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Posts published in June 2019

Top questions to ask yourself before becoming a property developer

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A lot of people aspire to become property developers. You will come across a lot of stories that people have made millions of bucks through property development. Whatever your aspiration to become a property developer is, there are several things to consider.

One of the best ways to figure out whether this field is right for you or not is to ask some questions. The answers to these questions will enable you to determine the interests properly. Therefore, here are some of the questions you must take into account:

Do you have adequate finances for investment?

This is perhaps one of the most important questions to consider. Without finances, you can never enter into property development. It is imperative for these professionals to have the necessary finance. If you do not have the requisite finances, it is recommendable either to choose an entirely different field or arrange for the finances. Finances can be arranged through different funding sources such as bank and other lenders. Make sure you take into account this consideration.

Can you pick the right products?

In order to become a good property developer, it is important that you are confident about picking the right products. Property must be suitable for the target audience. The developer must consider factors such as number of occupants and their desires when considering what type of property should be developed on the site. A good professional understands the audience. If the product is not right for audience, there is no use of investing a good deal of money.

Have you got a detailed business plan?

This is one of the questions that a lot of people fail to answer. This is perhaps a very important consideration. Property developments are just like normal businesses. In order to be a competent property developer, you need to create a good business plan. It should include different aspects such as the timescale within which the goals are to be achieved and the scope of development. This helps the developer to progress in a smoother way.

Is there any exit strategy?

It is of paramount importance to have an exit strategy. Every plan should have an exit in for it to be successful. Most of the developers do have exit strategies for the sites they develop. The exit plan of a property will develop on the individual circumstances. However, the point to remember is that each and every professional must consider the importance of having an exit strategy.

What returns are you looking forward to?

This is the final question to be taken into account. Given the volatile nature of property markets, you will not always receive what is expected. Therefore, contingency plans must be in place as well.

Above are some of the major questions you must ask yourself before becoming a property developer. However, this is not an exhaustive list. But it tends to cover all the important points that will help you maintain a professional career

Five great tips for commercial property investment

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The field of commercial property investment is a technical one. It requires a lot of hard work, time and efforts to develop expertise in this area. There are many professionals who have been struggling with their work for a number of reasons.

After consulting with a number of professionals within the field, you will get an idea that experience counts a lot in this area. Therefore, you must go through a number of different sources in order to establish commercial acumen. Here are some of the great tips that can be followed for commercial property investment:

Do your homework

The field of property investment requires a lot of research. It is not at all possible to survive in this market without doing your homework. It is important for the beginners to get in touch with all the relevant materials which might enlighten you about current market trends. Doing the homework will give you a competitive edge over other customers. This is perhaps the most important tip that you must take into account.

Go through information

This is the second important step to go through. Commercial property investment requires a lot of knowledge. This knowledge can be obtained through a number of mediums. It is imperative that you should read different books on the topic of commercial property investment. Moreover, it is also important to go through different online resources. This will help you develop the requisite knowledge about the real estate which is absolutely necessary to proceed within the field in a successful manner.

Look for a mentor

Even though most of the tasks you will have to learn on your own, many times you will encounter a need for a mentor. Looking for a mentor is one of the most useful tips you can get when it comes to commercial property investment. Mentors can help you develop strategies through their own personal experiences. Getting insights into actual professional experience can teach you a lot of in a number of ways.

Consider networking important

Networking is of paramount importance in this day and age. The field of commercial property investment is a very technical area. However, the importance of networking in this profession is immense. Developing relationships with relevant people will not only make you grow as a professional but will further help in establishing the clientele. Make sure you attend different networking events to meet new people related to the field. This will further strengthen your professional standing in the long run.

Consider it a business

Commercial property investment should be considered just like a business. You need to plan out properly what the operations will be and how you will manage the finances and other aspects of it. Dealing with this venture as a business will increase the chances of success.

The bottom line

Above are some the major tips that you must consider. However, this is not an exhaustive list and there are several other points to consider.