Considering a career as a property developer? Not only can this be a smart way to make money in today’s day and age, but property development can also be good fun, interesting, and highly rewarding. It gives you the ability to be creative each day. No two days are the same, and it can be hugely satisfying seeing your vision become a reality. So, what do you need to become a property developer?
Capital
The main hurdle that people have to overcome to become a property developer is capital to invest. There are a few ways that you can raise the funds to invest in property to develop, including cash/savings, buy-to-let or buy-to-sell mortgages, and property development finance.
Time
You should not underestimate the amount of time that is required when it comes to property development. This is not a get-rich-quick scheme, and it can take a long time to develop properties and then make money from them, especially if a lot of work needs to be completed. This is why many property developers choose to continue working while developing either in a full-time role or on the side.
Building Knowledge/Skills
You are making work much harder for yourself if you do not have basic building/renovation knowledge or skills. It is important to at least have knowledge of property development so that you can manage the project, hire the right contractors, and keep your costs down. Ideally, you will have building/renovation skills yourself so that you can do a lot of the work to keep the costs down. Crucially, make sure that safety is a priority when doing your own work by wearing the correct personal protective equipment and only doing tasks that you are confident with.
Project Management Skills
You also need to be able to see the big picture and manage the entire project. You will have deadlines that need to be met and budgets that need to be adhered to, which can be difficult when there are so many big and small details that need to be managed, so project management skills are a must.
Commercial Awareness
It is also important that you have strong commercial and real estate awareness. This will help you to choose the right kind of properties in the right areas, know what buyers/tenants are looking for, and understand how you can maximize profit on your investment.
Resilience
Finally, a property developer must also be resilient. It is not the easiest way to make money, and every project has obstacles and setbacks. As a result, you need to be able to stay the course and have resilience to find success.
This is what is required in order to find success as a property developer. This can be a great way to earn money and a rewarding project to pursue, but it is also not easy and the above are all essential for success.
