10 Reasons Why Property Development Fails or Succeeds
There are hundreds of reasons as to why property development projects succeed or fail, but I’d say it comes down to ten fundamental elements:
- A deal that stacks
- A product for which there is good local demand
- Sophisticated investors who understand the risks
- A senior lender skilled in supporting SME developers
- A strong professional team that can help solve the daily problems
- A tight grip on cashflow
- Marketing material that elevates your product above the competition
- A lead contractor that can deliver a well-built product on schedule and within budget
- A proactive sales agent who can build anticipation and convert viewings into sales
- Complementary skills within the development team to ensure all the above comes together
I could write a book on each of these, but right now these ten points are working their magic with our Plymouth commercial to a residential project. We have only 11 units left!
