Attributes of a successful property developer in Sydney
Before you decide to take a leap of faith and get started in property development, it is important to understand the concept through and through. Property development, sometimes referred to as real estate development, is the process of acquiring land and/or buildings to turn them into a higher use-value. An example of this is to purchase a block of land that has one residential dwelling currently situated on it, then evolving it to accommodate a set of duplexes.
“being familiar with development ensures a successful approach to planning”
Property development certainly involves proper planning and efficient execution. Turning an idea into a set of apartments, office buildings or shopping complexes can be lengthy and complicated, so being familiar with development ensures a successful approach to planning. Due to our ever-growing population, it is safe to say that the need for developers and developments in Sydney is certainly constant to cater to this demand.
With the rapid evolution of the real estate and development industries in Australia, there leaves room for many suppliers. To help pick the stand-out industry players, we’ve then posed the question: what makes a good property developer in Sydney?
With a combination of experience, education, mindset, instinct and the lessons learnt from years in the industry – failures and successes – we’ve listed our top 3 values.
The best values property developers in Sydney should possess
- Organised and creative: property developers in Sydney need to be organised and creative as they are the ones that take a project from conception to design, approval, financing, construction, marketing and then finally the leasing or sale of the project. It is important that they surround themselves with a professional and talented team that will be able to remain proactive throughout the process. Property developers also must be flexible enough to adapt to changes that may occur throughout the project
- Patient and focused: although property development seems like it’s simply executed with the right opportunity and is highly lucrative, it does come with risk. As we contemplate Will Rogers’ phrase “Don’t wait and buy real estate, buy real estate and wait” we’re reminded that good things take time. Patience is key throughout the process, and property developers must follow a sequence of steps from the moment they acquire a project until it has been leased or sold
- Business-oriented: property development requires both short and long term goals. It is essential to assess each and every goal, and the right steps to complete them. Through research and experience, successful developers will assess which objectives fall under each of these respective categories, and act towards achieving them.
Before getting involved in property development, it is also important to consider these questions:
- Do I have sufficient general property investment and market experience?
- Do I have the knowledge required to undertake a development project?
- Do I have a strong and professional team?
- Do I have enough time to manage the project?
- Do I have enough access to resources to turn the property idea into a reality?
At Cite Group, we focus on the development of new residential buildings. Our team knows how to capitalise on investment and ensures a smooth outcome, as proven in our pool of successfully completed projects.
Keep up to date with us as we share more property news and insights.