05 May How Do I Become a Successful Property Developer?
The first thing to know is that you don’t become a successful property developer overnight. It takes time to acquire and develop the skills and knowledge essential to real estate development. But how you go about gaining the skills and knowledge, and how you apply them, can influence how long it takes before you realise your first successful development. Even if it happens to be a relatively small development.
A formal qualification is not needed but having a Bachelor of Property and Real Estate–or similar–will give you a solid foundation in many of the financial, legal, and risk management aspects of real estate development.
Every property developer’s path to success is different, but some of the traits and skills used along the way are common to all developers.
Improve Your Knowledge of the Area
There are tools that help you find prime properties for development, be it undeveloped sites or developed sites that are suitable for something new and more profitable. But these tools work best when combined with actual knowledge of the area too. It’s not all about areas that are growing, you also need to be able to recognise changes in movement patterns and current and planned zonings.
Foster Strong Industry Relationships
Being a successful real estate developer is not a solo venture. As skilled and knowledgeable you might be, strong relationships with other skilled people will still shape your success. From talented lawyers, contractors, architects, and even civil engineers, through to relationships with town planners, sources of equity, and potential buyers or renters. The skill of your network–whether the people are part of your team, or just advisers–can have a significant impact on your success.
Develop for the Market, Not Yourself
Don’t allow your or your architect’s personal taste influence what you develop. Using the right tools, your due diligence will not only account for your budget, but it will also allow you to decide what development would be most profitable–taking multiple variables relating to the local market into account. And with the help of emerging AI tools, your architectural designers can work through dozens of designs and layouts that can then be refined within the confines of your budget and the needs of the market.
Build Up the Right Team
Any successful developer has a team of architects, quantity surveyors, builders and other tradies behind him. Among different professionals, choosing the right architects appears to be the most difficult. Although your vision might seem fantastic in your mind, you’ll need an architect to translate it onto paper, ensuring the perfect blend of functionality and aesthetics. It’s also crucial that your architect has a solid grasp of the local planning scheme, enabling them to seamlessly integrate the necessary elements into your project vision. Last but not least, your architects shall fully understand the cost of their design decisions. It is hard to find creative designers who have good control of the overall construction cost, but it is why Meo Atelier is the right choice for you.