One of the things I enjoy most about our Property Developer Network in-person Meetups is the opportunity to chat to people about their property development journey so far, and where they want to go in the future.
It's interesting how often first time attendees fall into the "Accidental" Developer category. What do I mean by that? Well, they've basically stumbled into developing without any real idea of what they're doing.
A very common example is someone who has subdivided off their backyard and sold it. They weren't thinking about being a Property Developer, they just figured they didn't want to be bothered with the upkeep any more and would rather have a nice chunk of change in their bank account.
Then they have a light-bulb moment - why not do it again and make more money? It's often only at that moment they realise just how "accidental" their success was, and if they're smart, they'll also recognise they could probably do even better if they knew what they were doing. This is where transitioning from accidental to strategic property development becomes critical.
And so they come to a Meetup.
One of two things happens next - they decide it all looks too hard and they figure they did okay the first time. Then they head off into the sunset and I never see them again.
Or, if they have one of the key killer traits that Mega Successful Developers have, they realise how much more there is to learn to do it better next time around, and they start learning.
So let's take a look at some of the different ways you can do that…
Observe Your Peers
If you've been to a Meetup or heard me talk about them, then you'll have heard my kitchen table story. Essentially, early on in my Property Development journey, a group of my mates who were on the same path would gather round my kitchen table and talk property.
While some of that discussion would be about property development deals we had on the go and how they were progressing, a lot of the chat would be someone saying they were stuck, and the rest of us brainstorming how to solve the problem they were stuck on.
Instead of just one person working on the problem, now the "hive mind" could work on it. And amongst all of us, someone had either gone through the same thing, came up with a completely different angle that hadn't been thought of before, or knew somebody outside the group who could help. This type of peer learning is incredibly powerful in property development education.
It was invaluable. Having said that, it's most effective if at least some of the people in the group have development experience. And so the Property Developer Network Meetups were born.
Another way to observe your peers is on social media, such as Facebook. Naturally I think the Property Developer Network group is the best, but it's not the only one out there.
Talking to Consultants
One of the things I talk about as part of the journey to becoming a property developer is building up a team of professionals to work with. Partially because they make your life so much easier if they're good at what they do, so it makes sense to use them again.
But also because they're a treasure trove of useful information when you have a question to ask. If you're starting out, you won't necessarily have your team of consultants in place yet, but you'd be surprised how often you can ask a consultant one or two questions for free. Just make sure that if they're good, you use them for your project and pay them!
If you have quite a few questions, consider paying a consultant for an hour of their time to work through them all. It's likely to be worth every cent you pay. Leveraging expert advise is a key strategy in successful property development projects.
Joint Ventures
One of the most common issues for Property Developers is money. So if you have the resources available to be either an equity or serviceability partner, leverage that into knowledge.
Set up a Joint Venture where you're the money partner, and shadow the development partner doing the work. It's a fabulous way to gain on the ground experience. Just check with the doing partner that they're happy to take on that role. Joint venture property development is one of the fastest ways to gain real-world experience.
Formal Education
While Joint Ventures are a great way to learn from someone more experienced than you, if you want to be a Mega Successful Developer you probably want to learn faster.
That's where a Property Developer course comes in. And yes, I'm going to give a shameless plug for my Property Development Formula course right now! Instead of taking years to learn through trial and error, doing an in-depth course with access to ongoing mentoring and coaching is definitely the fast track approach. Structured property development training can dramatically shorten your learning timeline and reduce costly mistakes.
My mission is to create 1,000 millionaires through my course, and I've already created plenty. I'm happy to add you to that list. There we go, shameless plug over!
Learning From Mistakes
And last, and in some ways the most important, is learning from mistakes. This is where the killer trait of having a thirst for knowledge really kicks in.
When things go wrong, what do you do? Well, if you're a good Property Developer, you find a way to solve the problem and move on.
And if you're a Mega Successful Developer (or are on your way to becoming one) you LEARN from the mistake or problem. It doesn't matter how painful it was, you find a way to gain something from the experience. Reality is, we often get our best learnings from mistakes, BECAUSE they hurt!
Bottom line - a thirst for knowledge is one of the most obvious traits of Mega Successful Developers. I've now given you a whole list of ways to start increasing your knowledge, so get out there and start learning how to become a mega successful property developer!
