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Matthew Cullum's top property marketing blog for industry professionals and teams seeking to grow their business through top marketing strategies.
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If you love buying and selling property and you are in a position to get your hands dirty then the property developing field could be perfect for you. Please read our top advice and tips to find out more information on how to enter the property development market and build your property portfolio. Developing property can be a rewarding and very lucrative business if planned correctly and we would advise clients never to stretch their finances and us underestimate the costs involved. You should undertake thorough analysis before you embark on any property related projects and advice should be obtained through avenues including online and legal.
One of the key factors involved in property developing is the research field which should be undertaken before any purchases made. We would advise to get to know the sorts of buyers in your area that are looking for these particular properties and when you develop the profile of a potential property buyer we would recommend to look at websites such as Rightmove, Zoopla, on the market as well as up my street.co.uk. These websites give you the lowdown on key concerns such as average income, crime statistics, recent sale prices and also schools and travel links in the area. There would be no point developing a high spec house suited for young professionals when it is a family neighborhood targeted more towards 4 to 5 bed homes suitable for large families. This is just one example of a developer miss identifying the target market.
We would advise also to think about the investment required and the funding that will be needed to make the development a success. Developing property is different to buying something as she will be potentially living in it or selling it to someone who will. Therefore it is important not to make design decisions that are suited solely to your taste and your requirements, you should be building for your target market instead. And affordable and practical design can be marketed at a lesser cost than a high spec fancy design that's not in line with what your buyers desire. We would always recommend also to have at least a 10 to 20% contingency and build costs as this can be a very important factor in many builds will
Matthew Cullum property blog recommends also to find a reliable building contractor, whether you choose to project manage yourself or have a turnkey development undertaken by a contractor it's important to make sure you research thoroughly the company or person you employ. Working with a reliable company is very key in getting the job finished on time and within the set budget, and if you were to project manage yourself then this will save you a lot of money and will help decisions to be made relatively quickly. We would always advise to get quotes and put your project out to tender this way you can research more of the target contract market and essentially get the best deal from the best company. Key marketing factors including videos, CGI's, architectural drawings and more can also be included in the end sales strategy. Register to the Matthew Cullum Property blog for more information on the selling aspects and how to fictively sell your property to your target market for the best price and achieve the greatest return.
