What does Bob Andersen, Australia’s Billion Dollar Property Developer, consider as the 7 successful property developer attributes? Find out.
People often ask me what property developer attributes should they possess to be successful – and I would have to say the first characteristic would be to have a real passion for property. It’s this passion that will drive you on, not only when things are good but when things are going against you.
1. PROPERTY DEVELOPERS NEED TO BE DECISIVE
Quite often, particularly in a hot market, you will have to make decisions quickly. Indecision will result in being too slow, thereby missing good deals. Those good deals will be taken up by those who are more decisive and able to make quick, intelligent decisions. To make those type of decisions requires confidence, and confidence comes from your knowledge base; from knowing what you are doing is correct. This knowledge base will come from your property development education. So get the very highest quality property development education you can. It should pay for itself.
2. PROPERTY DEVELOPERS NEED TO BE PROACTIVE
By that I mean you will always be looking ahead at what needs to be done in the future. In other words you need to be a forward thinker. The opposite to proactive is reactive and when you are reactive, you are constantly stopping and starting. This will slow you down and since time is money in property development it will cost you dearly.
3. PROPERTY DEVELOPERS NEED TO BE GOOD COMMUNICATORS
The people you need to communicate effectively with are your team. Property development is a team business and it is leveraging the time and expertise of your team that allows you to make great profits in a short amount of time. I always say that this is where lady developers excel!
4. PROPERTY DEVELOPERS NEED TO BE PROBLEM SOLVERS
It would be delusional to think that you could consistently develop property without there being problems and issues to solve along the way. The mark of a good developer, in fact anybody, is how you deal with problems. By being proactive you can see potential problems arising before they occur. You always need to address any problems immediately. And remember in property development there is always an expert in every area you can lean on.
5. PROPERTY DEVELOPERS NEED TO BE GOOD ORGANISERS OF OTHERS – AND BE WELL ORGANISED THEMSELVES!
One of the two key skills of being a good property developer is to manage your team. To do this successfully you need to be a good organiser and be well-organised yourself in all parts of your business. Sounds simple, but so important.
6. PROPERTY DEVELOPERS NEED TO BE GOOD AT MULTI-TASKING
Once again this is where lady developers excel! Quite often in property development there will be a number of processes running parallel to each other. To attain the best results in the minimum amount of time you will need to keep several plates spinning at the same time. For instance, you may be finalising your building approvals as well as discussing matters with a potential builder, while at the same time you are organising finance and potentially talking to agents about pre-sales.
7. PROPERTY DEVELOPERS NEED TO BE GOOD TIME MANAGERS
This could be said of any business role, but it is particularly relevant in property development, and especially if you have more than one project under development at a time. Procrastination will prove very counter-productive. Each day you need to prioritise what needs to be done and to carry it out quickly and efficiently.
The Property Development Library | The Property Development Video Hub
