Information supplied by Malyshka
By Grant Muddle, Managing Director of Malyshka Pty ltd.
How to become a Real Estate Developer
Real Estate Development has many moving parts and can be a daunting undertaking. However, Real Estate Development is just a like any investment - understanding the process and what you want out of it is key to success. There are a few ways to enter the development market. Depending on your skills and your intent, you can decide which way fits your specific needs.
1. Do it yourself-this requires lots of capital and knowledge of the development process. It you don’t have these, don’t try it yourself. The outcome can be extremely negative without the proper experience. High Risk.
2. Hiring a development manager to oversee and run the process for you. This allows you to be an active part of the entire process and have the expertise of your manger to complete the task competently. They usually run the day to day details with you being able to have your say in design, contractors and act as the ultimate decision maker. Typically a developer’s fee is determined in the beginning of the process. If your manager is great, then you will probably come close to your fee. Somewhat high risk.
3. Becoming part of an investment group that focuses on development. In this way you can have your money working in development with varied amounts of input from yourself and usually a set range of return. There are many investment companies to choose from who deal in development. Medium risk.
Analyze your aptitude for risk and what your skills are. Determine whether you want to be involved in the day to day or just put your money in and see what happens. If you decide to hire a manger or become part of investment group, ensure that communications are clear about process and expected outcomes. Ask around; find out what the reputation is of the team you are going to be working with.
Any way you decide to become involved in development is a step into an exciting market. By becoming part of how our society is physically designed and structured can be not only lucrative but very rewarding.
Grant Muddle is Managing Director of Malyshka Pty ltd, a property development specialist with a strong focus on the booming area of South East Queensland. You can reach Grant directly at 0419 846 799, or by going to www.malyshka.com.au.
Disclaimer: while due care is taken, the viewpoints expressed by sponsors do not necessarily reflect the opinions of Your Investment Property.
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