As a developer, your role is to take a project from the conception of an idea, through all stages of design and approval, financing, construction and marketing, and finally leasing or selling the project.

Successful real estate developers are a bit like movie producers. They assemble a team of highly talented people and skillfully direct them to develop a profitable outcome. Developers need to be proactive and make things happen.

They also need to be creative, flexible, and adaptable to get your project through the development maze, not to mention all the red tape involved with municipal applications, zoning restrictions, and the like.

As a developer, you need to work hard, be patient, stay focused, and have burning determination to succeed. There are some key basics that you will need to grasp as you progress on the path to becoming a successful developer.

You must:

– Educate yourself – like you are doing today

– Take your time – as you will learn to do

– Do the research – as we will teach you

As a developer, it’s your responsibility to make sure that the risk you take equals the potential reward in the end. That is, the higher the risk, the higher the reward you should aim to achieve.

Establish the proper structure

The first is the first. Before beginning the development process, you must decide whether to keep or sell the property. This is before you even start looking for a site.

Different structures can lead to different tax outcomes, be it income tax, capital gains tax, or GST implications.

It is important that you seek the advice of your tax specialist and legal advisor on what type of structure is best suited for you. Many times I have seen successful developers complete a project only to have most of the profits returned to the ATO! A little time well spent at the beginning can save you a lot of money in the end.

YOU NEED TO BUILD YOUR “ONE TEAM”

A strong, experienced and responsive team of professionals is essential to help you optimize your development opportunities. It is also important to have the right equipment for each of the particular projects you undertake.

Depending on the complexity of a project, it is likely that some or all of the following team members will be required;

– Real Estate Agents

– Lawyers

– Town planners and town planners

– Real estate market researchers

– Engineers – civil, structural, traffic, acoustic, environmental specialists

– Architects, designers or draughtsmen

– Landscape architects

– Interior designers

– Financial

– Construction contractors

– Project marketing specialists

– Development manager

– Project managers

– site managers