Being a property developer means working in a career that is both highly challenging and incredibly rewarding. However, working in such a risky business means that many fall into pitfalls usually associated with property development. Here are a few common mistakes developers make and how you can avoid them in the future.
Ignoring the market’s needs
Making sure you’re on top of the ebbs and flows of the market is critical when you’re a developer. Too often do potential developers take the “if you build it, they will come approach”. This often leads to buildings marketed to the wrong people, in the wrong places, at the wrong times. To avoid mistakes like this, it is crucial to plan far in advance and take note of changes in the market. Of course prediction is not a science, it takes a lot of trial and error to develop these skills. But ultimately it will make you a better developer for it.
Not properly estimating the development costs
Early stages of development are important for taking the time to create and understand your development costs. First time developers are usually so excited they often don’t consider how realistic their budget is. This can lead to building costs going way over budget, or overcapitalising in areas that could have been created simpler. The best way to make sure you don’t fall into this trap is to really consider the costs and consider everything to be 10 percent more than its estimated costs. Alternatively, revisit the initial plans and see where costs can be cut.
Failing to implement technology
While newer developers are quick to implement technology into their workflow, more seasoned developers can often get stuck in their ways, coming to the conclusion that “if it ain’t broke, don’t fix it”. However this can often lead to more time spent on inconsequential tasks and information being kept not as succinctly as it could. Using facility management software is a great way to modernise the way you work, as well as keep up to speed with your competitors.
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