It can be difficult to decide what career path to choose. It’s common for teachers to push students into traditional careers, such as banking, retail, and management. But, there is a whole array of other options worth looking at. It’s the reason why the average Australian has 13 careers in their lifetime. It’s never too late to change paths!
Anything to do with property has the potential to be glamorous and provide a great income. You just need to decide which area of property you want to specialize in and then take the necessary steps.
What Is A Property Developer?
Property developers work with construction workers. The developer will visualize and mastermind a real estate project, transforming it from an image in their head into reality. There are two main types of property developer:
As the name suggests, this involves the construction of a new property. The developer will need to locate the right land, identify the type of property that can be built there, and assist with all stages of the construction process.
This includes visualizing the finished property and best use of the land, liaising with architects, and arranging compliance with all government guidelines. It’s a very responsible job as the property developer is involved in every step of the process.
Instead of starting from scratch, it’s possible to purchase properties that need to be fully renovated. This can be almost as costly as building new and there are more restrictions on what is possible as the building has already been created.
But, there is also a lot of scope to create a stunning place without needing as many local government permissions.
It’s worth noting that a property developer will usually finance these projects themselves. As most people don’t have access to this level of cash, that means sorting loans and investors. In short, you will be facing serious financial exposure and need to make sure you’ve accounted for everything.
Steps To Become A Property Developer
There are several steps you need to take to become a property developer:
You can get a degree in property management or successfully complete an approved course at Courses. This is an essential starting point as you need to understand what is involved in property development and all the responsibilities you’ll face.
You won’t be able to get investors or any sort of finance without having the right qualifications. These show potential backers that you know what you are talking about and your ideas are likely to lead to a profit.
Don’t forget, regardless of the reasons you are becoming a property developer, your investors are simply looking to make money.
The next step, and one you can do alongside getting qualified, is to start building capital. You’re going to need to have money behind you even if you get the investors to cover all the building costs. They won’t invest unless they know you have something to lose and many banks won’t lend funds unless you have collateral or an equal investment.
It can be hard to build a capital reserve but the earlier you start the better.
You can launch yourself into your first property developer project and learn through experience. However, as it will be your money at risk this is not the best approach. Instead, either find a local firm looking for a property developer or land assessor, and do this for a short while. Or, ask a local property developer if you can shadow them and learn the trade. You may be surprised at how many of them want to pass what they’ve learned on to others.
When you’re ready to start your first project take some time to find the right plot. You’ll want to start comparatively small. That means finding a small plot and creating a house of several apartments. It will allow investors to test your abilities and ensures you complete the learning process before taking on the big jobs.
Being a property developer can be a very lucrative career. But, it also involves plenty of risks. You need to be aware of this before you get started.