What it Takes to Turn Flipping Properties into a Dream Career
If you’ve ever watched House Hunters, you have likely considered what it would be like to have a career as a property developer. How hard can it be to buy a fixer-upper and turn it into the space of your – or someone else’s – dreams, being able to turn a profit? As one of the UK’s fastest growing industries, you may be wondering what it takes to break into the business. You may not be the only one, as in 2013-2014, a quarter of all jobs created were in property.
So breaking into the industry, do you need a certain type of personality to succeed as a property developer for England and Wales, you may ask here. Well, you should keep a few things in mind… For example, when you become a property developer, you oversee the purchase of real estate, make improvements to the buildings, and lease or sell the improved buildings for a profit. This means that you must want a few specific things in your career if you want to succeed in the industry….
You must want to work for yourself, learn to understand the real estate market and things that affect it, and understand how to create budgets and cost estimates. If you can’t understand your return-on-investment, you are more likely to make purchases that are unsuccessful financially. Without these skills and aspirations, success as a property developer could be difficult.
There are a large number of benefits to becoming a property developer. First of all, you tend to be able to save money on projects because you can buy them under market value. Even with renovations, the best property developers stay on budget and keep the full cost of the home or commercial space post-renovation under market value. In addition, if you’re looking to buy, renovate and sell, you can often make a good amount of money on the properties you do renovate and have fun getting your creative hat on along the way. If you’re looking to renovate spaces to rent, this is another great source of income that will allow you to make additional payments on mortgages. This cycle is a great way to continue to grow and develop your business.
Knowing those benefits, someone wanting to get started in the field would benefit from having a degree. Mostly because there is a lot of high-level work that goes on behind the scenes, having a degree in something such as business (with a focus in real estate or management) or certain types of engineering could be beneficial in the long run. However many people work in the field without this background!
Working for yourself on smaller projects is a great way to find out if you enjoy doing the work. If you need monetary support when getting started as a property developer, companies such as Holbrook Property can provide financial support services for everything from residential to corporate projects.
If you would prefer working with lenders and investors rather than doing the detailed work yourself, working as a relator is another way to break into the industry. Becoming licensed as a real estate agent is the first step to moving forward in such a position.
When it comes to working in real estate, there are certain personality traits that thrive in such an environment. Having a strong interest in real estate is of course a given, but also being a born leader, being self-motivated, determined and having the ability to take initiative is key.
If you are not good at making difficult decisions under stress, this may not be the industry for you. It is also important to have the drive to finish projects. We all know someone who loves beginning projects, but never finishing them – and they wouldn’t last long in this area!
Being a property developer also means constantly seeking out new and exciting real estate opportunities. Timing is everything when it comes to purchasing real estate. You’ll want to have an eye for seeing the “good bones” of a property, and having a vision to turn it into something special. Even when you find something you’d like to acquire, there is a lot of negotiation that has to happen before the purchase can occur. In addition, your plans will often need to be regulated and approved by your town or city. Only then can you begin to truly plan the exciting changes to the space.
No matter what your interests are, there are a number of exciting ventures in the field of property management that are available, and they’re just waiting for you to begin!