Advisors key to smart developments
Think property development is too hard? Well, think again. By surrounding yourself with a good support team of specialists, it’s much easier to build a highly profitable development project.
Developing a property doesn’t mean you have to go it alone. In fact, smart property developers will engage a team of specialists to provide advice to achieve the best outcome.
It’s much the same as engaging a financial planner, a stockbroker, an accountant or even a personal trainer for that matter.
You seek out these professionals because they’re experts in their fields and can recommend the best course of action to achieve your goals, whatever they may be.
Property development is no different. It’s important to engage professionals that can minimise the risk of a development while maximising returns.
But like any advisors, various property development advisors will provide varying degrees of service – some bad, some good, some exceptional.
So what questions should you ask yourself to ensure you’re engaging the right advisors? Here are a few key questions to know you’re receiving the best advice.
Is the company a builder or a development manager?
- If the company builds the development for you, there’s no competitive tendering process when awarding the work so you’re unlikely to be receiving the best price. Alternatively, a project manager will be able to tender the work to several building companies and award the company with the most competitive bid. Therefore you should engage a development manager.
Does the company have in-house specialists who understand building requirements from council-to-council?
- Specialists who understand local building requirements, such as planning specialists, are essential to maximising the development potential of your site. A company that has planning specialists in-house will be able to optimise the design of your development and may be able to find ways to include more dwellings on your site, which can lead to higher returns.
Does the company have in-house research specialists?
- If you own an existing development site, research specialists will be able to recommend the best products to suit that area. Alternatively, research specialists can find highly profitable sites conducive to development that will fit your budget.
Does the company have a good track record?
- Ask the company for testimonials from previous clients as well as their contact details so you can call them yourself and ask your own questions. Ask the company to take you to some of their completed developments as well as some under construction so you can see the quality of work and different types of projects they’ve managed
Smart property developers utilise advisors who can help to maximise their returns. There’s no need to go it alone and with a good development manager, just about anyone can build a highly profitable development.
Have you always wanted to complete your own development? Contact us today for a no-obligation consultation.