8 Property Development MISTAKES (Warning for Property Developers in Sydney & Melbourne)

There are a LOT of mistakes that Property Development Beginners make that costs them MILLIONS. These risks are much higher for Sydney and Melbourne Property Developers. I'll go through 8 of the most common mistakes I see in property development, examples of the risks and how experienced property developers do things differently. 🔔 SUBSCRIBE: https://bit.ly/2ABxWz1

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Mistake #1: Expert in 1 area (builder, architect, etc.) does NOT make you an expert in all areas of property development. Be sure to use the 80/20 principle to focus on all areas of property development.

Mistake #2: Building a Property Development YOU like, not what your buyers want. Use the market to determine what your product and finishes are for your project.

Mistake #3: Property Bull Markets hide bad projects. This is a problem for Melbourne or Sydney Property Developers. Be real with the numbers and make sure you compare you starting feasibility with the end and see what is different.

Mistake #4: Being a price setter on sales when you're a property development beginner. Price setting is not about testing the market higher; it is about finding the buyers willing to pay a premium.

Mistake #5: Saying YES too soon to a property development deal. Deals where the property development feasibility is too good to be true; they are often too good to be true.

Mistake #6: Don't have FOMO (Fear of Missing Out) when you're looking at property development sites. Avoid areas of high future supply unless you're first out, genuinely cheaper or can hold over the long term.

Mistake #7: Shortcutting due diligence on buying a development site. Need I say more? Also, don't click this link: https://bit.ly/2ABxWz1

Mistake #8: Don't massage the End Sale Price of a property development to make the feasibility work. Start with the end sale price, deduct costs and then work out your residual land value.

Mistake #9: Overstretching yourself as a property developer (both financial and time commitment). Have a Plan B for each of the bottlenecks in your project.

These are the high-level mistakes of property development, and I will go through examples and ways experienced property developers do things differently.

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Видео 8 Property Development MISTAKES (Warning for Property Developers in Sydney & Melbourne) канала Kent Cliffe