Property development is one of the most profitable businesses. But, in addition to being rewarding, the industry carries its fair share of challenges. Not everyone is blessed with the personality traits required, to excel as a property developer. While everyone has their own style of working, there are some common traits found in almost all successful property developers. If you are planning to enter the field of property development, you must have the following personality traits, to make a mark in the industry.
The ability to recognize opportunities – Searching for an opportunity for a development project is not a task that everyone can do effectively. The great opportunities in the field are typically very few. So, a person entering in the field of property development must have those eyes that can spot potentials easily and effectively. You must know how to choose the right block of land for your development. You must know how to investigate and check the feasibility of the project, without wasting a single moment.
The art of deal-making – Not all property owners are same. And, hence no deal can be exactly identical to each other. Once you know which block of land is suitable and profitable for your project, you need to enter a deal. While negotiating, you need to think out of the box to create a deal, that attracts the seller so much that you win the deal easily. As a property developer, you cannot expect your transactions to be simple buy and sell transactions. You might need to enter into a joint venture for some property that you cannot buy outright from the seller. Some sellers will need to be offered a certain percentage of profit from the project.
The vision of a pioneer – There’s so much competition in the property development market that an average thinking person cannot thrive to excel in it. If you think just the same as everyone else, you cannot stand out in the crowd. A good property developer must have a vision of a pioneer, who can foresee the future and launch innovative projects accordingly. The greener or energy-saving structures or the concept of universal designs are the projects that require more investment and more technical skills. But, they are rapidly gaining popularity. And, the real-estate developers who joined the pioneer batch in implementing these innovative ideas are now being seen as the industry leaders.
The skills of time management – Although time is important for all of us, a property dealer cannot afford to lag behind in the skills of time management. The biggest challenge faced by a property developer is to race with the time without compromising on quality. You will fail as a property developer if you fail to deliver a top-notch quality within the stipulated deadline. If you don’t know how to manage the time effectively, you’ll always find yourself struggling in delivering the project before the deadline. And, this will eventually affect the quality of the project developed by you.
Ability to form and lead a strong team – Property development can never be a work handled by one man army. You always need lots of people with different skills to get things done. So, leadership is a trait without which you cannot imagine to be a property dealer. You must have the ability to build a strong team by hiring the right persons. You’ll have different varieties of people on-board, and, you’ll need to lead them all in the right direction together. What you basically do as a property developer is planning. You need a team that can effectively execute your plans. If you don’t have the ability to lead your team, your best plan too can turn into a nightmare for your career.
Problem-solving skills – Any property development project encounters a number of bumps and roadblocks while on the way of being developed. Any project requires so much investment in terms of manpower, time and money that you cannot predict everything well in advance. Any problem can arise at any stage of the project. So, you need always be ready to deal with any problem that comes your way. If you get stressed or take a lot of time to solve any problem, it can take a huge toll on your project. Whether the problem requires overhauling your entire plan, a major change in your team or re-estimating the budget, you need to stay ready for taking the action.
Do you think you have these traits to be a successful property developer?