- Work for yourself, buying, developing and selling or renting properties
- Has the potential to be a very financially rewarding career
- Can be high risk, you'll need excellent business and negotiating skills
Property developers identify opportunities to redevelop existing properties or build new ones and sell or rent them at a profit. They then buy the land or property themselves or raise funds from others to buy them and oversee the building process and sale or rental of the new or improved building.
- Studying the property market in a particular area
- Visiting properties that have potential for development
- Raising funding (e.g. through a mortgage or an investor)
- Negotiating to buy a property or bidding at auction
- Planning buildings or renovations
- Putting together budgets
- Liaising with planning officers
- Overseeing your developments
You're likely to spend a considerable amount of time working on and finalising a project. You'll work on-site meeting with contractors and clients, as well as in an office, and this job can be stressful at times. You may also spend considerable time travelling, possibly including overnight trips.
There are no set requirements for becoming a property developer, but to get started you'll usually need access to some initial funds to get you started as you'll need to put down a deposit on any property you buy even if you get a mortgage.
Many property developers start this career while they are working in another job and gradually build up their portfolio of properties until they are able to go full time.
Alternatively, you may be able to find a business partner or investor who has the funds to help you buy your first property, or you might start out by working for another property developer to learn the business before starting out on your own.
It's advisable to build up your business knowledge, and in particular your knowledge of the property market, before you start, you could do this by studying a business course, and or building up property experience by working in an estate agency or similar organisation.
In general, you'll need excellent business knowledge, good negotiation skills, calmness under pressure, and strong project management skills.
Many property developers start with one property then gradually build up portfolio by selling or renting out their properties to make money.