When it comes to property development, it takes a team to raise a building. That means when you’re looking for a developer to invest with, you need to consider who they work with as well.
If a developer does not have the right team, delays can occur that they can’t control, which will have a knock-on effect on you. Therefore, it’s important to choose a developer with partners you can trust, as each chain is only as strong as its weakest link.
With that in mind, you may be wondering what makes a great property development team. There are plenty of key figures involved in great property developments, and we thought it’d be a good idea to share a little more info about what they do and why they are so instrumental to a project’s success.
We might as well kick things off with the guy who will be leading your property developer’s team, and that’s the project manager.
The project manager’s job is probably the most important. They build the team, keep the project on deadline, report to you and deal with any issues that could arise before they have the chance to make any real impact.
Property developers nearly always have their own project manager, so you can quickly identify the quality of developer by the person in charge of the build.
One of the best ways to judge the quality of a property developer is who they work with, and a great place to start is with the architect.
It goes without saying that it’s the architect’s job to design, plan and construct a space that works well for you and future tenants, but to achieve this there are a number of considerations that need to be taken into account.
This includes everything from maximising the flow of natural light into the main sitting rooms to ensuring there are enough strategically placed fire exits.
Ultimately, an architect will be responsible for whether your property is capable of standing out in a crowded market and attracting high-quality tenants.
Once the plans are in place for your property, your architect and project manager will go through the blueprints with a team of contractors. Together, they’ll work out the best way to tackle the project while coming up with more accurate estimates for the time and costs involved.
When evaluating the quality of a builder, you’re looking for signs that they take real pride in their work. This can be seen in the quality of work that they’ve done in the past, but also in the little things.
If you’re thinking about investing in a property that is in mid-build, visit the site and get to know the people who will be building your property. It may sound silly, but a clean site can be a great indicator of workmen who care about what they do and the quality they provide.
Of course, even the tidiest building site looks like… well, a building site, so don’t expect too much!
Tradesmen are the driving force behind any building project, so it goes without saying that they are an integral part of any property development team. They are essential in making the property structurally sound and safe to live in, so make sure your project manager has found a skillful, experienced team.
The solicitor plays an essential role from the start of your project to the very end. With the rules around property changing regularly, finding a developer with a solicitor that is on the ball is essential.
From an investor’s point of view, choosing a property developer with a good solicitor is important for three reasons.
Firstly, one of the common frustrations of buying property is that even if your solicitor is great, the whole process can be slowed down if the seller’s solicitor isn’t on top of things.
Therefore, a property developer’s solicitor is an important marker that can help you determine whether investing with them is going to be easy or not.
Secondly, for new investors, you may not have a solicitor that you can rely on yet. In these cases, your property developer should be able to recommend a high-quality solicitor for you to use.
Finally, there are a lot of legal hoops to jump through when developing a property. Therefore, a solicitor plays a crucial role in ensuring the development and your property are not delayed.
Property developments most commonly come unstuck because they struggle to stay on budget. In these cases, corners may be cut to reduce costs or deadlines may be missed.
Whatever the outcome, a project going over budget has a significant impact on your property developer and you as the investor. Therefore, having an expert in charge of the numbers is key.
A property developer’s accountant will provide regular updates to the project manager on the state of the budget and any future icebergs that need to be avoided.
The will help your property developer better predict future speedbumps, so they can be avoided and your property can be delivered as promised.
And now we’ve reached the point where your property has been planned, built, kitted out, legally sound and on track financially. For many investors, all that’s left now is to put it on the rental market.
And so that brings us to the final member of your property developer’s team; the property agent.
Finding a great property to purchase is only half the battle – you also need to ensure it’s well looked after and let as soon as possible. A good property manager should be able to start gathering interest from prospective tenants before the build is even complete.
Likewise, they’ll be able to give you ongoing advice on whether the rental market for your property is growing and if you should adjust your prices. Finally, they’ll take over the management of your property, so all the weight is taken off your shoulders.
Your chosen property developer should be able to put you in touch with a high-quality management agent, so don’t forget to find out who this is when you’re deciding whether to invest in a property.
There are a lot of people involved in making property projects successful, and the process of creating a team can take a long time to get right.
With that in mind, you should always look for a property developer with a track record of success with their partners.
Of course, the property and its potential profits will always be in front of your mind, but when enquiring with developers, always take a moment to ask them about who they work with.
If you’re interested in who we work with, check out our partners page to find out who makes our developments possible. Or if you’d rather learn about what property investment opportunities we currently have, get in touch today.