How to be a Successful Female Property Developer
PART OF THE #KEEPITREAL WEEK
If you’ve been following along with the #KEEPITREAL series this past week, I hope you’ve enjoyed reading our honest and open accounts of what life as a self-employed female property developer can really be like at times. If you’ve related to any of the personal struggles or business setbacks that we’ve covered, I really hope that you’re able to take some of the advice and lessons we’ve shared on-board to use in your everyday life – and that in time, those words help you to grow into a much more confident and happier business woman – because the world needs more of that! ⚡️
I know we’ve covered a fair bit about the emotional and personal side of being self-employed in the previous blogs, but I’m sure the real question on everyone’s lips (regardless of their gender to be honest) is “how do you actually become successful at property development?”.
Whilst the answer to that question does involve an accumulation of all the things we’ve already discussed this week, such as; organising your time better, building your confidence, working on a better home-life balance etc. we can’t overlook the fact that property development is a unique business in itself, bringing with it its own challenges and rules for success.
I’ve thought hard about the specific things that I think have played a big role in the growth of BEESPACE over the years, and how they could be applied to your own business. Before I share these tips with you though, it’s important to remember that no one is ever a finished piece of art, and that there will always be more lessons to learn and things to accomplish – I think that a major part of being successful is staying humble despite your achievements, and knowing that there is always room for improvement.
With all that said, here are my top words of wisdom for anyone looking to do well in the property industry!
Be passionate ⚡
The no.1 rule here is to absolutely love what you do. This job can come with an awful lot of stress at times and, as you’ve read about this week, it can be especially challenging for female property developers in particular, as we learn to juggle a fast-moving business alongside a busy home/personal life.
When the tough gets going, you’ve really got to be passionate about what you’re doing. If you’re in love with your work and driven by purpose, any hardships you face will feel worth it in the end and you’ll have the motivation to push yourself each day to do better. Granted, you might not ‘like’ it all of the time (hello taxes and boring admin 👋), but you’ve got to be in it with everything you’ve got.
See it as a business ⚡
Historically, buying houses wasn’t seen as ‘being in business’, but if you do it correctly it needs to be treated that way. The way I see it: if you own property, you have a business to run – it’s as simple as that.
And like any other profitable and successful business, there are many moving parts to it that you’ll need to get a handle on. Having this business-focused mindset from the offset will help you to set yourself apart from the majority of developers out there, and will give you total USP.
Do your homework and pick your patch ⚡
Location, location, location! Too often I work with people who are all over the place, trying to stretch themselves across different investments areas. Pick a patch and start to understand it like the back of your hand. You should have your investment area outlined on a map and stick within it. You need to have absolute, crystal-clear knowledge of what the property values are and what the m2 rate for sales are, so that you can stack your deals correctly.
Ask yourself; Who is operating in that area?What are the commercial values vs bricks and mortar? Who is the competition? But most importantly, focus! And be tough on yourself with it too. Yeah, a deal may stack out of your area, but you picked that particular spot for a reason so don’t lose sight of that. Oh, and just so you know, understanding all of the above takes time, experience, and commitment so don’t stress if it sounds too overwhelming to begin with.
Also, please don’t try to do what many have tried to do with me, and underhand ask a Lettings Manager what revaluations have been achieved on properties, so that you can work out if you want to buy a house on the same street – that’s shady behaviour at its best! Do your due diligence, know your exits, and get on with it!
Build your brand ⚡
You probably saw this one coming already, right? You might be bored of hearing me talk about how essential solid branding and cohesive design is to a business’s success, but I say it so much because it’s 100% true! If you want to get to the top of your game and have a business and product that stands up against its competitors, stands out in an oversaturated market, and offers a unique experience to your customers, you need to be nailing your brand. Your customers expect it, and you owe it to them to deliver high standards.
We’re in a very privileged position to be able to invest into property, so why not deliver the very best product we can, for everyone’s benefit? It’s a no-brainer for me. Build a brand based on a set of awesome values and you won’t go too wrong, trust me!
Have purpose ⚡
Before you can nail that brand identity though (and this is something I work on with all my clients), you first need to ‘get right’ with your brand values and define your purpose. The world really doesn’t need anymore property developers who are only out there to make a quick buck and offer substandard, depressing, and overpriced properties to tenants.
Carve out your own visions and your own path. Don’t be afraid to be bold or different in your approach to property development – you know I certainly am! Having a property development business isn’t just about churning out houses, I believe there’s a kinder, more emotional, and more experienced-focused approach that will see you achieve incredible results.
Take Sarah for example! I absolutely applaud and admire the work that Maygreen Investments are doing to improve the standards of the supported living sector – providing gorgeous homes for some of society’s most vulnerable tenants. That is what genuine purpose is.
