“Success is a great tool, but failure is a great teacher.”
Success and failure are two sides of the same coin. While it is important to celebrate moments of success with enthusiasm and pomp, it is also vital to not perceive failure as a demotivating factor. Several renowned global leaders assert that failure makes us rethink, reconsider and find new ways and strategies to achieve our goals.
Being a laurelled leader, Christopher F Milam (Real Estate Developer) firmly believes in celebrating success while evaluating the elements of failure. While he has been successful, he has also witnessed numerous developers who have not been successful or have had projects that have failed. Today, Christopher is a successful real estate developer, entrepreneur, business owner, and innovator based in Austin, Texas.
During a recent conversation with Mirror Review, Christopher elaborated about his latest as well as past business ventures. He also highlighted several key factors that are necessary to succeed within the real estate avenue, including how to ensure effective lead management. Following are some of the snippets from the insightful conversation.
Being an experienced leader, how are you leveraging your profuse business experience? Can you please mention some of your latest business ventures?
Honestly, I have evolved as the driving force behind several successful real estate development projects, including the Hill Country Galleria and Shops at the Galleria (Bee Cave, Texas). I am currently overseeing multiple projects across Scottsdale, Arizona, Eastern Europe, and Austin, Texas, most notably the Violet Crown Amphitheater and White Rocks Entertainment District.
Being a longtime leader in the business community, I have extensive business experience in the areas of transportation, technology and urban planning. This includes founding and leading three notable enterprises, including the Houston-based Quantum Machines Corporation, Austin’s International Development Management (IDM), and the Palo Alto, California-based Supernature.
Throughout your career, what success strategies have you garnered to make your development projects a success in the market?
I want to help other developers learn what makes a real estate development project successful. I believe the following factors should be at the heart of every successful real estate development project.
- Considering whether there is truly a need for the development project in the area you are considering.
- Having a cohesive plan and the money to make that vision come to life.
- Creating a projected timeline and sticking to that.
- Taking the time to really learn who will ultimately be buying, renting or using the development to help include factors that may make the space more appealing for clients.
- Considering the aesthetic and design of the development.
In short, learning what the keys are to successful real estate development, including meeting a community need, meeting end client needs and expectations, sticking to a budget and timeline and making a profit, can help increase your chances of creating a successful real estate development.
According to you, what are the various factors that determine the success of a real estate development?
Losing money can be a hard pill to swallow, but there are a few things you can do to increase the chances that development is successful. One of the first factors to consider when determining whether a real estate project may be a success is whether there is a need for the development in the community where the project will take place. Another factor that plays a huge role in whether a real estate development will be successful is how well the project meets end client needs.
Money is key to determining if a real estate project is a boom or a bust, so sticking to a budget and a completion deadline is one of the best things you can do if you are creating a successful real estate development. The final key to a successful real estate development project is profit. Some real estate developers sell their project once it is completed, while others rent theirs out. Regardless of which you do, you need to either sell the project for enough money to make a profit or rent the spaces out for enough money to be profitable.
Apart from business and real estate development, are there any other interests/passions that you pursue?
In addition to working in business and development, I also maintain a strong interest and passion for Natural Philosophy, a philosophical study of nature currently experiencing a resurgence around the world. I currently devote my time, energy, and intellect to obtaining a deeper understanding of the true nature of reality, as well as how applying that knowledge through technological innovation can help drastically improve the human condition.
Having developed a keenness for natural philosophy, do you think its concept has evolved over time? If yes, how would you define its importance in the modern world?
Natural philosophy is now more complicated than ever, as humans have developed their own ways of changing the natural order. The recent revival of natural philosophy and new discussions have created new areas of study. These include natural reality and what that reality means for humankind.
This philosophy explains nature’s role in shaping human ethics, morals, beliefs, and attitudes and is heavily linked to anthropology and metaphysics. The recent revival of natural philosophy and new discussions have created new areas of study which now include natural reality and what that reality means for humankind.
With respect to your affinity for natural philosophy, how do you ensure incorporating it in your day-to-day activities/life?
I believe that understanding human nature can be coupled with technology to improve the human condition as well as the surrounding natural environment. Speaking about myself, I leverage my deep understanding of natural philosophy to create more sustainable methods of urban planning, improving transportation, and developing technologies. The goal is to create a better world for all beings, including plants, animals, and humans.
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