Our top tip before you start is read and apply, re-read and apply, and of course bookmark this page for future reference.
1. Organise yourself from the start
As soon as contracts are exchanged, you will need to organise your site. Get your materials organised and another top tip is to communicate well with all involved from the start. This will really set a fine foundation for the coming development.
2. Project manage like a manager
Dont underestimate your managing skills. After all you are a manager ! Don't take the roll too lightly or you will find that deadlines wont get met - this costs you time - time costs you money.
Make sure you know what the job entails before they start work on it and then decide whether to get the professionals in or whether you could do the work yourself and save on costs.
3. Give exact instructions
You may know what you want, but do they? Does anyone but you. As we often mention, good instructions and communication are essential to make this project work. Give each workmen a clear call to action before you get the quotes for any work to be carried out on the project. After all its your property they'll be working on effecting your overall profit.
4. Property Management
As an on going project, you will learn more tips on why property management is an essetial tool used only with the right workers and proffessional team in place. A good team around you and you are promissed to see the results of the management skills employed.
5. An Organised schedule
When you get really busy, and the development project takes every hour of your day, the last thing you want is to sit at home on on the project catching up with the paperwork. But this really is important as a good schedule, a fine tuned plan of attack and an eye on the budget is a must, especially if you are running more than one rental property home.
6. Know your responsibilities
As a landlord, do you know what you are responsible for? As the site owner, or legal owner of the property, are you aware of the legal requirements, or current legislations. There is no-one but yourself to blame and this can often catch novices out on there first property development.
7. Use a manager agency
Well we're not saying you must, but for beginers its not a bad idea. If your starting off on the rental property ladder then its a good idea. Managing agents may take a chunk of the profit, but the services they offer may be well worth the money. Best to check and find out what percentage they want for what services provided.
8. Don't over-do-it !
You can very easily loose the whole purpose and begin to hate the project, worse, even abondon it in the middle of the project. Most developers go through pain barriers. Just dont overstretch your self physically and financially by taking on more than you can cope with. Start of with one property development and gradually build on your experience.