Property development is a complex and multifaceted process that involves planning, financing, construction, sales, and marketing. One of the crucial aspects of property development is understanding and managing construction costs.
In this second part of the podcast episode, Moss and Cheryl discuss valuable insights and tips to avoid potential pitfalls and ensure successful projects.
Risk management is a central theme throughout the property development journey. It’s crucial to conduct due diligence and surround oneself with a knowledgeable and experienced team of consultants and professionals. Avoiding overly risky projects, especially for those new to property development, is advised.
Sales and marketing play a vital role in the success of a property development project. Investing in these efforts is essential to attract potential buyers and ensure a smooth selling process. Skimping on sales and marketing expenses can negatively impact the project’s overall success.
Holding costs can also significantly impact the project’s profitability, so efficient project management is key to minimizing delays.
Property development requires careful planning, financial acumen, risk management, and a proactive approach to ensure a successful and profitable outcome. Being well-prepared and making informed decisions will contribute to a smoother and more rewarding property development journey.
Stay tuned and keep investing in your knowledge to make smarter decisions in your development journey.
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Episode Highlights:
- 00:00 Welcome to Helpmebuy Property Podcast
- 02:25 Other Expenses to Account for
- 04:35 Understanding the Tax Implications of GST
- 07:16 How Much Should You Factor Into Your Property Taxes?
- 11:11 Understanding the Cost of Construction
- 13:14 Risk of Holding Costs
- 16:41 The Importance of Sales and Marketing
- 22:05 The Importance of Authenticity in Marketing
- 23:40 What is Risk Management Like?
- 26:10 How to Mitigate the Risks of a New Product?
