Property development can an exciting and rewarding adventure, but it can also be incredibly stressful. From unexpected planning delays to budget blowouts and market fluctuations, the journey is rarely a straight line. Whether you're a seasoned developer or dipping your toes in for the first time, understanding how to navigate the highs and lows is crucial to long-term success.
This is one of the main reasons my Property Development Formula course doesn't just have development mentors - it also has coaches to help you with mindset, habits and more. That's how strongly I believe in managing your mental state effectively, alongside learning the nuts and bolts of how to be a property developer.
So what can you do to make sure you remain mentally strong throughout the property development process?
You're Not Alone
You need to accept that uncertainty is part of the game. Development projects rarely go exactly according to plan. Council approvals can take longer than expected. Builders can run into unforeseen challenges. The property market can shift unexpectedly. Instead of fearing these uncertainties, anticipate them.
But more importantly than that - most developers face similar challenges. It's not just you! They may not have exactly the same challenges that you do, but they probably have some others that you don't.
If you don't believe me, check out some of the Real Deal presentations at the Property Developer Network Meetups. If everybody else was doing property development easily, those presentations would last five minutes and be very boring. Major reality check - property development is not for the faint of heart. The emotional rollercoaster from excitement to anxiety and everything in between can take a toll.
And while it would be great if it wasn't that way, it's also reassuring that it's not you personally that's the problem, it's just the way the development game works.
But knowing that is only a small part of learning to deal with it.
How To Survive The Ride
There's lots of different ways you can make your life easier from a project standpoint, including things like:
I could go on, but in this article I want to focus more on the things you can do from an emotional management perspective, rather than the development process itself.
Given that property development involves uncertainty and change, you need to work on your ability to be flexible. And no, I'm not talking gymnastics here! Sure, to be successful you need a detailed plan. But sticking rigidly to your initial blueprint can backfire if circumstances change.
Which means you're comfortable in pivoting if needed. For example, if selling units isn’t viable due to market shifts, consider renting them out as a plan B. Having a flexible mindset allows you to change course with a minimum of stress and disruption.
It's also important to practice emotional regulation strategies. This might include mindfulness, regular exercise, or simply taking breaks when needed.
Okay, now I already know that some of you think I'm going a bit too far down the woo-woo path, and the chances of you actually doing some of this stuff to support yourself are about zero. I get it.
But guess what - if you're not going to push yourself in this regard, then you need to find someone who will. Bottling everything up inside until you explode is a huge mistake.
Now, I'm not saying you should walk around whingeing to everybody you meet. By dwelling on the negatives you're likely to attract more negative. Like attracts like, as the saying goes.
And what every person needs is different. It may even be that you need different things, depending on what the latest series of crises in your current project are. Here are some ideas:
There are plenty of possibilities here, but they fall into two main strategies - either spend time finding solutions with input from others, or stop thinking about the issues altogether.
That second strategy can be very effective. Our brains are very clever and can do lots of things at once. So while you're walking along the beach with your loved one, on a quiet tab at the back of your mind your brain is likely ticking over countless options and possibilities. It's amazing how often you sit back down at your desk, feeling refreshed from the break, and a bunch of solutions pop up immediately.
If you feel your issues are more to do with specific traits or habits, such as procrastinating, avoidance or motivation, then finding a coach who can help you with that specific challenge might be more beneficial.
You might also find it worthwhile to have an accountability partner. Basically, that's another person you share your goals and tasks with, committing to a deadline to complete those things. Your accountability partner will then check in to see if you've done what you said you would do. It's surprising how often we get off our backsides and do things rather than have to tell someone we fell short.
Finally, make sure to regularly touch base with other property developers. This can be through networking events, such as the Property Developer Network Meetups, or even a bunch of other people you meet over time in the same game. These are the people who will understand your struggles and be able to provide support and encouragement when you need it, because they understand.
No matter how experienced or prepared you are, property development will test your patience, finances, and mindset. The good news? You're not alone. With the right mix of knowledge, tools, and community support, you can ride out the lows and maximize the highs.
Embrace the journey, keep learning, and don’t let the lows keep you from pursuing the highs. Because in the world of property development, resilience and adaptability often matter just as much as bricks and mortar.
