OwnerDevelopers Top Tips in Becoming an Area Expert
The true way of succeeding in development is being sure that you know your target suburb inside and out, there is no way of being confident in your project if you don’t have all the knowledge in that suburb.
Here are OwnerDevelopers top tips in becoming an Area Expert.
Take advantage of the tools available.
Be aware of all the tools available to you so that you can take full advantage of them, there is a lot of free information developed for suburbs that is accessible to the public. One vital tool for developers is microburbs. Microburbs is a free online tool that gives you access to a range of information in regards to specific suburbs; such as median land price, average sales, and recent development approvals. This tool will give you specific information that is directly related to your target suburb, giving you confidence behind the development decisions you are going to make.
Understand the design trends
As a developer you need to understand that different suburbs have different design trends. In this industry you have to be able to recognise a profitable and achievable design for your chosen suburb, a mistake commonly made is overcapitalising because the developer didn't understand what was popular within the market. Browse through real estate websites and target homes with newer finishes or new builds. Gather ideas that show the standard of finishes and architectural features you should be incorporating for your developments that suit that suburb.
Attend open homes in your chosen suburb
Make sure your knowledge extends beyond just theory, physically go see the market and get a sense of the value. After a few inspections you should have the knowledge to asses a property in that location to the detail of market trends, worth, the demand for it and so on. It sounds time consuming, but trust us! You want to be safe rather than sorry and when entering property development doing the right research is vital!
Know the council requirements
Know the council requirements as if they were written on the palm of your hand. Every council has their own set of documentation that includes information on minimum and average lot sizes, setbacks, open space requirements and other important design criteria that a development needs to meet. The local planning scheme and policies for the local government you are targeting is the ultimate guide book when it comes to property analysis. As a developer you have to have the ability to understand and apply them in your project, it is vital that you can make a quick evaluation on the spot with a property before you invest any more time into… time is money.