- November 13, 2020
- Posted by: admin
- Category: Real Estate
Real estate development is the process of buying land, financing real estate deals and building projects as well as orchestrating the process of property development from start to finish. Real estate development is anchored by developers who take huge risks but also receive great rewards.
The big question is, what are the attributes of a successful real estate development? What are the traits of a successful real estate developer? Let us proffer answers to the questions by looking at the traits of successful real estate developers.
- Building an Adaptable House
An adaptable house is one that is flexible enough to accommodate changing needs over a long-time span. A house that is adaptable makes these changes easy without costing you a fortune and this is one of the attributes that sets successful real estate developers apart from the crowd within the property space.
Successful real estate development delivers property that elevates the quality of life for those who live in such houses. An adaptable house easily adapts to your needs regardless of whether your lifestyle is tailored to those of single professionals, elderly people, or a typical family setup.
- Building Relationships
A successful real estate developer never underestimates or jokes with the power of building relationships. Efficient real estate development relies heavily on a strong relationship with lawyers, bankers, general contractors, tenants, architects, surveyors, civil engineers, and existing tenants.
Another way to look at it is to see a real estate developer as a movie producer who brings different members of a successful team together to record a successful project. Pulling this off calls for the building of such relationships.
- Creativity is Key to Successful Real Estate Development
Real estate does not roll on the edges of an average performance or result. You should remember that virtually every real estate development project begins with an idea. The idea might be relevant to an ongoing project on a site or on a larger scale of what a community need.
Creativity is what drives successful real estate developers to project into the future on what people would need especially in terms of home design, building materials and construction methods.
It is this creativity that gave birth to the skyscrapers, green buildings, and other places where we currently work and live.
- Tolerating Risks
Risk tolerance is an integral part of real estate development and as you might have guessed, it is another huge attribute of real estate development.
Not everyone is good at taking risks and the reason is simple. There is a possibility that things might not go as planned. These are the calibre of risks taken by successful real estate developers. For them, the risks are always huge but the good thing about this is that the rewards are equally massive.
The wisdom in this is that successful developers are good at taking calculated and measured risks. They also go the extra mile of searching for ways to mitigate risks. The ability to do this repeatedly, calls for a certain level of skill set and experience.
- Solving Problems
Dealing with problems that are peculiar to the Nigerian property space calls for the ability to solve problems. For instance, dealing with Omo-Onile (land grabbers) requires the uncanny ability to solve such problems especially in Lagos where it has become a recurring decimal in the real estate industry.
Successful real estate developers understand how to solve problems and one of the reasons for this is that they ride on the advantage knowing that a problem usually has more than one solution.
Dealing with tight budgets, adjacent landowners and state authorities are some of the problem-solving skills that make a good developer synonymous with successful real estate development.
In conclusion, the points highlighted can be used in identifying a successful real estate development and such projects can almost or always be traced to a successful real estate developer. When you find such developers, they give you the peace of mind of knowing that they will not only get the job done for you but will also ensure it is done right. Always remember to keep your eyes open.
Source: Private Property Nigeria