It’s easy to get caught up in a great sales pitch. Especially when they make such big promises and paint the picture of your amazing future.
But I want to be really honest and real about this: Property developing is not for everyone.
I’m not saying that to be smug or elitist. Some people just aren’t naturally equipped to deal with the stresses and strains of property developing.
There are certain traits and things you will need to be comfortable with to be at ease with what the property developing mistress will demand of you.
Knowing how to prioritise.
As any property development seminar will tell you, identifying the right order to complete tasks is a key attribute in this field.
Most people get tasks done in an order determined by a scale of ease. The easiest gets done first. The hardest probably never gets done.
Better to focus on what has to be done first and get to those tasks on priority basis.
Be decisive in all things – indecisiveness is a deal/ profit killer.
To succeed in property development, you have to be able to move on a deal and close it quickly when you spot a good one.
As a beginner, you’ll probably lack confidence in your skills (because you don’t really have any yet).
You’ve got to draw on any experience you do have… or get the guidance of an experienced property development mentor to help you make speedy, accurate decisions.
Communicate effectively with all sorts of people.
Being articulate and communicating your requirements without any ambiguity is hugely important.
You’ll be dealing with all sorts of professionals; architects, engineers, surveyors and others.
It’s critical to be able to communicate exactly what you need in a way that what’s in your head, and what’s in theirs matches.
Tackling problems effectively and efficiently.
In any project, problems are going to crop up at various stages. It’s just part of the process.
Draw on any and all expertise (yours or others’) and past knowledge to handle them head on and resolve them quickly.
How you approach to the problem plays a big role in how quickly and efficiently you can get back on track.
Some problems may require you to look at the bigger picture to identify the source. This means that once solved you’ll probably never have to deal with that issue again. These are usually issues with your process. Other obstacles need you to focus on working on the immediate problem.
You’ve got to be organised.
There are lots of details that you need to pay attention to when developing a deal.
If you are organised with a plan of action, a to-do list and a schedule you can get most of it done with ease. Getting organised with respect to doing the right things at the right time, managing your time so that you get everything done, every day, is a valuable skill.
Luckily there are plenty of project management and organisation tools now which work cross-platform so you always have access to what you need right on your phone and than on your office computer.
Look down the road.
Property can be a high-risk profession, if you do not pay attention to what is happening in the marketplace.
Mitigating your risk comes down to two things:
1. doing your sue diligence and planning properly so you have contingencies covered.
2. spotting potential problems before they arrive.
If you get these things right then the market, even if it surprises you, will have a much softer impact on your project.
Keeping the reins on your team
Property development is a breeze when every member of your team is efficient and reliable. Of course, this is never the case… we live in the real world. But once you have the right team, and you learn to manage them properly, it gets much, much easier.
You need to be a team player and to nurture the team spirit in every one of your colleagues, too. Remember they are all working for you so it’s up to you to make them play nice.
Check out this brilliant book: Extreme Ownership: How US Navy Seals Lead and Win:
Be proactive – get up early and get it done.
Projects on hand and in the pipeline need constant attention; you just don’t have the luxury of keeping some of them in the backburner while you focus on others.
You’ve got to keep all the balls in the air… like a juggler.
It’s also tempting to only pay attention to a project when there are problems that need your attention. I find it best to be proactive and make sure on a regular basis that things are progressing as they should.
Being proactive, with respect to your projects and continually reviewing them all in succession every single day means that you always know what’s going on.