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As a developer, your role is to take a project from the conception of an idea, right through all the stages of design and approval, financing, construction and marketing and eventually the leasing or sale of the project.
Successful property developers are a bit like movie producers. They assemble a highly talented team of people and skillfully lead them to develop a profitable outcome. Developers need to be proactive and make things happen.
They must also be creative, flexible and adaptive to take their project through the development maze, not to mention all of the bureaucratic red tape that's involved with council applications, zoning restrictions and the like.
As a developer, you need to work hard, have patience, remain focused, and have a burning determination to succeed. There are a few key basics you are going to have to undertake as you move along the path towards becoming a successful developer.
You must:
– Educate yourself – as you are doing today
– Take your time – as you will learn to do
– Do the research – as we will teach you
As a developer, it is your responsibility to make sure the risk you are taking on is equal to the potential reward at the end. That is, the higher the risk, the greater reward you should aim to achieve.
Setting up the right structure
First things first. Before you start the development process, you need to decide if you are going to hold or sell the property. This is even before you start looking for a site.
Different structures can lead to different tax outcomes be they income tax, capital gains tax or GST implications.
It is important that you seek advice from your tax specialist and legal advisor on what sort of structure best suits you. Many times I have seen successful developers complete a project only to have most of the profit handed back to the ATO! A little bit of well spent time at the start can save you a lot of money at the end.
YOU NEED TO BUILD YOUR "A TEAM"
It is essential to have a strong, experienced and responsive team of professionals to assist in optimizing your development opportunities. It is also important to have the right team for each of the particular projects you undertake.
Depending on a project's complexity, it is likely that some or all of the following team members might be required;
– Real estate agents
– Lawyers
– Town planners and Urban designers
– Property market researchers
– Engineers – civil, structural, traffic, acoustic, environmental specialists
– Architects, designers or draftsmen
– Landscape architects
– Interior designers
– Financiers
– Building contractors
– Project marketing specialists
– Development managers
– Project managers
– Construction managers
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