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Building a professional team is one of the most significant challenges that new property developers face. If you're just starting and have zero contacts in the property industry, the task can seem daunting. However, with the right strategy and insights, it's a lot easier than many people think. In this article, we will look into the essential steps to assemble a powerhouse team that can propel your property development success. Whether you're a first-time developer or looking to refine your strategy, this guide will equip you with practical advice to kick-start your property development career.
Before diving into team building, it’s crucial to understand what your role is as a property developer. Contrary to popular belief, property developers do not build houses or homes themselves; their team does. As the developer, you are the chief executive officer (CEO) of your project. Your job is to orchestrate the various elements of the development process and leverage the expertise of your team to bring your vision to life.
This role is highly leveraged, meaning you can focus on what matters most - time. Time is often more valuable than money. While money can be earned again, time lost in inefficient processes or poor team dynamics can be detrimental to your project. You need to ensure that your team is capable, reliable, and aligned with your vision.
Building a successful development team involves a variety of professionals, each contributing their expertise to ensure the success of your project. Here are some key roles you should consider:
Each of these professionals plays a vital role in your project. The collective experience of your team can significantly impact your credibility and the success of your development.
As a first-time developer, you may feel that your lack of experience is a barrier to assembling a team. However, the key to building credibility is to utilise the experience of your team members. By showcasing their credentials and experience on your website, you can attract more consultants and establish yourself as a serious player in the industry.
Start by securing one key professional to join your team. This could be an architect or a structural engineer who is willing to be featured on your website as a preferred consultant. Once you have one professional on board, you can leverage their credibility to attract additional team members.
So, how do you get these professionals interested in working with you? Here are some strategies to consider:
Your brand is your shop window. It should convey who you are, what you do, and what you aim to achieve. Start by developing a name, logo, and a simple website that outlines your goals and the type of projects you are looking to undertake. This will give potential team members something tangible to refer to and help them understand your vision.
Clearly define what type of projects you want to undertake. Are you looking to develop residential properties, commercial spaces, or a mix of both? Specify the size and scale of your projects. This will help you attract professionals who specialise in your area of interest.
People connect with stories. Share your journey into property development, your motivations, and your passion for the industry. This personal touch can make you more relatable and appealing to potential team members.
Networking is essential in the property development industry. Attend property-related events, seminars, and local business gatherings to meet potential team members. Ask for recommendations from people in your network. A personal introduction can go a long way in establishing trust.
Building a successful team is about relationships. When you meet potential team members, invest time in getting to know them. Take them for coffee or lunch at a nice venue. A relaxed setting can foster open communication and help build rapport.
One of the most valuable assets you can have as a new developer is a non-executive advisor (NEA). An NEA is not a director, meaning they don’t have legal responsibilities for your company. Instead, they offer guidance and support based on their extensive experience in the industry.
Look for someone with decades of experience, ideally someone who has seen numerous projects through to completion. They can provide insights, introductions to other professionals, and lend credibility to your team. Offering them a small share of the profits can incentivise them to invest their time and expertise into your development.
Building a professional team in property development may seem challenging, especially if you’re starting from scratch. However, by understanding your role as a developer, leveraging the expertise of industry professionals, and effectively communicating your vision, you can assemble a team that will help you succeed in your property development ventures.
Remember, professionals are actively seeking new developers to work with, and they are often more than willing to collaborate with enthusiastic newcomers. With the right approach, you can create a powerful team that not only enhances your credibility but also significantly boosts your chances of success.
Frequently Asked Questions
The first step is to create a brand that reflects who you are and what you aim to achieve. This includes developing a name, logo, and a simple website to showcase your vision.
Networking is key. Attend industry events, seminars, and local business gatherings to meet potential team members. Ask for recommendations from your network and invest in building relationships.
A non-executive advisor provides guidance and support based on their extensive experience. They can help steer your project, offer valuable insights, and lend credibility to your team.
Utilise the experience of your team members to showcase their credentials on your website. Start by securing one key professional to join your team, and leverage their credibility to attract additional members.
While money can be earned again, lost time in inefficient processes or poor team dynamics can be detrimental to your project. Focusing on time management allows you to ensure that your project proceeds smoothly.
Your team should ideally include architects, structural engineers, cost consultants, planning consultants, project managers, property lawyers, accountants, and any additional specialists relevant to your project.
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