Irwin E. Tauber: Qualities that Fuel Success in Real Estate Development
Experienced Developer Irwin E. Tauber Discusses the Qualities that Fuel Success in Real Estate Development
Irwin E. Tauber is the president and CEO of Taubco , Southern Florida’s leading real estate development and management company. Over the years, Irwin Tauber has earned a reputation for excellence in negotiations, strategic planning, and property management. He says there is an essential skill set for any successful real estate developer and that follow-through is as important as winning the contract. We sat down with Irwin to hear his thoughts on the characteristics that differentiate between a leadership-grade property developer and a mediocre one.
Irwin E. Tauber on Qualities that Fuel Success in Real Estate Development A Talent for Risk-Taking
With more money and capital on the line than we usually see in residential real estate, Irwin E. Tauber explains , a developer needs to have the courage and resources to right wrongs, fix problems, and occasionally absorb losses. Even more important than having the financial stability to absorb losses is a quality of character that makes events that would dash the courage of most people survivable. Irwin says this quality of character can be developed, but it is usually something you’re born with.
Creativity
Often in property development, we need to meet unique needs in terms of the available space, the community served, and the client’s goals. When the demands that fall into each of these need categories create a novel project profile, it may seem impossible. That which has never been done before often looks impossible. But the creative developer embraces novelty and looks for novel solutions to unique problems. When he finds those solutions, Irwin E. Tauber says that he appears to have done the impossible when those solutions work.
Problem Solving
It stands to reason that with unique spaces, communities, and goals of the project, both expected and unexpected problems will arise. A skilled property developer must come up with workable solutions while maintaining the client’s confidence as well as contractors, designers, and architects. Irwin says this takes a level of mental flexibility and people skills that are hard to find.
Investing in Relationships
Keeping everyone on board through the kinds of challenges mentioned above, Irwin E. Tauber explains, requires ongoing support well after the project is complete. It also requires the developer to have a strong reputation for solving problems and creating value where most people only perceive issues.
Irwin E. Tauber says developers who possess these traits are not just focused on completing the job. They are determined to complete the job while successfully maintaining the trust and confidence of investors, contractors, and everyone else involved. Finally, when the transaction is complete and the development is ready for use- an industry-leading real estate developer sticks with the client and/or end buyer to ensure satisfaction. Only then, Irwin Tauber says, can the job be a certified success.
Originally published at https://irwintauber.net on January 23, 2021.
