Wednesday, August 2, 2017

What Makes A Successful Property Developer?

First and foremost, there is perhaps a need to define the term ‘successful’. Any property developer who is able to meet their financial obligations and owns one or more properties is successful, but we’re going to focus on the uber-successful. The mega rich. The moguls. The guys - because it is, overwhelmingly, guys - who take the property world by such storm that there’s seemingly nothing left behind in their way.

For the multimillionaire property investors, the world is their oyster; the homes, hotels, and estates that they buy are close to play things of the fabulously rich. So how do they manage it - what separates the good property investors from the really great ones?

#1 - They Start Wealthy

It’s an undeniable truth; few property developers that hit the really big time come from humble beginnings and work their way up. The most well-known property tycoon of them all, Donald Trump, inherited a large amount of money from his father. Though he notoriously lost his fortune to bankruptcy, he built it back up thanks to the connections he had been able to make along the way.

Does this mean there’s no prospect of a future in real estate if you weren’t blessed with a financial boost in life? Of course not, but it does mean you need to be realistic about your success. Even if you don’t get to the multimillionaire status, you’re still doing well to be succeeding at all when you put things into context.

#2 - They Are Ruthless

There’s no doubt about it; there’s an element of being involved in property investment that means you need a hard exterior - and a pretty harsh interior wouldn’t go amiss either! To make it in what can often be a cut-throat world, you have to be willing to take from others. You have to want the deal so much that you’re willing to push yourself until you get it.

#3 - They Are Dedicated

As the above foreshadowed, there isn’t much time for kicking back and enjoying life if you’re a property developer. At least, not for the first few years anyway. You’re going to have to have a focused determination that means you’re willing to work around the clock to snag the deals that everyone was too busy catnapping to have the chance to grab ahold of.

#4 - They’re Daredevils

If you are too risk-averse in the property industry, you can still make a decent living. You can buy and sell good investments, having done a lot of research, and spent time weighing the pros and the cons. However, you’re unlikely to truly break the bank; that’s just a simple statement of fact.

On the flip side, if you’re willing to throw caution to the wind on occasion and just go for it because your gut instinct is telling you to do so - then you might just be onto a winner.

There’s no doubt the property world can be cut-throat and hard on your social life, but get it right, and who knows? You might be one of the big players before you know it.

No comments :

Post a Comment

Note: Only a member of this blog may post a comment.