So… you are thinking of becoming a property developer?
It may seem easy but there’s a lot more to it than one day deciding to hammer up a building.
If you think you are ready to take the plunge, then this blog post is for you.
Because in this post, we’re sharing the key attributes you need to become a successful property developer.
What Exactly Is Property Development?
Property development involves a wide range of activities, from purchasing land to building and developing facilities.
A common definition of property development is “the continuous reconfiguration of the built environment to meet society’s needs.”
And with our population forecasted to increase to 40 million people by 2050, there’s going to be plenty of opportunities for “continual reconfiguration”.
So What Makes A Good Property Developer?
Successful property developers are not created overnight.
Their success comes from a combination of attitude, education and experience.
The best way to think about it… successful property developers are like movie directors.
They take a project from an idea through the design and approval phase, financing, construction, marketing, and then eventually the leasing or sale of the project.
A successful developer assembles a highly talented team of professionals and leads them throughout this process, meaning they need to be proactive and hard working.
They must also be creative, flexible, hardworking, patient, focused, and have a burning desire to succeed.
This burning desire is important! While property development can be exciting, it is not without some pain and risk…
Which is why developers follow a sequence of steps, from the moment the project is conceived to the time they complete construction.
While they might vary slightly, development usually involves…
- Coming up with an idea
- Refining and testing its feasibility
- Negotiating contracts
- Formally committing to the development
- Obtaining development approval
- Formalising building contracts
- Construction of the development
- Completion of the project and finally…
- Sale or leasing of the project
Along the way, they negotiate with real estate agents, bankers, financiers, councils… they must be able to negotiate with people from all walks of life.
Do You Have What It Takes?
Anyone can be a property developer.
But before you decide to take the plunge, you need to ask yourself…
- Do I have sufficient knowledge of property investment and property development?
- Have I assembled a good team to support me?
- Do I have the time to manage the project?
- Do I have deep enough pockets?
If you have answered yes to any of these questions, get in touch with the Adpen team. We’d love to help you on your journey to becoming a successful property developer.