When I talk to people about becoming a property developer, inevitably the conversation veers towards determining the best path to achieve the end goal.
Although you could potentially just wake up one day, decide you're a property developer and off you go, chances are you'll crash and burn without some education in the property development space.
So the question is - should you train for a job in the property development field as a starting point?
What I'm talking about is getting training to develop a skill, then getting a job in that field. For example, training to become a project manager.
And that's where there starts to be a divergence between working in property development and becoming a property developer.
Skill Diversity
Property development involves purchasing, improving, and selling or renting real estate for profit. Developers often manage the entire process, including acquiring land, financing the project, constructing or renovating buildings, and selling or leasing the finished product.
The process involves a blend of technical knowledge, financial planning, and project management. Developers must also be adept at market analysis and able to anticipate trends to make informed decisions.
Projects can range from small-scale projects, such as renovating a single-family home, to large-scale developments like apartment complexes or commercial properties. The skills and knowledge required will depend on the type and scale of the projects you intend to undertake.
At this point, hopefully you're nodding your head in agreement, and can see the point I'm making. If you learn one set of skills in order to get a job in property development, that's great. But in order to be a property developer, you actually need a wide range of different skills.
You've probably heard me talk about abdicating versus delegating. As a property developer this difference is vital. If you abdicate tasks, you give them away to someone qualified without any real understanding of what's involved or how to recognise if the task is done well.
When you delegate, you have a good understanding of what's required, but don't have the time, interest or specialised skills to complete the task. You can, however, supervise and know whether things are being done properly or not.
Bottom line - while having a thorough knowledge of one set of skills is certainly helpful, to become a property developer you need to learn a wide range of skills.
Get Educated
Like most things in life, if you want to do better, get educated. This is just as true in property development. The question is - what type of education?
If you're looking to get a job in the property development field, then once you determine what job you want, you need to find out what education is available.
For physical skill jobs, such as tradies, then you're likely to want some vocational training and potentially an apprenticeship.
Desk-based jobs generally require some form of formal education. This is certainly true of fields such as property management, valuation, finance and more.
If you're wanting to learn how to have a property development career, there are now tertiary courses on the subject! Some of them are simply offshoots of other skill sets such as valuation, but some are designed to cover a whole range of subjects.
For example, learn about:
Some of the courses even offer the opportunity to develop these skills through work experience, mentorship, or specific training programs.
I still have reservations about this approach. I'm sure the teachers are lovely people, but how many of them have actual real-world experience developing projects?
The other option is to do a specialised training course such as (shameless plug here) my own Property Development Formula. Make sure it's run by someone with a lot of experience in developing properties. Look for things like ongoing support, testimonials and more.
Other simple ways to get started include:
And yes, I did say "experienced developers" a few times. If you're going to follow someone, make sure they have the runs on the board to back up what they're saying.
Conclusion
Okay, by now you've probably worked out my slant on this topic - make property development a career not a job. You can certainly work in the industry until you're ready to become a full-time developer, and there's definitely some bonuses in taking that path. But in the end, full-time property developers employ people with property jobs, so that tells you where you need to be aiming.
Having a career as a property developer is a rewarding but challenging endeavour that demands a mix of knowledge, skills, and determination. Whether you’re starting with a passion for real estate or a drive to create lasting value, learning the ropes of property development will open doors to an exciting and rewarding career.
By starting small, continually learning, and building strong networks, you can navigate the complexities of the industry and achieve success.
Remember, every successful developer started with a single project and grew from there. With persistence and a commitment to quality, you can carve out a place for yourself in the dynamic world of property development.
Although you could potentially just wake up one day, decide you're a property developer and off you go, chances are you'll crash and burn without some education in the property development space.
So the question is - should you train for a job in the property development field as a starting point?
What I'm talking about is getting training to develop a skill, then getting a job in that field. For example, training to become a project manager.
And that's where there starts to be a divergence between working in property development and becoming a property developer.
Skill DiversityProperty development involves purchasing, improving, and selling or renting real estate for profit. Developers often manage the entire process, including acquiring land, financing the project, constructing or renovating buildings, and selling or leasing the finished product.
The process involves a blend of technical knowledge, financial planning, and project management. Developers must also be adept at market analysis and able to anticipate trends to make informed decisions.
Projects can range from small-scale projects, such as renovating a single-family home, to large-scale developments like apartment complexes or commercial properties. The skills and knowledge required will depend on the type and scale of the projects you intend to undertake.
At this point, hopefully you're nodding your head in agreement, and can see the point I'm making. If you learn one set of skills in order to get a job in property development, that's great. But in order to be a property developer, you actually need a wide range of different skills.
You've probably heard me talk about abdicating versus delegating. As a property developer this difference is vital. If you abdicate tasks, you give them away to someone qualified without any real understanding of what's involved or how to recognise if the task is done well.
When you delegate, you have a good understanding of what's required, but don't have the time, interest or specialised skills to complete the task. You can, however, supervise and know whether things are being done properly or not.
Bottom line - while having a thorough knowledge of one set of skills is certainly helpful, to become a property developer you need to learn a wide range of skills.Get Educated
Like most things in life, if you want to do better, get educated. This is just as true in property development. The question is - what type of education?
If you're looking to get a job in the property development field, then once you determine what job you want, you need to find out what education is available.
For physical skill jobs, such as tradies, then you're likely to want some vocational training and potentially an apprenticeship.
Desk-based jobs generally require some form of formal education. This is certainly true of fields such as property management, valuation, finance and more.
If you're wanting to learn how to have a property development career, there are now tertiary courses on the subject! Some of them are simply offshoots of other skill sets such as valuation, but some are designed to cover a whole range of subjects.
For example, learn about:
- property valuation
- market trends
- identifying demand
- building regulations
- zoning laws
- construction techniques
- budgeting
- cash flow management
- financing options
Some of the courses even offer the opportunity to develop these skills through work experience, mentorship, or specific training programs.
I still have reservations about this approach. I'm sure the teachers are lovely people, but how many of them have actual real-world experience developing projects?
The other option is to do a specialised training course such as (shameless plug here) my own Property Development Formula. Make sure it's run by someone with a lot of experience in developing properties. Look for things like ongoing support, testimonials and more.
Other simple ways to get started include:
- property development groups
- property developer meetups
- mentorship from experienced developers
- social media channels of experienced developers
And yes, I did say "experienced developers" a few times. If you're going to follow someone, make sure they have the runs on the board to back up what they're saying.
Conclusion
Okay, by now you've probably worked out my slant on this topic - make property development a career not a job. You can certainly work in the industry until you're ready to become a full-time developer, and there's definitely some bonuses in taking that path. But in the end, full-time property developers employ people with property jobs, so that tells you where you need to be aiming.
Having a career as a property developer is a rewarding but challenging endeavour that demands a mix of knowledge, skills, and determination. Whether you’re starting with a passion for real estate or a drive to create lasting value, learning the ropes of property development will open doors to an exciting and rewarding career.
By starting small, continually learning, and building strong networks, you can navigate the complexities of the industry and achieve success.
Remember, every successful developer started with a single project and grew from there. With persistence and a commitment to quality, you can carve out a place for yourself in the dynamic world of property development.
