What Type of Developer Do You Want To Be? Answer These 6 Questions To Find The Answer…
Property development is a slow burn business, which is why it’s important to first focus on your long term vision and then work backwards.
Always start with the end in mind.
The end is your over-arching goal, where you want to be as a Developer. To head steadily towards that, it helps to have clear and actionable strategy.
A solid strategy goes beyond just deciding what type of builds or exits you will complete, how you will source or what methods of finance you will seek out. It’s all about your skills, knowledge and capabilities.
If you’re struggling to find your place as a Developer, answer these 6 questions…
1. Who Do You Know?
It’s no secret that your network is your net worth.
When you’re trying to develop or evolve as a developer start by looking to those who are more experienced than you, who you can learn from.
Ask people specific questions about their chosen areas of interests, market trends they see coming or things that didn’t work out for them. The more variety you get in answers, the better you can evaluate the positive and negatives of each.
2. What Type Of Person Are You?
Before you decide on your Development strategy, it’s important to consider how that strategy will fit your personality.
Are you a people person, highly extroverted? Then why aren’t you seeking out a strategy focused on sourcing and relationship people, or connecting with JV partners.
Maybe you’re introverted, you don’t like attending networking events but you’re detail oriented and highly organised? Then why don’t you play to your strengths and manage a development but find a partner or outsource the social sides of a build.
You need to identify your skillset, and then buy in the rest.
3. What Skills Do You Already Have?
How can you utilise the skills you already have. For the majority of people, they won’t start off in Development, this is not a negative though, as it allows you to draw on the other skills you have developed in your previous jobs.
Do you have an IT background? Why not focus online; build websites, put systems in place, run online marketing campaigns.
Sales background? Focus your efforts on negotiation, bring in JV partners and expand and target new networks to build a range of opportunities. And why not see if any of your sales tactics work particularly well at different stages of a Development.
Legal? Teaching? Banking? Management? Your talents and skills are how you create a niche market for yourself, where you can become a leader, influencer and top developer.
4. How Much Time Do You Have On Your Hands?
Before you dive straight in to a commitment to huge, large scale developments, you need to consider how much time you can realistically commit to your projects.
If you have another full time job or business, it may be worth seeking out a partner with the time to focus on the Development and support you.
The amount of time you will need to commit will change and evolve, and will differ massively depending on what stage of the Development you want to be involved in or where you can outsource.
A good way to figure out where your time should be focused is to decide if you are an ideas man, a planner, a manager or a detail checker. All of these elements are essential for a great build, but you’ll find you have a natural strength or preference for one over the other.
So… if you’re an ideas man, focus your time at the beginning of a build, on finding and creating the best development. If you’re a detail checker, you’re needed most at the end of each stage to have an overall view and make sure you are doing the right things from sourcing, planning, build and exit.
5. What Is Your Attitude To Risk?
Your chosen strategy will decide how many risks you open yourself up to.
This is why it’s important to decide early on whether you are risk averse or unfazed, and adjust the deals you take on accordingly.
You should also weigh up your risk level with your level of experience and amount of investment. Just be smart about your Developments, if this is your first ever build and you are the majority investor, it can be worth choosing a safer option, rather than a riskier choice.
You can avoid risk as much as possible by completing a full development appraisal and having a clear exit plan in place.
6. What Are Your Development Goals?
Finally, you need to think about what you want to achieve with your Development career.
As we have said, you have to start with the end in mind, so that your strategy can move you towards where you want to be.
So think about what drives you the most… Is it the profit? The ability to shape the landscape? The lasting legacy?
Find your end goal and let your passion take you there.
Over the years, we have thought a lot about who we want to be as Developers. After guiding people on their journey and spending time in active and engaging communities, we knew that we want to be educators. We aim to share as much of our knowledge with you, that’s why you can now get our Development process from start to finish…
Just click this link to Download our 7 Keys Blueprint now