Crisis Management in Property

Before we start: Want to hear more insights on navigating uncertain markets? Join our Free WhatsApp Broadcast Group.

2023 tested the resilience of property developers. 

High interest rates slowed down the market, making it tough to sell units. 

We faced the challenges head-on and learned a lot about crisis management along the way.

Today, I’m sharing those lessons.

What You’ll Learn:

• How to manage through a crisis in property development
• Key steps to handle financial and operational hurdles
• Strategies for quality assurance and cost control

Step 1: Establish Where You Are

During a crisis, you need a clear picture of your situation. 

Start by gathering key facts. 

Accurate record-keeping, document control, and regular reporting are all essential.

They create a "common source of truth" that everyone on your team can rely on.

Step 2: Resist the Pressure

Crises are stressful, and it’s easy to crumble under pressure. 

Success here lies in having the right team and supporting each other. 

Good teamwork helps keep everyone focused, even during the most difficult times.

Step 3: Learn to Prioritise Fires

When everything feels urgent, you have to quickly identify the biggest issues—the fires that need immediate attention. 

Get comfortable with letting less critical issues "burn" for a while. 

Focus on solving the most critical problems first.

Step 4: Act—Don't Freeze

If you do nothing, things will only get worse. 

Figure out what the worst-case scenario is, then work on solving it first. 

Taking action—even small steps—is often better than staying stuck.

Step 5: Manage Cash Flow

Cash flow is your lifeline during a crisis. 

Keep it flowing. 

Monitor it closely to ensure you can meet all financial commitments. 

Adjust spending where needed, but don’t make cuts that will cost you more in the long run.

Step 6: Know Where to Save and Where to Spend

Sometimes saving costs means spending money wisely. 

Don’t always choose the cheapest option—especially when hiring contractors or professionals. 

Quality often pays for itself in the long run. 

Cutting corners might save money today but could end up being costly later.

Step 7: Use Quality Assurance to Keep Control

When things get tough, holding others accountable becomes crucial.

One of the best tools for this is controlling payments. 

If you hold the money, you hold leverage—use it to ensure that contractors and partners meet your standards.

Crisis management is about staying focused, being proactive, and making smart decisions under pressure.

By applying these lessons, property developers can not only survive a crisis but come out stronger on the other side.

PS. Want to hear more insights on navigating uncertain markets? Join our Free WhatsApp Broadcast Group.