This is one of the main reasons my Property Development Formula course doesn't just have development mentors - it also has coaches to help you with mindset, habits and more. That's how strongly I believe in managing your mental state effectively, alongside learning the nuts and bolts of how to be a property developer.
So what can you do to make sure you remain mentally strong throughout the property development process?
You're Not AloneYou need to accept that uncertainty is part of the game. Development projects rarely go exactly according to plan. Council approvals can take longer than expected. Builders can run into unforeseen challenges. The property market can shift unexpectedly. Instead of fearing these uncertainties, anticipate them.
But more importantly than that - most developers face similar challenges. It's not just you! They may not have exactly the same challenges that you do, but they probably have some others that you don't.
If you don't believe me, check out some of the Real Deal presentations at the Property Developer Network Meetups. If everybody else was doing property development easily, those presentations would last five minutes and be very boring. Major reality check - property development is not for the faint of heart. The emotional rollercoaster from excitement to anxiety and everything in between can take a toll.
And while it would be great if it wasn't that way, it's also reassuring that it's not you personally that's the problem, it's just the way the development game works.
But knowing that is only a small part of learning to deal with it.
How To Survive The Ride
There's lots of different ways you can make your life easier from a project standpoint, including things like:
- build a great team of professionals around you
- do your research thoroughly
- identify risk and build a risk management plan
- implement stringent financial strategies
I could go on, but in this article I want to focus more on the things you can do from an emotional management perspective, rather than the development process itself.
Given that property development involves uncertainty and change, you need to work on your ability to be flexible. And no, I'm not talking gymnastics here! Sure, to be successful you need a detailed plan. But sticking rigidly to your initial blueprint can backfire if circumstances change.
Which means you're comfortable in pivoting if needed. For example, if selling units isn’t viable due to market shifts, consider renting them out as a plan B. Having a flexible mindset allows you to change course with a minimum of stress and disruption.
It's also important to practice emotional regulation strategies. This might include mindfulness, regular exercise, or simply taking breaks when needed.
Okay, now I already know that some of you think I'm going a bit too far down the woo-woo path, and the chances of you actually doing some of this stuff to support yourself are about zero. I get it.
But guess what - if you're not going to push yourself in this regard, then you need to find someone who will. Bottling everything up inside until you explode is a huge mistake.
Now, I'm not saying you should walk around whingeing to everybody you meet. By dwelling on the negatives you're likely to attract more negative. Like attracts like, as the saying goes.
And what every person needs is different. It may even be that you need different things, depending on what the latest series of crises in your current project are. Here are some ideas:
spend time with family and friends who aren't the slightest bit interested in property development so your mind can focus on other things for a little while- call up a few property development buddies and do some brainstorming about potential solutions
- go to a movie, read a book, listen to a podcast - take your mind off things and relax
There are plenty of possibilities here, but they fall into two main strategies - either spend time finding solutions with input from others, or stop thinking about the issues altogether.
That second strategy can be very effective. Our brains are very clever and can do lots of things at once. So while you're walking along the beach with your loved one, on a quiet tab at the back of your mind your brain is likely ticking over countless options and possibilities. It's amazing how often you sit back down at your desk, feeling refreshed from the break, and a bunch of solutions pop up immediately.
If you feel your issues are more to do with specific traits or habits, such as procrastinating, avoidance or motivation, then finding a coach who can help you with that specific challenge might be more beneficial.
You might also find it worthwhile to have an accountability partner. Basically, that's another person you share your goals and tasks with, committing to a deadline to complete those things. Your accountability partner will then check in to see if you've done what you said you would do. It's surprising how often we get off our backsides and do things rather than have to tell someone we fell short.
Finally, make sure to regularly touch base with other property developers. This can be through networking events, such as the Property Developer Network Meetups, or even a bunch of other people you meet over time in the same game. These are the people who will understand your struggles and be able to provide support and encouragement when you need it, because they understand.
No matter how experienced or prepared you are, property development will test your patience, finances, and mindset. The good news? You're not alone. With the right mix of knowledge, tools, and community support, you can ride out the lows and maximize the highs.
Embrace the journey, keep learning, and don’t let the lows keep you from pursuing the highs. Because in the world of property development, resilience and adaptability often matter just as much as bricks and mortar.
