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Attributes and Characteristics to Become a Successful Property Developer

Every path people take needs hardwork and determination to achieve ones goals and succeed. Success is not found in just a snap, we pay an effort so we have something to reap at the end of the road.

Property developing is never an easy job. This type of business is hundred folds harder and complicated than any other profession. But learning the secret on how to become a successful property developer would make everything as easy as A, B, C. So be like the following:

Decision Maker

Be decisive in all your decisions. It is better to get something moving even if it’s off course than do nothing at all. Making the right decisions and delivering them decisively will be easier once you have knowledge and some experience behind you. As a developer, you can take advice from consultants and to other team but ultimately, you will have to make decisions.

Proactive

Procastinationis one of the major no-no’s for a developer. Each project needs to be reviewed daily and pushed forward. This is linked to forward thinking. You need to be on top of your game and driving from the front and not waiting for things to happen then reacting.

Good Communicator

Clear and concise communication is important. As a developer, you should be number one. You will be communicating with professionals (surveyors, engineers, builders etc) and it is important that you rely to them what you want and when you want it. Clear written and verbal communication with your Architect is particularly important.

Forward Thinker

You should be one-step ahead to your projects, looking for issues that could crop up or problems that could arise.

Problem Solver

In most aspects of life, not everything goes perfectly to plan. Property development is no exception. There are always issues that will need to be solved. Solving problems will rely a lot on your knowledge and experience. Sometime it can be effective to take a step or two back and look at the bigger picture and see where the problem originated rather than focusing on the result of the problem.

Organizer / Manager

Property development is all about managing people and processes. The people you will organize / manage / coordinate include architects, surveyors, engineers, builders, agents. Don’t be overawed because they are professionals. You’ll never know what they know about their individual professions – but you don’t have to. You simply need to know what they do and when do you need them.

Team Player

As the developer, you are captain of the team. The best captains understand how to communicate with and get the best out of their team members. They are also capable of making the hard decisions for the greater good (ultimately the success of the project). On the odd occasion you might need to “encourage a better effort” from one of the team or even bench a team member and replace him/her.

Time Manager

Managing your time is critical, particularly if you have more than one project underway. Being proactive and organized is a good start.

TIPS FOR ROOKIE PROPERTY BUYERS

Buying a property is an investment for your future. Bet it a small one or a relatively large house, this is a big step and it requires great decisions and judgment calls. However, first-time seekers like newly-weds and young adults often screws up the buying process and ends up disappointed with their investment. To avoid some of the rookie homebuyer mistakes, here are five tips on how to get the best deals in the market:

  1. Get approved for a mortgage

If you are serious in looking for properties, sellers are also looking for serious buyers and nothing says serious than being pre-approved for a mortgage. This suggests that a lender has already looked upon your finances and is giving you their seal of approval. Sellers also prefer homebuyers with a pre-approved mortgage since they are possibly the ones which are easier to close deals with without experiencing some problems along the way. Getting approved is pretty easy too so that is already a plus.

  1. Invest on agents

Though houses are now sold online and are relatively easy to look into, hiring an agent could still mean the difference between an “okay” deal and a “great” deal. However, you’d have to be focused when sifting through a number of agents working in the neighborhood of your desired buy. Don’t hire the first one that comes your way. Instead, interview a few and hire an agent that is inclined in what house you are looking for.

  1. Invest on inspectors

We’ve mentioned that buying houses require good calls and this is one of them. If you really want the house badly, having a home inspector do the rounds could do you good. A few hundred dollars could not compare to how sorry you would be after buying a house with flaws that were covered up. So before signing up any contract, have an inspector sweep it floor to floor first and decide after you’ve gotten the report. A house is an investment so do not invest on something that is already broken.

  1. Don’t wait for the market

A lot of first-time buyers are highly suggestive and most people often suggest waiting on the market. Well news for you, the market is an insanely fast-evolving organism. Simply put, there is not best time to buy a house. Therefore, if you’ve already candidates for your dream house, go see if you can afford any of them and make your offer right away.

  1. Bid wisely

Don’t go bidding so low on houses just because you’d to want to have the best deal possible. Be reasonable when you are bidding and you can do this by considering placing a bid which you can actually afford. Moreover, bidding is nerd’s game and researching is the go-to strategy. Know the price-per-square foot of the house as well as how much are the houses in the neighborhood are being sold. Additionally, factor in the probability that you might one-day end up selling the house so have an agent estimate the price of the house for the near future. From all of these, you can now estimate the bid that could get you the property without offending the seller.

The real estate jungle is hardwired for competition and those who are weak can’t possibly grab any best deals. Be smart when joining the competition and actually be the best buyer there is. Gear up with these tips and you are good to go.

What’s Wrong with Venture Capital

I believe that. In fact, I know that.

Starting my start-up career at Zillow (see this for some perspective) was a very good and very bad pre-cursor for my entrepreneurial journey over the past few years.

It was great in the fact that I now KNOW building a technology business at massive scale is possible; I’ve seen it done from the inside. Most people seriously question whether building something that reaches millions of consumers is possible, because they haven’t seen it with their own eyes

It was bad in the fact that, prior to starting my own company

I thought start-ups were easy. As an employee at Zillow, sure there were challenges, but from my perspective there was never any real risk the company wouldn’t succeed. That’s why I took a personal loan when I left in 2010 to buy my options; I knew there was basically zero chance I’d end up on the short end of the stick (and I didn’t). Of course, Zillow’s not the average start-up. Most start-ups don’t have $6 million in funding pre-launch, a team of 50+ without having shipped a product, or a founder with a multi billion dollar company that transformed an entire industry under his belt.

I talk to founders in the real estate industry on a weekly basis. Most find me via this blog, though I meet some via friends or inside communities I belong to.

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They seek product feedback and strategy. They want to know about problems and incentives for agents as well as consumers. They are looking to get a handle at how to gain adoption, traction, and partnerships in this massively complex and wide-reaching industry we operate in.

Many have no prior history in the industry. Others were agents at one time or another. Still others grew up in a real estate family.

I’ve seen 10 years of what has worked, and what hasn’t. When I hear a pitch or play with a product, I tell it how I see it, regardless of whether that’s what the founder wants to hear. Sometimes, it doesn’t validate their strategy.

“Some don’t like the brutal honesty. Others love it.”

12I’ll be honest, I often hate that I now look at every website/app (aka business) from an investor perspective as a result of being peppered with questions for the last few years about Oh. Hey World / Horizon.

Investors are a skeptical bunch because real dollars are at play and there is no sense throwing them down a hole they can never climb out of. They want to under stand your thought process.

I’m skeptical when I speak to founders, on purpose. It doesn’t impress me anymore that someone can build a product. That’s the minimum bar to build a start-up; table stakes. Having a number of people in your trusted circle say “oh yea, that’s a great idea, I would use it” – doesn’t mean anything to me.

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