Property development is an exciting and challenging industry. Of course, if you are interested in entering the industry, there are a few things you need to know, starting with the skills you need to be a property developer.
Property development involves project management, real estate, construction, finance, extensive research, and more. With that in mind, what skills do you need to be a property developer?
A Passion for Property
While passion is your secret weapon, you do need to keep your emotions in check. When you see that site, don’t fall in love immediately. Keep your wits about you and consider absolutely every aspect of the property. You need to develop your site assessment skills.
Assess the following:
- What is the gradient of the property? Will the property require extensive earthworks and retaining walls and water drainage?
- How is the property zoned?
- Are there any hindering structures such as power lines?
- What is the site orientation? In Australia, your building needs to be north facing to ensure the building is cool in summer and warm in winter.
- How easily will essential services such as water, electricity, sewerage, and NBN be connected to the building?
Project Management Skills
First and foremost, there is a level of organisation which is essential. A successful property developer can run a tight ship, ensuring that projects do not run over time and budget. Working closely with your builders, architects, local councils, and more are essential to ensure that the project runs smoothly, is profitable, and successful. Project management requires attention to detail and good people skills.
Learn To Pick Your Team
It’s challenging to enter a new industry without a good team of people behind you. While you are managing the project, you also need the skills to pick and choose level-headed and reliable industry professionals. Property development finance advisors, real estate advisors, lawyers, and engineers, amongst others, will impart the essential knowledge, and advice property developers need.
Consider Getting a Qualification
Many property developers do not hold any property development related qualifications, but some formal education is always a bonus. Some real estate agents, lawyers, engineers, contractors etc. may decide to go into the business, and their existing skills will go a long way to ensuring projects are more successful. Still, those new to the industry need to find ways to get the edge over their competitors. If studying is not an option, consider joining an established property development company to develop your skills and learn the ropes. This may sound like the long route, but it does help mitigate your risk.
Learn To Use Industry Software
Lastly, one of the most helpful things you can do to become a successful property developer is getting hold of reputable industry software. The right software will help you cut down on some of the more laborious aspects of property development. You will get a better grasp of zoning, planning regulations and other essential insights.
It’s not an easy industry to crack, but once you’ve mastered the necessary skills to become a property developer, the potential for success is at your fingertips.