Real Estate

Ownership subdivision: developing your team

As a developer, your role is to take a project from the conception of an idea, going through all the stages of design and approval, financing, construction and commercialization and eventually the leasing or sale of the project.

Successful real estate developers are a bit like movie producers. They assemble a team of highly talented people and skillfully guide them to develop a profitable result. Developers must be proactive and make things happen.

They also need to be creative, flexible, and adaptable in getting your project through the development maze, not to mention all the bureaucratic red tape associated with council applications, zoning restrictions, and the like.

As a developer, you must work hard, be patient, stay focused, and have a fiery determination to succeed. There are a few key basics that you will need to undertake as you progress along the path to becoming a successful developer.

You should:

– Educate yourself – how you are doing today

– Take your time, as you will learn to do.

– Do the research – how we will teach you

As a developer, it is your responsibility to ensure that the risk you take equals the potential reward in the end. That is, the higher the risk, the more reward you should aim to achieve.

Set up the proper structure

The first is the first. Before beginning the development process, you must decide whether to keep or sell the property. This is even before you start looking for a site.

Different structures can lead to different tax outcomes, be it income taxes, capital gains taxes, or GST implications.

It is important that you seek advice from your tax specialist and legal advisor on what type of structure best suits your needs. Many times I have seen successful developers complete a project only to have most of the profits returned to the ATO! A little time well spent in the beginning can save you a lot of money in the end.

YOU NEED TO BUILD YOUR “ONE TEAM”

A strong, experienced and responsive team of professionals is essential to help you optimize your development opportunities. It is also important to have the right equipment for each of the particular projects you undertake.

Depending on the complexity of a project, some or all of the following team members are likely to be required;

– Real Estate Agents

– lawyers

– Town planners and town planners

– Researchers of the real estate market

– Engineers – civil, structural, traffic, acoustic and environmental specialists

– Architects, designers or draftsmen

– Landscape architects

– Interior designers

– Financial

– Construction contractors

– Project marketing specialists

– Development managers

– Project managers

– Site managers

Leave a Reply

Your email address will not be published. Required fields are marked *