Ready to become the best property developer in your market?
Similar to launching into any startup business, breaking into the real estate industry can be tough. While most people will probably opt to become real estate agents, that isn’t the only lucrative job in this growing sector.
Property development has been quite a budding and thriving aspect of the real estate industry for a while. Property developers usually identify good real estate opportunities by developing properties and then leasing or selling them for a profit.
Becoming a property developer requires experience in different aspects of bringing buildings to life. Here are the important tips for succeeding as a property developer.
1. Basic Tips for Succeeding as a Property Developer
Start by learning the basics about real estate transactions, construction, contractors and urban development. This will largely impact your success.
While a degree is an asset, you can also work in the industry at a real estate agency to garner much-needed knowledge and skills. It’s good to obtain a license. Some can be obtained within three to six months.
2. Finding your Niche
Get in touch with an expert in local properties by aligning yourself with an experienced real estate agent. Use them to garner details on prime properties.
Working with this agent will also allow you to determine the market you’ll be catering to. In this way, you will be better able to decide if you are more interested in what residential property developers do as opposed to what commercial property developers do.
Location is a key determinant of your market. Look for areas that are not exactly on the “must live list” but once developed, house prices will soar. Also consider if transportation, restaurants and other amenities, are readily accessible.
3. Clear Targets
Set small attainable targets. Such as acquiring a property for a cheap price, developing it and selling it for a profit.
A small scale approach will help you to better understand the challenges you’ll face. This provides you with great on the job training and sets the tone for larger-scale projects.
4. Teamwork Makes the Dream Work
Build a team of experts who will complement your experience. This team should normally consist of a reputable builder, a designer, an engineer, a lawyer, a financial expert, a zoning expert as well as a person with immense knowledge on permits.
5. Communicate, Communicate Effectively
Knowing how to communicate via various mediums and channels and different people is essential. By effectively communicating your goals, expectations, wants and needs, the project will get completed.
Remember to also be open to solutions and suggestions. You should be able to listen keenly to other’s needs and wants since you will be a service provider. Once you get a reputation for being professional and easy to work with you are likely to get more clients.
You're All Set
We often think that being a real estate agent is all there is to the real estate industry. However, that’s not the only sector of the industry. Being a property developer is also lucrative.
Succeeding as a property developer means fostering key relationships, knowing your market, building a team and setting attainable goals. Once you practice these critical steps you will find success.
If you would like to know more about commercial and residential real estate, please visit those sections of our website.