Transforming a house into a hotel may be a simple task in Monopoly, but real-life property developments are rarely as straightforward. If they were, more people would be doing it.

Successful developments require several key steps from planning to completion, involving a wide array of professionals from various disciplines. Our series begins by exploring the crucial players involved in your property development team – the ‘who’.

 

building your property development team

Before embarking on a development project, it’s vital to ensure that you have the right team supporting you, as a large chunk of the process [which we’ll discuss in the next part] depends on their knowledge.

Throughout the project, you’ll be working closely with these professionals, communicating with them on a daily or weekly basis. As such, it’s crucial to choose your team members wisely, as you may end up spending more time with them than with your own family.

In general, the following professionals will be required when assembling your property development team:

project manager / you

The Project Manager is the glue that holds the team together and makes sure everything is going to plan. You can either take on this role yourself or hire someone to fill in these shoes.

legal team

Your legal team plays a vital role in supporting you throughout the entire process. They should be with you from start to finish – from assessing site viability and acquisition, assisting with off-the-plan [OTP] sales, reviewing and negotiating building contracts, finance certification and completion of the OTP Contracts [and everything in between].

We believe that the legal team will be the most important part of your wider team [bias may or may not play a part in this opinion].

accountant

Your accountant is another essential team member who will accompany you throughout the development process. It’s crucial to consult with them as early as possible, ideally before signing any contracts for site acquisition. This ensures that you have the appropriate entity or structure in place for the development. Forgetting to do so could result in significant financial losses.

town planner

Right from the start, your town planner will be there to guide you in figuring out what’s possible and what’s not for your proposed site, taking into account the local planning scheme. They’ll help you bring your vision to life by navigating the necessary applications [planning and building], all the way through to getting those plans approved and sealed by the local government after the work is done

surveyor

An experienced surveyor who knows the ins and outs of the relevant planning scheme and local government procedures can greatly impact your project’s timeline. Think of a well-established surveyor as your personal property development history book – they’ve managed countless sites over the years and bring a wealth of knowledge to the table. When things get tricky on your development site, a good surveyor can often provide that missing piece to help you complete the puzzle and keep your project moving forward smoothly.

architect

Although your vision might seem fantastic in your mind, you’ll need an architect to translate it onto paper, ensuring the perfect blend of functionality and aesthetics. It’s also crucial that your architect has a solid grasp of the local planning scheme, enabling them to seamlessly integrate the necessary elements into your project vision.

builder

This one is relatively self-explanatory. It is key to make sure you complete your due diligence on the builder. Make sure they have experience with similar-sized projects and the capacity to complete the construction in the time frames required [we’ll delve into this more in a future blog].

real estate

Once you have the vision and have received approval from local authorities, it’s essential to engage a professional real estate team to effectively market and sell the envisioned project. Given the inherent challenges of selling a yet-to-be-realised development, it’s crucial to collaborate with an experienced agent who possesses a comprehensive understanding of the development process and can clearly communicate this to potential buyers.

broker or banker

Developments cost money – so unless you have an abundance of this, you need the right finance team in your corner. Lenders have strict lending requirements to protect their interests, so it’s important you have the right broker or banker to guide you through the red tape.

body corporate manager

You have created the perfect vision for the development, but you will now need someone to assist with planning the inner workings of the body corporate [once the CTS is established]. A great body corporate manager will be involved early on to help you plan for the administration of the scheme, which they will later be responsible for.

the neighbours

Not many people think of the site neighbours as part of the team, but it is best to be forward-thinking here and keep everyone on your side – especially if your proposed development is impact assessable and the neighbours will have an opportunity to object.

 

key takeaways

The professionals mentioned above represent only a few of the essential team members required for a successful development project.

Some important takeaways to consider are:

  1. Undertaking a development project is a collaborative effort, so don’t try to do it alone.
  2. Assembling the right property development team will require time and effort, but the investment will pay off in the long run. Hiring an unsuitable professional can lead to significant time and financial losses; and
  3. Conduct thorough due diligence when selecting professionals to work with, ensuring they possess the experience and capabilities needed. Don’t hesitate to request references if you have any doubts.

Now that you have a better understanding of the key players, stay tuned for the next instalment in the series, which will delve into the development process, aka the ‘how’.

 

we’re here to help!

As the ‘one place for business’, here at businessDEPOT we can get you in touch with the experts you need for a successful project, no matter which roles you’re looking to fill. So when you’re ready to make it happen, give us a buzz on 1300 BDEPOT or send us an email at oneplace@businssdepot.com.au.

 

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general advice disclaimer

The information provided on this website is a brief overview and does not constitute any type of advice. We endeavour to ensure that the information provided is accurate however information may become outdated as legislation, policies, regulations and other considerations constantly change. Individuals must not rely on this information to make a financial, investment or legal decision. Please consult with an appropriate professional before making any decision.