Ideally, if you’re looking to get into a career in real estate development, you’re already involved in the real estate industry, but it’s certainly not a requirement. Maybe you’re a Realtor looking to take on more responsibility and spend more time really working for yourself. Perhaps you’re a broker who simply wants to take the next step in your career. Or maybe you have no background in real estate, but you think that property development is a great way to invest your money and have a direct hand in getting a return. Whatever your background is, here are some tips for your new venture into property development.
No Man (or Woman) is an Island
If you’re planning on pursuing your property development dreams, the first thing you need to do is to find some people you can trust to work along with you on this. Building a team is essential in any sort of business, and property development is certainly no different. Having a lawyer, a realtor, a surveyor, and an accountant will go a long way in ensuring that you don’t break any laws on any level which will save you a massive amount of money in the long haul.
What is Your “Why?”
Now that you’ve at least made some contacts that will work with you going forward, you have to figure out what exactly you want to do with your new property development business. While the obvious answer is that you want to make money, this step is really about identifying your niche in the market. If there’s a need for residential developments, pursue that. If there’s an opportunity for a shopping center, start working on funding for that. Find what’s needed and go that direction.
Make a Time Line
Now that you have your “who” and your “why,” you just have to decide on your “when.” Sit down with your trusted advisers and develop a timeline that will get you on track. Having benchmarks to meet and knowing when you should meet them will help you avoid aimlessly spending time and money without things progressing.
Best of luck in your new property development business. Real estate has long been a favored investment of many of the world’s most successful people.