The Best Practices to Resolve Stakeholder Conflicts in Real Estate

Stakeholder conflicts are common in real estate projects, especially in the corporate sector where many interests and expectations are involved. Whether between investors, developers, tenants, contractors, regulators, or community groups, solving these conflicts well can determine if a project succeeds or fails.

In this article, you will learn some of the best ways to manage and resolve disputes in commercial real estate by using collaboration, communication, and creativity.

1. Find the Root Cause of Conflict

The first step to solving stakeholder conflicts is to find out why they disagree. This involves looking at their interests, needs, and power, and understanding their views and motivations. By doing this, you can find the main problem, areas where they might compromise, and the risks and opportunities for the project.

2. Communicate Professionally

The next step in fixing stakeholder conflicts is to talk and listen to everyone involved. This means giving them a chance to share their thoughts openly and honestly, listening carefully and understanding how they feel, and responding to their concerns helpfully. This builds trust, clears up misunderstandings, and create a culture where everyone works together.

3. Explore Alternatives

Come up with different ideas for the project. Think of new and practical solutions that can make everyone happy or (at least) improve things. This way, you can have more choices, avoid sticking to one idea, and improve the project for everyone.

4. Negotiate and Focus Towards Solution

Talk and make a decision that works for everyone. This means looking at what everyone needs instead of what they want, aiming for a solution where everyone wins, and using fair standards to decide. Find a solution that’s a win-win for everyone. Stop hard feelings, and make the relationship better and professional.

5. Apply and Track the Solution

After discussion, apply and analyze the agreed solution. This means saying who does what, when things need to happen, how much money and resources are required, and how to check the progress. Doing this can ensure the project is making progress in the right direction. You can also deal with potential problems in advance.

6.Learn from The Experience

After everything is done, keep the lessons with you and improve. Look at the project, take feedback, see what worked well and what didn't, and figure out what you can do better next time. Good or bad, we all learn from our experiences.

You are now wiser and you can use this knowledge to help more people in a better way.

In case, things are out of control and you need an experienced professional to assist you, feel free to contact Terra Alma for a professional commercial real estate advisory in Atlanta.

We’ll provide the best solutions based on the years of experience we’ve collected from the local market.