7 Habits of a Highly Effective Real Estate Developer
Investing in real estate is one of the fastest ways to build wealth, but we aren’t born with the ability to sell multi-million dollar condos or flip houses. That doesn’t mean we can’t learn how.
However, it’ll take more than hard skills to become a highly effective real estate developer. You need strong habits, perseverance, and a little bit of luck to be successful in the real estate industry. But some of us are so disciplined and hardworking that we often make our own luck!
7 Habits All Highly Effective Real Estate Developers Need
The property development game is ever-changing, but your habits, knowledge, and real estate software can keep you ahead of it.
Here are 7 healthy habits property developers need.
1. Be a Proactive Go Getting
Proactive people take responsibility for their own lives and recognize that they have the ability to choose their path. They’ll use language like “I can, or I will,” and always focus on problems they can fix. A property developer must be proactive if they want to beat out other investors. They can’t wait for an opportunity to present themselves; they must go out and find it.
2. Avid Business Planner
The ability to plan is an essential skill for any successful person. Property developers must plan the stages of pre-development, construction, and post-development or follow the steps to vet a property. Either way, a developer has to be systematic, consistent, and in control, if they want to finish a project within budget. If they’re off by a zero, their whole plan could fall through.
3. Commitment to Goals
Good real estate developers are always on the lookout for a great deal. For example, if they find an apartment they love, they’ll use their knowledge to haggle for a lower price. Alternatively, they’ll check comparison sites to find the standard market value for that neighborhood. Either way, once they sink their teeth in, they won’t give up. They’ll stay committed to reach their goals.
4. Friendly People Person
An everyday habit of a successful property developer is to make new connections. Developers need to collaborate and communicate with a lot of different people daily, from builders to estate agents. If you have good people skills, you can build connections that benefit your career. In fact, you can use your network to find unlisted properties and practice your negotiation skills.
5. Neighborhood Research
Most property developers pick a niche because it makes it easier to research neighborhoods. Whether you’re a general or specific developer, you should learn a little bit more about your local area each day. That includes looking into new development areas, types of homes that sell quickly, and commercial buildings. The more you know, the faster you’ll flip your investment.
6. Staying Up-To-Date
Property law in the United States is complex, and it doesn’t help that the rules surrounding a real estate translation change constantly. If a property developer wants to keep their head in the game (and above water), they must stay up-to-date with real estate legislation. You can build this habit by spending 10 minutes in the morning reviewing state laws, licenses, and so on.
7. Need to Improve Yourself
Real estate developers should never stop learning, growing, and reaching for the stars. All professionals must invest in themselves by reading blogs, signing up for formal training, and completing online courses. In the end, continuous learning helps us keep pursuing our personal and professional goals. Plus, constant improvement keeps your skills relevant and future-proof.
No industry professional is born great, but many of them find success through their habits. A project developer can learn all the hard skills in the book and still fall short of their goals. You’ll need to be proactive, committed, and friendly to grow a network and earn a decent profit.