Assemble your A-team ⚡
Like much of this advice, this is something that will take a while to perfect, and rightly so. You’ll need to work with many different people to see who works well with you, and who you can trust the most with your business. Here are a few of the key players you need to find sooner rather than later:
- Mortgage broker
- Solicitor
- Accountant
- Builder
- Project manager (especially if you’re investing remotely)
- Letting agent/manager
- Designer (if you’re wanting to outsource that part of the process)
- Architect
Be smart with your money ⚡
Easier said than done, right? We’ve all struggled to keep to budgets during projects, but if you want to avoid cash-flow problems and ensure you’re working towards financial stability, then you need to have the processes in place to ensure budgets are adhered to. Myself and Andy Graham have spoken a little bit about this in the HMO Hacks Guide if you want more practical tips like this.
Don’t expect overnight success ⚡
Like any new business, success usually doesn’t happen overnight, and this definitely applies to running a property business! It will involve a lot of hard graft, determination, and courage from you to make it work. Developing property is all about the long-game – if you’re expecting fast turnovers and quick workarounds, then you may have to rethink your plan!
Learn how to accept rejection ⚡
Success isn’t made up of a straight series of wins and accomplishments, it will involve it’s knock-backs and rejections too – I should know, I’ve had my fair few! Get ready for potential deals to fall through and to be outbid. When these things happen you’ll no doubt feel demotivated but, remember these words… there will always be another, so have your wobble and move on!
Know your goals ⚡
We’ve spoken before about avoiding high expectations, but you should still be setting regular and realistic goals. Knowing where you want to be and what you want to achieve is key for understanding exactly what it is that you need to be doing to get you there, and for monitoring those actions against your success too.
Get social and grow your property network ⚡
Get to grips with the property industry by immersing yourself in the best of it! If you want to know how to do property development better, you only have to look on Instagram for inspiration. There are so many wonderful and talented developers out there, all with a lot of great advice and knowledge to share with you for free via their accounts. It’s been especially good for me to connect with all of the other female property developers out there and build up that specific support network.
But a little warning here! There is also a very dark side to the property industry – one where people often claim to have achieved ‘this and that’ and sell big dreams of quick-success and fortune. If you really want to know if someone is the real deal, it’s their projects you need to be looking for.
Get yourself a property mentor ⚡
Call me biased, but good-quality mentorship is a sure-fire way of receiving professional and experienced advice from someone who you can trust has your businesses best interest at heart. We often spend so much of our time seeking out support from family members and friends who (as much as we love them!) have little-to-no knowledge about what we do or what our goals are, when we should be speaking to the people who ‘get it’.
An industry-specific mentorship program has the ability to take your business to the next level, with tailored support and guidance. This personal approach can build confidence, keep you accountable to your goals, and offer a great sounding-board for decision-making and problem-solving.
When looking for a mentor you need to find someone that you can relate to, that has the same set of values as you do. Someone who has a whole background of projects for you to look at. Take the time to go through their social media and really understand what they are like as a person, you will soon know if that person might be for you or not. See if you can get a recommendation, but don’t just look for ‘yes they were great’, get into the details – exactly what where they great at? how did that improve their clients investing? etc.
If you go onto their instagram and all you can see is posts of them giving it the big one, you need to ask yourself how someone has really achieved that, or are they just trying to cash in! It’s something I see all too often and it makes me feel sad it happens. Like any industry, there are sharks so look out for those red flags before committing any of your cash!
Now, it wouldn’t be right to talk about being a succesful female property developer without featuring these ladies again would it! If you want true inspiration, you don’t need to look much further 👇
Bee, BeeVee Property’s top bit of advice:
Follow your instinct. Ask for help and advice when you need to, but always trust your feelings.
Emma, IKON Property’s top bit of advice:
Build a network from day 1. My network are amazing and I don’t think I’d be where I am today without them. Having a great network fast-tracks everything! Put yourself out there, property can be extremely lonely if you don’t and it’s amazing to have others to support and inspire. Networking also makes you more visible and in a rapidly changing world, visibility and being known is key. People need to be able to find you. The more visible you are the more successful you’ll be.
Sarah, Maygreen Investments’ top bit of advice:
As women I think we are guilty of waiting for the perfect moment, when we are 100% ready to take the leap and start a business or leave the safety net of a corporate job. Becoming a successful property developer or business owner isn’t about being perfect. It is about progress over perfection. We all have to start somewhere. Self confidence and a belief that failure is an opportunity to learn will go a long way in helping you to become a successful property developer, one step at a time.
Emma, Stylish Living’s top bit of advice:
Relationships are key, and don’t be afraid to ask questions – some of my biggest learnings have come from our external team.
Clair, Blue Sky Spaces’ top bit of advice:
Decide on what project or strategy fits for you, and go with it – don’t be distracted by the ‘property gurus’ or what others are doing.
Vicky, VH Martin Investments’ top bit of advice:
You can only be the best version of you, so don’t try and be someone else.
