Podcast Summary
A Day in the Life of a Property Developer: A property developer's day involves visiting development sites at various stages, expressing excitement about career progress, and gaining thinking time during travel.
Rob D., a property investor, had an early start to his day as he embarked on a journey to visit several of his development sites. He shared his experience on the property podcast, giving listeners an insight into the day-to-day life of a property developer. Rob's day included checking on sites at various stages, from those nearing completion to those just starting. He expressed his excitement about reaching this stage in his career, having started investing in property over a decade ago. The journey would take him to different locations, providing ample thinking time in the car. Overall, this episode offered a unique perspective into the world of property development and the various stages involved.
From foundations to nearly finished house in weeks: Despite initial challenges, the first Olive project is progressing well and showcases the rapid construction of a timber frame house once groundworks begin.
The construction process of a timber frame house involves significant waiting periods for various consents and surveys, but once groundworks begin, progress can be rapid. Rob Wiggins, who discovered the land for Olive, expressed emotion upon returning to the site and witnessing the dramatic transformation from foundations to a nearly finished house in just a few weeks. The acquisition of the land was a challenge, as was dealing with initial weather issues. Despite these hurdles, the project is now back on track and progressing well. It's inspiring to see the first Olive project come to fruition, and the collaboration between various team members, including Rob, Tony Woods (head of construction), and others, has been crucial to its success.
Navigating complex situations in development projects: Successful projects require careful planning, adaptability, and the ability to navigate complex situations. Seek out complications to secure favorable deals.
Successful projects require careful planning, adaptability, and the ability to navigate complex situations. This was evident in the ongoing development project discussed, where despite challenges such as unpredictable weather and intricate planning conditions, the team managed to keep things on schedule and secure land at a good price. Rob Wiggins, the land buyer, shared his approach to finding the best deals by seeking out complications that would deter others, allowing him to acquire land for the company at a favorable price. The excitement was palpable as the team prepared to move on to their next project, a 24-apartment development in Greater Manchester, which had already sold out before construction even began. Overall, the importance of persistence, attention to detail, and a proactive approach to obstacles was clear in the successful progression of the development project.
Meeting strong rental demand in Manchester: The Ashton Underline development in Manchester, a well-connected area with a lack of apartments, is expected to benefit from ongoing city growth and capital appreciation.
The Ashton Underline development in Manchester, which is only 10 minutes from the city center and well-connected to it, is meeting a strong rental demand due to a lack of apartments in the area. The site, which will have 24 apartments, was acquired post-auction and is expected to benefit from Manchester's ongoing growth and capital appreciation. Despite some challenges in the planning process, the team is excited about the unique design and the potential for awards. Overall, the team's strategy is to identify and capitalize on areas that are well-connected to major cities and have strong rental demand, even if it means acquiring properties through different means.
Design's impact on real estate development: Effective design can attract tenants/buyers and contribute to capital growth, but planning delays and potential deal falls can add unexpected costs and time. Prepare for potential delays and maintain clear communication throughout the process.
Design plays a crucial role in real estate development, from attracting tenants and buyers to contributing to capital growth. Working with the right architect and investing time and resources into unique and interesting designs can make a significant difference. However, planning delays are a common challenge that can add unexpected costs and time to a project. It's essential to be prepared for potential delays and have contingencies in place. Additionally, even after a deal has been agreed upon, there's still a risk that it may fall through, highlighting the importance of careful planning and communication throughout the process. Our latest development in Greater Manchester, with 14 houses and planning already in place, emphasizes the importance of these lessons learned.
Navigating Urban Property Development Challenges: Urban property development involves careful planning, diplomacy, and the ability to overcome challenges for substantial rewards.
Property development in urban areas, such as Greater Manchester and near booming cities like Leeds, can present challenges but also offer significant potential rewards. The speaker, Rob, has visited several sites in various stages of development, some with complex deals involving multiple buildings and conversions. Despite the challenges, Rob remains optimistic about the potential profits and the benefits of being in desirable locations. He emphasizes the importance of diplomacy and careful planning, especially when dealing with nearby property owners. The speaker's excitement for the upcoming sites reflects his confidence in their potential, even when faced with complications. Overall, the key takeaway is that property development in urban areas requires careful consideration, planning, and the ability to navigate challenges, but the potential rewards can be substantial.
Success with remote investing through the right team and research: Remote investing, when done with the right team and thorough research, can lead to successful development projects and great rewards
Remote investing, or trusting the expertise of a team to buy a property without physically seeing it, can be a successful strategy, even for complex development sites. Rob, who had already committed to buying a plot of land without visiting it, was thrilled with his first impressions upon arrival. The site, which included a coach house conversion, parkland, and a mix of demolition, conversions, and new build apartments, had great potential and was expected to be a marquee development. Despite the need for additional planning, the team was confident in the project and excited about the possibilities. Rob's enthusiasm was palpable, and it was clear that he was proud to be a part of this development. Remote investing, when done with the right team and thorough research, can lead to great rewards.
The Importance of Planning and Teamwork in Property Development: Effective planning and teamwork are essential for successful property development projects, which involve complex stages from acquisition to construction and management.
Property development is a complex process involving various stages, from converting existing buildings to demolishing non-viable structures and constructing new ones. Rob Wiggins, who has seen impressive development sites, emphasizes the importance of planning and teamwork to bring these projects to life. He also shares his personal journey, starting from his first investment and progressing to managing multiple developments over a decade. Despite the hard work and long hours, Wiggins expresses his passion for the industry and the magic of watching developments come together. He emphasizes that it's not a get-rich-quick scheme but a long-term commitment requiring knowledge, experience, and a strong team. Building a network of skilled individuals is crucial for achieving property development goals.
The Power of a Strong Team in Real Estate: Individual ambition and drive are essential, but a well-functioning team is crucial for achieving exceptional results in real estate.
Achieving success in real estate, or any field for that matter, is not a solo endeavor. Rob's journey, as shared in the podcast, underscores the importance of having a strong team. While individual ambition, drive, and experience are crucial, they are not enough to handle every aspect of a project alone. Once you've built up your own experience, the power of a well-functioning team comes into play, enabling you to achieve exceptional results. So, invest in building a solid team and reap the rewards of collective efforts. Don't forget to connect with us on Facebook, Twitter, and Instagram, and if you have any suggestions for future episodes, let us know. Stay tuned for Ask Rob and Rob on Tuesday, and we'll be back with another insightful episode next Thursday. Until then, have a great week!
