The Best Advice a Property Developer Ever Gave
Property development in the UK is a thriving industry with a rich history and unique challenges (boy don’t we all know that). Over the years, property developers have amassed a wealth of experience and wisdom, offering invaluable advice for those seeking to make their mark in the industry.
Whilst we can help with financing those developments, it helps to take a broader view of what it is that makes a property development successful.
In this article, we will delve into some advice from proven property developers and explore the lessons it holds for aspiring developers and property enthusiasts.
Location, Location, Location
One of the most enduring pieces of advice in real estate circles is the mantra, “Location, location, location.” This mantra emphasises the critical importance of selecting the right location for your property development projects. Originally coined by property developer Lord Harold Samuel, it is as relevant today as it was in the 20th century.
Consider factors such as proximity to transport links, schools, healthcare facilities, and the potential for future growth. A well-chosen location can significantly enhance the value and appeal of your development.
Know Your Local Market Inside Out
Understanding the nuances of the local property market is paramount for success. British property developer Sarah Beeny, has emphasised,
“In the UK, property markets can vary greatly from one area to another, even within the same city.”
Research your target demographic, their preferences, and their buying or renting behaviour. Tailor your property development projects to meet the demands of your chosen locality. Adapting to local tastes and trends can greatly improve your chances of attracting buyers or tenants.
Be aware that these factors come up in most lender valuation reports, so getting it right means the finance runs smoother also.
Embrace Sustainable Practices
Sustainability and environmental consciousness have become increasingly important in the property market. Prominent British property developer Sir David Sullivan has emphasised the importance of adopting eco-friendly practices, stating, “Sustainability is not just a buzzword; it’s a fundamental aspect of modern property development.”
We all know about EPC’s but the buyer is getting more savvy. Stay current with UK industry trends that promote sustainability, energy efficiency, and green building standards. Incorporate eco-friendly features, such as renewable energy sources and energy-efficient appliances, into your projects to align with the evolving environmental regulations and consumer preferences.
Nurture Local Relationships
In the property market, local connections and relationships can be instrumental in navigating complex regulations and local nuances. Property tycoon Nick Candy, known for his developments in London, has stressed the value of strong local networks, saying,
“Building relationships with local authorities and community stakeholders is crucial for a smooth development process.”
Cultivate positive relationships with key players, including local authorities, planning committees, and community leaders. It is uncanny how these collaborative efforts can facilitate approvals, streamline processes, and open doors to valuable opportunities in the property development arena.
Take a Long-Term View
British property magnate John Hunt, who has seen decades of success in the UK market, once shared;
“Property development is not a sprint; it’s a marathon.”
This underscores the importance of adopting a patient and long-term perspective in your property ventures. Avoid impulsive decisions and speculative projects in favour of developments with solid foundations and potential for sustained growth.
A strategic, patient approach can safeguard your investments and ensure consistent returns in a dynamic property market.
Remember, we can help you finance that development but making it a success, that’s about collaboration and a whole lot more.
Any questions with property development finance then get in touch.
By Dave Farmer