If you are someone who enjoys to buy and sell properties, and who doesn’t mind putting in a bit of elbow grease, then property development could be the right line of work for you. People like Gene Bernshtam know that many people are interested in it because they see it as a very lucrative business. While this is true, the only way to make real money and be successful is to be realistic and to work hard. This is why he has provided the following tips to help others become more successful.
Top Property Development Tips According to Gene Bernshtam
- Always research the market before making a purchase. Have an ideal buyer profile in your mind. Find out what type of amenities are available in the local area, what people’s incomes are, and what the crime statistics are. If your ideal buyer is the nuclear family, there is no point developing in areas without schools and educational facilities.
- Ask yourself whether the property will return any money. Find out what other homes have been bought and sold for. This tells you whether it is a worthy investment and whether you will end up with a profit after development.
- Have a budget and don’t budge on that. It is very easy to let emotions take over, and to think that overspending a little bit is not a big deal. If you start thinking like that, however, you are on a sure path towards losing your income. Develop a budget based on your own financial capabilities and do not deviate from that unless your financial capabilities change, in which case you need to create a new budget. Always be realistic, however. At least 20% of your budget needs to be for contingencies.
- Create a network of tradesmen you can trust. You will have to work together with interior designers, architects, plumbers, electricians, gardeners, cleaning crews, builders, and so on. Spend time reviewing the various tradesmen that are out there so that you have them on call as and when you need them. Don’t look for the cheapest provider, but rather for the best value for money, making sure that the work that is completed for you is done properly.
- Transform your property into something irresistible. A lot of developers forget about curb appeal, when this is actually one of the most vital areas to focus on. Simple things like making sure the front yard is clean and looks welcoming don’t cost a lot of money or time, but they can make you a whole lot of money. If people see your completely property and immediately feel at ease there, then you are far more likely to make a sale.
With these five tips, you should significantly increase your chances of being successful as a property developer. Remember that you will have to put in a lot of money and a lot of hours, and that success can sometimes be slow to materialize. But if you are serious about this line of work, then go for it.