to mind.
Hope this has been of help.
Really Carrera? You would not ask for a fee in this situation after doing a site scheme, base plan and sketch front elevation?
BenC, I am not suggesting not getting paid. One would not be volunteering pro bono. They would be investing the value of their fee. If they need the cash they could easily sell their shares later and think of it as deferred compensation. Development projects can also grow in value as they come to fruition and add to the base fee value. Developmentgirl, you will find that most all architects will not want to participate or can’t because they need to feed the tiger, but there are some that are looking to get into development opportunities as a way to create investments or create work for themselves.
@Donna The lost size is 50m by 200m. (4 town lots) It is overseas. It would be mixed use retail at the bottom, office and residential. Between 8 to 10 stories.
@ Carrera Thanks for your insights. This will give me a head start in my conversations.Your thoughts on brining on an architect are interesting and innovative. I will be on the look out...
developergirl
can you hire me to do your proforma? im training as a msred + m.arch right now. i can provide you design AND provide market analysis research AND investment analysis.
Lets Talk. Send me a direct message along with your resume.
Everything up front to get investors, from plans to renderings to marketing animations to even a website for 2-3% "investment"....paid when your investors get paid. If I did my math right you are suggesting a nearly 1 million square foot project? Includes finding, overseeing, and somewhat managing the local architecture firm who will deal with local municipalities and produce drawings for bid and construction.
Sounds interesting. Please send me a private message or let me know how to contact you. Lets continue the conversation.
tdcontainer, participate in the forums if you want, but don't just spam everyone