What’s Your End-Game?
In Property Development, Investment, or any Business for that matter, you need to start with the end in mind.
Now more than ever you need to understand where you are going with your business or your investments. Is it simply a matter of investing some cash for either a secure return from a business or property, or to get a quick development profit?
No.
The days of “build it and they will come” could not be further away. I remember being involved in property development in the late 90’s and it seemed you could develop almost anything almost anywhere, and it was more about how much profit you would make, not “if” you would. Now I know that is a generalisation but with the certainty that experience brings I can assure you, it could not be more different.…and the way things have always been done, will not cut the mustard anymore.
If you’re developing, who are you developing for? If you answered “owner-occupier” or “investor” then I’m sorry to say you are falling behind. You need to be far more niche. You need to understand what your buyer really wants. Understand their lifestyle problems. Understand their financial problems. Then look to solve those problems.
To make it in business these days you have to break through all the noise. Everyone is an expert and unique…just ask them. But can you truly say you understand what you are delivering because you truly understand your target client?
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