5 things successful property developers have in common

5 things successful property developers have in common

16 June 2017

In The Urban Developer, Sonia McDonald, Founder and CEO of LeadershipHQ, explains what separates top property developers from the rest of the pack. She writes:

“If you’re in property development you know exactly how competitive the field is. You’ve probably also seen the ‘new kid on the block’ race in and shake things up with actions that may have been ill-considered or even sometimes slightly underhanded. Anything for success, right?

They blaze in a trail of glory for a few weeks and then disappear, maybe never to be heard of again. They had talent, but that wasn’t enough. Why? What went wrong?

In most cases, it’s because they saw themselves as an individual, not a leader. The top property developers in the business are excellent leaders, and that’s what gives them the edge.

Exceptional property developers possess the following five special qualities.

1.They are future-oriented

Property development is all about timing.

Great leaders make their distinction by looking ahead. They keep their eye on the market. They know what’s happening, and look for and spot emerging trends. They are always up-to-date with market preferences and can spot an opportunity before others, and act on it.

It’s important to be ahead of the pack. As they say, you can’t lead from the rear.

2. They are team players

You can’t do everything alone.

Great leaders allow their team members to excel in their roles. Sometimes that means letting them take on aspects of another role, including yours, because they do it better than you. That’s nothing to be ashamed of; it’s a brilliant leadership strategy.

That’s why Prime Minister’s and corporate leaders are surrounded by advisors. By building a team of confident and capable people, you have a pool of ideas, skills and opinions to draw on.

Your team members enjoy the chance to have their efforts acknowledged, and you inspire them to do even more.

3. They care for stakeholders

It’s vital to be completely clear on your understanding of the needs of each project and all your stakeholders.

It’s about much more than just boosting your chances of keeping everyone happy. There’s a huge benefit here, if you’re clever. Time is money, after all. When you take care of your stakeholders, and respond to their needs, you virtually bring them on board as part of your team.

Developing the properties your stakeholders have an interest in becomes a joint effort, taking the load from your shoulders, but it also brings in new eyes and ears to help you stay ahead of the game. It positions you well to find the balance between developing a quality property and wasting your time chasing service.

4. They excel at problem solving

We all know nothing runs smoothly, especially in property development. There is so much scope for things to go wrong.

Great leaders aren’t afraid to take a risk if they can see a benefit, and when it comes to problems, taking a risk is often the only choice available to you.

The property developer who can see a solution, is willing to take a risk and able to negotiate with others to gain their support, is the developer who will lead the way ahead.

5. They are authentic

If you look back at the previous four strategies, you’ll notice they all have one thing in common—people.

Whether it’s your clients or your team, it’s the people who make the difference.

To stand out as leader, you need to build and sustain solid relationships with your people, based on trust, authenticity and integrity.

Now, if you listen to industry chatter, you’ll hear those words bandied around a lot, but too often they are just part of a marketing campaign or aimed at external clients. They really aren’t acted on within the business or its team.

If you want to build a strong team around you, you must be real. Authentic leaders will inspire real and authentic team members. The more authentic you are, the greater the trust people will have in you. That gives you a very solid power base to work from.

Being a strong leader might mean changing the way you currently look at things. If you have been directing everyone and everything, it may be time to change what you do.

By giving your people the chance to shine, you are easing your own workload, and positioning yourself and your whole team at the forefront of your industry.

Before you finish reading this article, give yourself a moment to go back and review it. As you do, think about the changes you might need to make and how you could tackle them. This is your first step towards being a great leader.

Neuroscience has shown that when you think about how to apply the strategies you read to the way you work, they become embedded in your brain very quickly. Simply thinking about it is enough to make your brain help you as you make your change.

Many people are capable of becoming an exceptional leader and property developer. Few will ever get there. To be one of the successes, all you need to do is start working on these five leadership qualities now.