You've probably heard the famous line written by John Donne "No Man is an Island". You may not be quite as familiar with how it continues:
No man is an island,
Entire of itself,
Every man is a piece of the continent,
A part of the main.
There's more, but I was also shocked to discover the poem ends with the lines:
And therefore never send to know for whom the bell tolls;
It tolls for thee.
How amazing is that? Two incredibly well-known quotes in one poem. And yet, also amazingly, there's a bunch of lines in between that nobody remembers. I can't help but wonder how famous the two quotes would have become without those mostly forgotten lines bringing them together into one cohesive whole.
How does that relate to property development? I'm glad you asked.
When it comes to property development, the team you put together, and the relationships you build, all play a vital part in getting your project over the line.
You, as the developer, along with the project, might be the visible part of the team, but it takes a whole village (another famous quote!) to make it happen.
Which is why a skill for building relationships is definitely one of the killer traits of mega successful property developers. Strong professional relationships often become the difference between a difficult project and a successful one. There are a few groups of people you need to build relationships with in order to be successful, so let's start with the most obvious one.
Your Team
I've already covered who to include in your core team and how to find them in my article "The Importance of Building a Great Team" so I'm not going to go into that again here.
But just to refresh your memory, the six core team members are:
Take a moment to stop and think about that. At least twenty people, all with different characters, skills and personality types. Plus potentially their assistants or workmates.
Are you starting to understand what I'm talking about, when I say you need to improve your relationship building skills? Getting along with people is hugely important to successful property developers. Learning how to build and lead a reliable property development team is every bit as important as understanding feasibility numbers.
Other Property Developers
Another big group of people you should be developing relationships with, and this goes back to how Property Developer Network started. Initially, it was just me and a bunch of mates sitting around my kitchen table, talking through the deals we were working on and helping each other out.
Eleven years down the track, with tens of thousands of members, finding a community of like minded people is incredibly simple. Come to the Meetups, talk to other Property Developers at all different points in the journey, give and receive help, and before you know it you'll have a network you belong to.
After all, it's said that you become like the people you spend the most time with, so surrounding yourself with successful property people is definitely going to speed up your journey to becoming a mega successful Property Developer.
In many ways, building this type of network is actually a lot harder than building your team of consultants. In the real world, most of us have jobs that involve interacting with other professionals, so that's a realm we're used to operating in. It can also be incredibly competitive.
Switching from that into an atmosphere of helping each other succeed can be challenging. Many of us have been indoctrinated with the idea that it's not okay to talk about money. There's also the "tall poppy" syndrome, where we cut down people doing better than us to try and bring them back down to our level.
You need to remember that your fellow students are your allies, not your competitors. Have an abundance mentality, recognise that there are plenty of deals to go around, and don't be afraid to share.
One of the fastest ways to learn property development is by surrounding yourself with people who are already doing it successfully.
Even more importantly, remember that future investors may well come out of the people you surround yourself with. I've lost count of how many times I've seen joint ventures spring from groups of like-minded Property Developers who've been meeting regularly and holding each other accountable.
If you're looking to build your network while developing practical skills, our free 7 Step Development FORMULA course is a great place to start before connecting with other develops at industry events.
Your Neighbours
Even if you're just starting out, you've probably already realised the planning process can be challenging (believe me, I can think of many other words, but I'm keeping it clean!).
Dealing with Council is tough enough, but if you then have a truckload of neighbours jumping up and down, objecting to your development, you will definitely be in a world of pain.
If you're doing a small property development of say 1 into 2, you probably only need to build relationships with the immediate neighbours. As the size of your project grows, so will the number of people in the neighbourhood affected by it.
The more you do to let people know what you're doing, and give them the opportunity to discuss it with you, the less objections you're likely to get. Now, sometimes there's one grumpy old retired lawyer with time on their hands determined to make your life hell, and no amount of relationship building is going to change that.
But most people just want to know what's going on, and make a decision on whether to accept the proposed development or object to it. And it's much better if that choice is based on correct, non-hysterical information supplied by you. Open communication can often reduce objections and help keep the planning process moving more smoothly.
Friends and Family
I bet you didn't see that one coming! Yes, building relationships around property development is vital, but maintaining positive private relationships also matters. As much as possible, bring your loved ones on the journey to becoming a full-time property developer with you.
Now, that doesn't mean they need to become property developers too - for some of them it might be enough if they at least don't talk negatively about what you're doing and support you emotionally when you need it.
And sometimes you just need to hang out with people who don't talk about property at all, but are happy to be by your side, cheering for your favourite rugby team. Those people matter too in your journey to become a Mega Successful Property Developer. After all, long-term success in property development is much easier to sustain when the people closest to you are supporting the journey rather than resisting it.
No man is an island,
Entire of itself,
Every man is a piece of the continent,
A part of the main.
