Everyday I listen to people searching for the success keys in real estate, and this one frequent question keeps coming up. Impatience can cause mistakes, however there are fasttrack ways to get you in the game sooner than later.
The quickest way to become successful in Real Estate Development?
The answer is pretty simple: find yourself a Real Estate Mentor.
There is no need to re-write the rule book! You can still be innovative and creative with your developments and take control of the project, however there are key skills and knowledge which are developed with years of experience before becoming successful as a real estate developer.
What I have found is that you can add years of experience and catapult you through to success simply by allowing a mentor to lead the way. This advice can be applied to any industry you may wish to pursue, however lets apply this to people starting in real estate development.
A real estate mentor can find the right builder, warn you of potential risks to a development site, find the right property development finance package, or make sure you have the right property development partnership agreements in place. These points alone can save you hundreds of thousands of dollars on a property project which the novice developer usually learns the hard way.
Example 1:
Mr & Mrs Reno – the builder was ripping them off, 12 month time delays, and home extensions incomplete. The couple were quoted as saying: “I am losing sleep over this!”
If only they had consulted a real estate mentor BEFORE they started the project, they would have saved over $200,000 in costs, and got a lot more sleep!
Example 2:
Mr Townhouse – Had a property with potential to build extra dwellings. He thought 1 extra dwelling was possible.
If only he had appointed a real estate mentor, he could have found out the property could allow an extra 5 dwellings! Thats about $300,000 in extra returns he nearly missed out on.
So make sure you get good advice, and more importantly seek out the professional guys in real estate, the ones who walk the walk and talk the talk. I personally have a real estate mentor whom I check in with all the time to make sure I am making the right moves in real estate development, and I must say, its one of the keys to my success.
Good luck, and happy mentor hunting.
