Property development is an industry that's not just about being able to spot a property that you'd know will sell—it requires more skills than you think. This business requires encompassing activities that involve not just selling but purchasing and renovating. Basically, it has a lot of layers to it so it is important that there are certain skills one must possess to be able to be effective at it.
As mentioned in my previous blog posts, property developers buy land and property to develop by renovating. This property will then be sold or rented to make a profit from. You see, there are technicalities when you venture into this industry. You will learn more along the way, but to help you out, there are skills I deem necessary to be successful.
As a property developer, I think it is a no-brainer that you will need to put together enough funds to purchase land and property. I have previously mentioned that to know whether you are cut out to be a property developer, you either have enough funds saved or willing to loan a huge amount of money. There's so much going on financially speaking so being skilled financially will also mean the ability to gather investors to develop and manage finances.
There are so many technicalities surrounding the property development industry. No one expects you to learn everything in one go because the technical skills needed are learned along the way. Some of the things that one must understand involve the land and architectural aspect. There are also matters in terms of town planning, engineering, and working with agents as well as contractors. If you don't know the first thing pertaining to this, it would be difficult to begin. So work on your technical skills and acquire as many experiences as possible.
So many legalities surrounding this industry that property developers are compelled to learn throughout the course of their career. I have mentioned about town planning which obviously involves laws. There are property laws that it's necessary to learn as well. Going through the industry without knowledge of these legalities is akin to driving with your eyes closed—it's incredibly dangerous. Yes, while it is true that anyone can be a property developer but it's also never a good idea to stay in your lane and not actually go through lengths to improve yourself.
I think this is also pretty self-explanatory, but leadership skills will always be needed not just in property development but also in other careers. However, the property development industry is big on taking risks. The road is going to be long so it is important that you, as a leader, should be able to motivate and inspire the people that work with you and for you. Leadership also includes allowing them to make mistakes and holding them accountable to it. But they shouldn't feel like they're in chains while doing each task. They should know that there’s someone who’s ready to catch them if they fall. It should be a two-way street because we all need each other to grow.