Property Development- How to Get started as a Property Developer
Property development is a lucrative career choice. It offers an exciting challenge, and there are plenty of opportunities out there. However, if you want to get into property development, you first need to learn the basics.
There are two main types of property developers – residential and commercial. Residential property developers focus on building houses while commercial property developers build shopping malls, office buildings, schools, etc.
If you want to start a property development in Sydney, here are some basic steps you should follow.
These steps will help you decide whether or not this path suits your personality and equip you with the skills needed to complete any project.
- Set goals.
You have to set your goals before starting anything because you must understand what you want from this job. How will you get there if you don’t know where you want to go with your career?
Think about all of the things that you want to accomplish in life. This might include owning cars, having your own house, or perhaps moving abroad somewhere new. Then develop a list of items for each goal. You can either do this online or by hand. Make sure that there are no duplicates!
- Search for Jobs.
The moment you start looking for property development-related jobs, you begin your journey toward becoming a professional property developer. Numerous websites offer listings of available positions, so you won’t have any difficulty finding work.
A great way to find suitable jobs is through social media sites like LinkedIn or Facebook. Many companies post their recruitment needs on these pages so take advantage of them. Keep an eye open for the advertised types of roles and see which ones look most appealing to you. It also depends on the position whether the company requires experience or not.
- Get Training.
Once you land a job, the next thing you need to do is go ahead and gain the skills required to complete the task at hand. At its most superficial level, property development means acquiring knowledge about construction, finance, and real estate – the three pillars that all property developments rely on. And even though the skill requirements may seem simple, they differ greatly depending on the field you choose to work in.
For example, if you were planning on working within real estate, you would require a basic understanding of the law, tax laws, and local regulations. For those who wish to venture into commercial property development, business administration is essential.
- Start a Business.
Once you’ve gotten yourself trained up, it’s time to begin setting up your very own business. The best place to start as a property developer is joining a community of similar professionals via a co-working space.
Co-working spaces allow people interested in pursuing different careers to come together and share resources. These places act as home offices and provide shared facilities, including meeting rooms, kitchens, printers, computers, phones, and more. They also offer access to other members via training sessions, networking events, and mentoring opportunities.
It doesn’t matter if you choose to join one based around particular industries such as insurance, banking, or legal services. What matters is that you meet with others seeking employment in the same area as you. By doing this, you can quickly gather valuable information regarding various jobs in the industry. Furthermore, it often provides you with direct contact details for key players in the sector.
In addition to this, co-working spaces are generally less expensive than running your own office. As well as providing a centralized location, they usually offer discounted rates on office supplies like furniture, printers, and IT equipment. On top of this, they typically give back 50% of their profits to the organization’s members. This helps cover costs incurred during startup, marketing, and advertising expenses.
- Network & Connect.
After getting settled in the co-working space, it’s now time to reach out to others in your chosen industry. Join relevant groups on relevant platforms such as Facebook, Twitter, and Linked In. Attend regular meetings and events organized by the group to stay updated on the latest trends in the market.
- Build Relationships.
Building strong connections with existing contacts can prove vital during future projects. Once the ball has begun rolling, it’s essential to establish long-term partnerships with reliable contractors and suppliers. To get going, make sure you keep in touch regularly with new clients, ensuring you are always available when needed.
- Do Marketing.
This is where things begin to take off. If you want to run your own business successfully, you need to develop a solid marketing strategy that includes digital and offline methods.
Online, you should set up an effective presence across social media sites like LinkedIn, Twitter, YouTube, Google+, and Instagram. You will want to keep these activities so that clients are constantly reminded of your business. However, they don’t necessarily have to be the sole focus of your online activity.
Regarding offline marketing, use brochures, flyers, websites, and any other promotional material you may find helpful. Don’t forget to include pictures and descriptions. Always ensure that everything written is clear and easy to understand.
- Work hard.
Of course, once you’re established, your goals shouldn’t stop here. After all, there is no point in having a fantastic business idea if nothing comes from it. Therefore, you must work tirelessly towards achieving success. Set weekly targets and track them religiously.
- Make Mistakes.
The best way to learn what not to do in business is by making mistakes! It’s true; the only error worth avoiding is failing to try. So pick yourself up after every setback and start working again.
Remember to have fun along the way. No matter how much work goes into your venture, it would be best if you always remained optimistic about your progress. The business world is unpredictable, and success takes time.