I’ve been in the property development game for many years. People have asked me why I chose this profession, and it always got them wondering if it’s something that they should also try out for themselves. I won’t lie and say that property development is easy and it’s for everyone. In fact, it’s a career that is definitely expensive, to begin with.
I got into this career because of my love for building. There is something extremely satisfying and rewarding about seeing something come to fruition the way you imagined it to be – and more.
But if you’re just one of those who have always been curious how you can get started, here are some of the most important things about it that you should know.
First things first, property development is not a quick and simple process. If you think that you can get away with a shortcut, then you are already on the wrong track. The amazing thing about real estate is that if you get things right, the profit is not just lucrative, but it can be life-changing.
Let’s define Property Development first, shall we?
It is essentially involved in a wide range of activities from buying land to developing facilities and properties. Simply put, there’s a process that requires of you.
Here are some things you can get if you do it correctly:
Make lots of money
Better rental results
Amazing tax benefits
Sounds too good to be true? Well, you better believe that these things are attainable if you have the drive and the passion for it. Not to mention the patience that you would need. There’s going to be a lot to do especially if you are new in the game.
Knowledge is very, very important if you want to be a property developer. Just like any job you will have in your life, without some valuable information regarding it, you’d be like lost at sea. There are things that you have already learned throughout the years, but there are also things that you don’t and will only find out once you dive into it. You have to be open, and at the same time, you need to do your part and study. Be educated about it.
“Start small and work your way up” – you have heard this a bunch of times, but it still rings true even to this day. There is no doubt that you are going to make mistakes – a lot of them before you can consider yourself experienced in the field. Learn from people who have been in the industry for years. They have the best tips that are specific to the problem at hand. There will always be a few bumps as you go along.
For instance, I have been in the middle of a huge project when the pandemic emerged. We had to make huge adjustments – and inconvenient at that. But because I have constantly been informed, we were able to continue our operation positively and effectively.
Find your team members. You would obviously need people on your side to do some important things. Real estate agents, lawyers, accountants, finance strategists, architects, engineers, architects, construction managers, project managers – they are just the necessary people that you would need to work with.
If are going to ask me why property development, my answer would be because even though it’s a lot of work, it gives me that sense of purpose. I get to be a part of someone else’s dream to become reality. It also allows me to create more jobs and opportunities for others. In my own little way, I can give back. And that’s really what is all about.