Occupations relevant to property developing.

[Hames]

Hello everyone, I have just joined the forum today so apologies if any of this post is ground already much covered.

I am looking to ultimately build a career as a property developer but am very conscious of the level of financial risk attached, especially in an economic climate as fluctuant as the current one. Consequently I am trying to learn as much as possible about as many different aspects of the development process as I can before committing myself entirely. I have studied and have some experience in interior design, I have read a minimal amount about the legal aspects and am currently undertaking a short distance learning course regarding the general basics of property development. I also plan to take a further short course in basic plumbing and perhaps one or two other trade skills at some stage.

I am however, not in a position where I feel financially strong enough or knowledgeable enough yet, to take my first leap into the property market, it is at least one or two years down the road. I am currently working a largely irrelevant bog standard job and doing my course and reading/research on the side. I would though, like to change my job to something more relevant to property, which would be of long term benefit. I have reasonably good general qualifications (GCSEs/A-levels/BA Art) and would be looking for something at low entry level.

I was wondering if anyone could offer any advice on what sort of job or area would provide me with the best preparatory experience for a future career in property development? Perhaps work at an estate agents? A building regulators? Some other area of relevant business? Or perhaps some kind of trade work or practical renovation company? Does anyone have any occupational experience that they feel was key in helping them become a successful developer, and any advice in this respect that they feel could be essential for me to consider?

Many thanks for any help anyone can give.

[brian]

Firstly, property development is a business, and needs treating as such.

Secondly, property development is not an easy way to make money. Perhaps it was once, but property prices are now massively inflated, demand has slowed, and the marketplace very uncertain.

[Dougie_tps]

I agree, property development should be treated as a business. This is VERY important, you should enter it with your head not your heart.

It's definitely worthwhile to understand the manual aspects such as electrics, plumbing etc but it's surprising the amount you pick up as you go along. I was a builder a few years ago, I've also been a Commercial Surveyor but I am still always learning.

My point is, that maybe you should direct your enthusiasm into finding the funds and just giving it a go. There is a lot you will only learn once you start. What I always recomend though, is to do your homework. Many people have thrown themselves in to this career and come out at a significant loss. It's not an easy way of getting rich I can assure you. I'm not saying you won't get rich, but it's just not particularly easy!

Why don't you find one or two mates to enter into it with you? They could offer not only financial stability but also moral support too.

[Neil Tunnicliffe]

I agree, too many people think that property development is easy and can be done easily alongside an existing job. it should be treated as full 9-5, even if you take on one property, the speed to success is the time it takes you to develop the project and sell on, or rent, depending on what suits the market the most. Most people try and sell to release quick equity to place into their next investment, however in uncertain times, it is probably best to work out your profits based on what you will achieve in rental income rather than for selling.