Those who have previously dabbled in property management may want to dip their toes into the world of property development… but have no idea where to begin. This can be a complicated and overwhelming concept, which is why you should take a look at the tips below to help you begin exploring the property development industry.
A Guide to Getting Your Property Development Work off the Ground
Get your finances and team together
All major endeavors and projects should begin with a serious amount of preparation. If you need to be pre-approved for your finances, for example, then this is the time. Similarly, you’ll likely want to at least begin putting together a solid property development team so that you have reliable people at your side as you move forward. Screen these helping hands as you see fit, but make sure to bring on a few experienced individuals to form the “core” of the group.
Understand the property development cycle
As with most things, property development is a process ruled by a cycle. If you begin a project at a point that would end up wrapping during a downward market trend, then you could end up facing the consequences. Doing a bit of research ahead of time to get a better sense of the current state of this cycle is a good idea so that you’ll have a clear picture of economic factors that could (and likely will) affect the market.
Do your due diligence
Are you familiar with the phrase “pre-purchase due diligence?” If not, then do a bit of research! You’ll want to do some digging into council zoning, including information about the site topography, “neighborhood character,” and other items. It’s an important part of any property development project that you investigate the land surrounding your intended build, both to ensure your project is in line with the area and that it follows any and all zoning laws.
Solidify your budget
Perhaps one of the most important steps within this process is to solidify your budget. Obviously, without the proper funding and financial planning, your concept won’t evolve beyond its early stages. Try to be as realistic as possible, rather than overly-optimistic, and do some digging into costs that may arise that you may not have thought of in the beginning. Consult other developers and see what pieces they forgot about during their own work so that you can learn from their experience. Finally, ensure that you have a contingency, because things very rarely will go perfectly right. Speaking of finances… make sure that you’re able to purchase the site you’re planning to develop at a fair price. If you overpay, then that is less funding that you have for the rest of the project!
Just as you want to try and be realistic about your budget and spending, you should do the same for your schedule. There will usually be snags or delays for one reason or another, and even if it was unavoidable, you should still account for extra time from the beginning. Try to put together a time frame that isn’t ideal, necessarily, but which gives you the wiggle room that you’ll likely need. Having both a little extra money and time in case of emergencies (or anything that goes wrong) is the best way to prevent an all-out disaster as your project moves ahead.
Choose the right partner
It’s important to consider the right partner for you when starting the property development process: this is where Anton Systems comes in. We’ll help you set up an end-to-end solution so that you can be sure you’re using the best technology available for the job. We can help you with systems implementation and integration, expert software training, efficient HelpDESK support, and professional consulting. Our expertise spans commercial, residential and retail property management and development, and we proudly support, train and assist new and current users of property software, so just let us know where we can be of service.
Contact Anton Systems
If you’re looking for property software and solutions to make your professional day-to-day even easier, then get in touch with our real estate management and property development experts. We’re happy to speak with you about any aspects of our services or offered products. From strategy through support, our team is your team!