It's interesting how often first time attendees fall into the "Accidental" Developer category. What do I mean by that? Well, they've basically stumbled into developing without any real idea of what they're doing.
A very common example is someone who has subdivided off their backyard and sold it. They weren't thinking about being a Property Developer, they just figured they didn't want to be bothered with the upkeep any more and would rather have a nice chunk of change in their bank account.
Then they have a light-bulb moment - why not do it again and make more money? It's often only at that moment they realise just how "accidental" their success was, and if they're smart, they'll also recognise they could probably do even better if they knew what they were doing. This is where transitioning from accidental to strategic property development becomes critical.
And so they come to a Meetup.
One of two things happens next - they decide it all looks too hard and they figure they did okay the first time. Then they head off into the sunset and I never see them again.
Or, if they have one of the key killer traits that Mega Successful Developers have, they realise how much more there is to learn to do it better next time around, and they start learning.
So let's take a look at some of the different ways you can do that…
Observe Your Peers
If you've been to a Meetup or heard me talk about them, then you'll have heard my kitchen table story. Essentially, early on in my Property Development journey, a group of my mates who were on the same path would gather round my kitchen table and talk property.
While some of that discussion would be about property development deals we had on the go and how they were progressing, a lot of the chat would be someone saying they were stuck, and the rest of us brainstorming how to solve the problem they were stuck on.
Instead of just one person working on the problem, now the "hive mind" could work on it. And amongst all of us, someone had either gone through the same thing, came up with a completely different angle that hadn't been thought of before, or knew somebody outside the group who could help. This type of peer learning is incredibly powerful in property development education.
It was invaluable. Having said that, it's most effective if at least some of the people in the group have development experience. And so the Property Developer Network Meetups were born.
Another way to observe your peers is on social media, such as Facebook. Naturally I think the Property Developer Network group is the best, but it's not the only one out there.
Talking to Consultants
One of the things I talk about as part of the journey to becoming a property developer is building up a team of professionals to work with. Partially because they make your life so much easier if they're good at what they do, so it makes sense to use them again.
But also because they're a treasure trove of useful information when you have a question to ask. If you're starting out, you won't necessarily have your team of consultants in place yet, but you'd be surprised how often you can ask a consultant one or two questions for free. Just make sure that if they're good, you use them for your project and pay them!
If you have quite a few questions, consider paying a consultant for an hour of their time to work through them all. It's likely to be worth every cent you pay. Leveraging expert advise is a key strategy in successful property development projects.
Joint Ventures
One of the most common issues for Property Developers is money. So if you have the resources available to be either an equity or serviceability partner, leverage that into knowledge.
Set up a Joint Venture where you're the money partner, and shadow the development partner doing the work. It's a fabulous way to gain on the ground experience. Just check with the doing partner that they're happy to take on that role. Joint venture property development is one of the fastest ways to gain real-world experience.
Formal Education
While Joint Ventures are a great way to learn from someone more experienced than you, if you want to be a Mega Successful Developer you probably want to learn faster.
That's where a Property Developer course comes in. And yes, I'm going to give a shameless plug for my Property Development Formula course right now! Instead of taking years to learn through trial and error, doing an in-depth course with access to ongoing mentoring and coaching is definitely the fast track approach. Structured property development training can dramatically shorten your learning timeline and reduce costly mistakes.
My mission is to create 1,000 millionaires through my course, and I've already created plenty. I'm happy to add you to that list. There we go, shameless plug over!
Learning From Mistakes
And last, and in some ways the most important, is learning from mistakes. This is where the killer trait of having a thirst for knowledge really kicks in.
When things go wrong, what do you do? Well, if you're a good Property Developer, you find a way to solve the problem and move on.And if you're a Mega Successful Developer (or are on your way to becoming one) you LEARN from the mistake or problem. It doesn't matter how painful it was, you find a way to gain something from the experience. Reality is, we often get our best learnings from mistakes, BECAUSE they hurt!
Bottom line - a thirst for knowledge is one of the most obvious traits of Mega Successful Developers. I've now given you a whole list of ways to start increasing your knowledge, so get out there and start learning how to become a mega successful property developer!