There's more, but I was also shocked to discover the poem ends with the lines:
And therefore never send to know for whom the bell tolls;
It tolls for thee.
How amazing is that? Two incredibly well-known quotes in one poem. And yet, also amazingly, there's a bunch of lines in between that nobody remembers. I can't help but wonder how famous the two quotes would have become without those mostly forgotten lines bringing them together into one cohesive whole.
How does that relate to property development? I'm glad you asked.
When it comes to property development, the team you put together, and the relationships you build, all play a vital part in getting your project over the line.
You, as the developer, along with the project, might be the visible part of the team, but it takes a whole village (another famous quote!) to make it happen.
Which is why a skill for building relationships is definitely one of the killer traits of mega successful property developers. Strong professional relationships often become the difference between a difficult project and a successful one. There are a few groups of people you need to build relationships with in order to be successful, so let's start with the most obvious one.
Your Team
I've already covered who to include in your core team and how to find them in my article "The Importance of Building a Great Team" so I'm not going to go into that again here.
But just to refresh your memory, the six core team members are:
- Accountant
- Solicitor
- Town Planner
- Civil Engineer
- Surveyor
- Architect
- Outside of this core group, however, there are a LOT of other consultants who may need to be involved in your property developments. My last list contained at least twenty, and even then you might still need more.
Take a moment to stop and think about that. At least twenty people, all with different characters, skills and personality types. Plus potentially their assistants or workmates.
Are you starting to understand what I'm talking about, when I say you need to improve your relationship building skills? Getting along with people is hugely important to successful property developers. Learning how to build and lead a reliable property development team is every bit as important as understanding feasibility numbers.
Other Property Developers
Another big group of people you should be developing relationships with, and this goes back to how Property Developer Network started. Initially, it was just me and a bunch of mates sitting around my kitchen table, talking through the deals we were working on and helping each other out.
Eleven years down the track, with tens of thousands of members, finding a community of like minded people is incredibly simple. Come to the Meetups, talk to other Property Developers at all different points in the journey, give and receive help, and before you know it you'll have a network you belong to.
After all, it's said that you become like the people you spend the most time with, so surrounding yourself with successful property people is definitely going to speed up your journey to becoming a mega successful Property Developer.
In many ways, building this type of network is actually a lot harder than building your team of consultants. In the real world, most of us have jobs that involve interacting with other professionals, so that's a realm we're used to operating in. It can also be incredibly competitive.
Switching from that into an atmosphere of helping each other succeed can be challenging. Many of us have been indoctrinated with the idea that it's not okay to talk about money. There's also the "tall poppy" syndrome, where we cut down people doing better than us to try and bring them back down to our level.
You need to remember that your fellow students are your allies, not your competitors. Have an abundance mentality, recognise that there are plenty of deals to go around, and don't be afraid to share.
One of the fastest ways to learn property development is by surrounding yourself with people who are already doing it successfully.
Even more importantly, remember that future investors may well come out of the people you surround yourself with. I've lost count of how many times I've seen joint ventures spring from groups of like-minded Property Developers who've been meeting regularly and holding each other accountable.
If you're looking to build your network while developing practical skills, our free 7 Step Development FORMULA course is a great place to start before connecting with other develops at industry events.
Your Neighbours
Even if you're just starting out, you've probably already realised the planning process can be challenging (believe me, I can think of many other words, but I'm keeping it clean!).
Dealing with Council is tough enough, but if you then have a truckload of neighbours jumping up and down, objecting to your development, you will definitely be in a world of pain.
If you're doing a small property development of say 1 into 2, you probably only need to build relationships with the immediate neighbours. As the size of your project grows, so will the number of people in the neighbourhood affected by it.
The more you do to let people know what you're doing, and give them the opportunity to discuss it with you, the less objections you're likely to get. Now, sometimes there's one grumpy old retired lawyer with time on their hands determined to make your life hell, and no amount of relationship building is going to change that.
But most people just want to know what's going on, and make a decision on whether to accept the proposed development or object to it. And it's much better if that choice is based on correct, non-hysterical information supplied by you. Open communication can often reduce objections and help keep the planning process moving more smoothly.
Friends and Family
I bet you didn't see that one coming! Yes, building relationships around property development is vital, but maintaining positive private relationships also matters. As much as possible, bring your loved ones on the journey to becoming a full-time property developer with you.
Now, that doesn't mean they need to become property developers too - for some of them it might be enough if they at least don't talk negatively about what you're doing and support you emotionally when you need it.
And sometimes you just need to hang out with people who don't talk about property at all, but are happy to be by your side, cheering for your favourite rugby team. Those people matter too in your journey to become a Mega Successful Property Developer. After all, long-term success in property development is much easier to sustain when the people closest to you are supporting the journey rather than resisting it.
