Published on April 9th, 2014 | by Pete0
5 Traits of a Savvy Property Developer
The world of property development magnifies risk, failure and success on a phenomenal level. A mistake can cost you hundreds of thousands of dollars, while a winning venture can propel you to new heights of prosperity. With so much pressure, it takes a certain kind of person to attempt to enter and then succeed in the industry. Could you do it? Ron Bakir is the CEO of HomeCorp, an Australian property development company that has been successfully operating since 2004. Using his wisdom, below you will find five common traits of the property developers who have experienced triumph and longevity in their work.
Go out on a limb. That’s where the fruit is. This inspiring quote from former American president Jimmy Carter succinctly sums up the need for and potential reward of taking a risk, a sentiment understood by the best property developers in the field. Of course, risk-taking doesn’t involve brash, reckless decisions; it is about deciding when it is right to act and having the courage to do so. Are you action-orientated? Do you have enough ambition to urge your forward?
Without being informed and up-to-date, it is impossible to survive in property development. Changing trends, government projects, gentrification and financial fluctuations all become factors when it comes to buying, selling or building real estate. Can you imagine building a shopping centre only to discover that large-scale roadworks are planned for the area for the next two years? A savvy property developer eliminates as many uncertainties as possible through research, planning and constant self-education.
High stakes and high pressure can have emotions running high. It is also natural to become attached to certain projects that you have dedicated much time and effort to. This is a classic pitfall for any business owner. Avoid becoming a victim by staying impartial and realistic at all times, even if it means shelving a project that you have worked on for a year.
A smart businessperson recognises that getting to the top is not entirely a solo effort. It involves the support and help of many other people, including friends, family, business partners and employees. Tapping into these resources, you can receive useful advice, opinions and insight that will aide you in the decision-making process. Remember, however, that you are the person who is making the final decision; don’t be swayed or overwhelmed by well-meaning third parties.
As with most things in life, success is not earned overnight in the property development profession. In fact, depending on your development project, you could be waiting for years to see a return on your investment. Are you in it for the long haul? Could you deal with the uncertainty, the gruelling hard work and the setbacks for such a long period of time? When asked how he turned one property into many more, Ron Bakir simply said As they say, Rome wasn’t built in a day. You keep growing year on year.
Do you have what it takes to be the next big name in the property development industry? Have you worked on a project recently? Share your thoughts and experiences in the comment section below.