Being a land developer is perhaps the riskiest whilst worthiest occupation one can know. The ability and opportunity to enhance any architectural landscape is ultimately fulfilling, and this outweighs the risk factors. However, there are some ground rules to follow to reduce risks, and to quote my husband who has been in this business of property development for over twenty years, ‘always have water to put out your fire’.
Merely “managing” properties has poor returns; speculative development with a vision for property development is the most wholesome approach to property development. Property developers must have the knowledge to understand market trends and to recognize when to renovate properties already owned and when to sell. They must do their home-work so to speak, so that they can easily pinpoint the properties with little potential and know exactly when, where and how to buy and develop land in order to progress. In this way, in a short space of time one can go from “managing” properties to being a successful property developer.
With constant fluctuating economic trends, property developers are totally dependent on the public’s support and approval and are therefore exposed, vulnerable and at risk. Feasibility, initiative, creativity, commitment, efficiency and timing are all crucial factors when executing a building project. Though the maximum risks sometimes seem unbearable, the experience is ‘most certainly worthwhile.’
The art of acquiring land and organizing something with details as diverse as any construction project/site is truly a magnanimous but rewarding task. Completion of building projects does not just happen, it is the culmination of an ongoing process, a journey, a unique journey, coupled with the orchestrating of many people of different walks of life, and it is these people whose input is invaluable, who inject a soul into building sites and whom are the true success on any construction site… plumbers, electricians, tilemen, stone masons, granite layers, wooden floor contractors, cabinet makers, kitchen and bath designers, contractors, engineers, architects, draughtsmen, door and window makers, land surveyors, consultants and many more. Whilst knowledge and discipline help in coordinating all these magnificent people, it is not enough… Much more is required in the success of any project to its completion.
For any project to be successful, there must be a sort of harmony. Harmony does not necessarily mean everyone must get along, it merely suggests that Communication is significant, from the inception of, throughout and to the completion of any job. At the beginning of any job, most people appear ‘sweet’. If you do not protect yourself and practice proper business ethics, people become bitter, and may not perform at the expected levels and projects will fall behind and/or ‘stick’. From my collective experiences, improvisation is relevant and necessary. This is crucial in order to achieve optimum results.
Whilst it is inevitable, confrontations and conflicts will arise, for the best outcome and products, ‘fine-tuning’ of the details is vital, which, as you can well imagine, will cause conflict. However in one’s quest for perfection, unforeseen delays cause set backs and it is here that improvisation becomes crucial so that all parties can come away satisfied. ‘Sticking’ is destructive and the equivalent of the ‘filibuster’ in political arenas. Decisions must be made in a timely manner to avoid these issues. » Read more: Land Developers – Risk Versus Reward