It has become a dream for many people to leave their nine to five and set up a property development business, thanks to the many TV shows like Grand Designs that have prominent figures such as Sarah Beeny. This is a dream that a small number of women each year get to achieve.
The coronavirus has changed a lot of things and many have been forced to reassess their lives and priorities. Nobody wants to lose hours every day commuting or putting in extra hours to help another person’s dream succeed. You most likely want to build your own empire, work where and when you want, and only work on things you like.
There has been a growth in female-run businesses, but they still account for a small percentage of the total. Female-run businesses have grown 18% in the past five years, which is faster compared to ones run by males. Women today make up almost half of landlords in the UK. If you are thinking about joining this growing number of female property entrepreneurs, then consider property development. Below are some tips that are going to help in making your first project a success.
Doing Your Research
Before signing anything or spending a penny, you need to make sure you have researched the new business idea. Do you have the skills needed to succeed in property development? If you don’t have them, are the skills that you can pick up?
Once you know that property development is the right option for you, you have to start researching the local market. Look at the types of property available. Which properties are the most popular and which sell the fastest? Is the market good for buying to let, or it is better to buy, fix it up, then sell them? Where can you secure your property finance UK? The research is also going to help you with the budget for your first project. You don’t have to rely only on the internet; go out to the target areas and see the neighborhood. You might see a potential goldmine in an up-and-coming area.
Getting some professional business advice
Most successful businesses out there have been built on the foundation of a good business plan. If you don’t have experience with the property sector or running a business before, talk to a professional to get advice and support during the planning stage. This is going to pay in the long term. This might seem like an expensive expense before you even start making money, but when you don’t have a solid business plan that sets your goals, budget, financing, timelines, then you can end up failing at the first hurdle.
There are a lot of resources on the internet that can help you start drafting a plan. Once you do research and brainstorm, take the draft to a professional so they can help flesh it out and make sure you haven’t missed anything important. An expert adviser can give you ideas or even let you know possibilities that you might not have thought about before, e.g., funding options.
Consider outsourcing key services
Whether you are a seasoned property developer or a complete novice, outsourcing key services is a good idea because it will help you hit project milestones, avoid burnout, and achieve high-quality standards.it is impossible to be an expert in every area of property development – decorating, plumbing, public relations, marketing, and many more. The main role of any developer is identifying prime opportunities, negotiating, planning, managing the budget, and ensuring that the project gets completed on time. You can outsource most of those tasks, but should you?
There is a good chance you won’t have a big budget for hiring staff when getting started. You might also be worried about giving up control. But it is a good idea to partner with experts because that is how you are going to succeed with your first projects. Networking, communicating, and negotiating are very important skills for any property developer. From the first day, start to build a network of reliable contacts. This is going to prove a great thing in building a long and successful career.
Setting clear goals and writing a list of skills you need for the project on budget and on time. It is important to identify gaps in your skills and find experts to provide the services. Keep in mind that development is not just about renovating and building homes. You have to sell them too. Invest in services that are going to make it easy for people to buy from you, such as professional marketing and house part-exchange schemes. These services will help in selling fast and moving on to the next project.
Investing in marketing your properties
The property development industry experiences a lot of competition. building a beautiful property is just half of the battle. It is important to ensure that your development stands out from the rest. Whether you are renting or selling, one or ten houses, it is important to have a marketing strategy in place.
Your approach depends on the development. Most large-scale new build developments tend to be off-plan, so you have to put a lot of thought into convincing buyers to give you cash for a property that has not yet been built. This can involve building showing houses and paying for professional floor plans, or even taking advantage of virtual reality. If it is a small-scale property development, like renovating and selling a single property, you still need to have a strong online presence so that customers trust your company.
