When it comes to sub-sectors of real estate, property development is one of the most popular career choices. It is a field that involves everything from buying land and permanent fixtures to building structures. Ultimately, every developer aims to sell their project for a price that exceeds all of their expenses.
Although this used to be an experienced man’s game, property development is now extremely popular amongst the younger generations. Some of the reasons for this trend include the flexibility and innovation that exist within the field. After all, property developers are basically sole proprietors that often have nobody to report to. Instead, they are in charge of all the work and their success dictates how lucrative they will be.
So, what are some of the ways that younger individuals are re-shaping the landscape of property development?
Promoting Social Interactions
In the past, building an apartment complex included nothing more than creating a series of apartments. Nowadays, however, developers also build countless facilities that help residents connect. For instance, almost every note-worthy apartment complex will offer some of the following:
- Swimming Pools;
- Fitness Facilities;
- Basketball, Volleyball, or Unspecified Courts;
- Dog Parks;
Although all of the aforementioned can be used on an individual-basis, they aim to connect people. For instance, pools and fitness facilities will help one get to know their neighbors better. As a consequence, they will enjoy living at the apartment complex more.
Thus, property development has slowly turned to a customer-based focus where their satisfaction is prioritized. This can easily be attributed to younger generations. After all, younger people are the ones that helped establish platforms where peer reviews are collected.
Smaller Margin of Error
Courtesy of all the technological inventions, property developers now make fewer large-scale errors than ever before. With the developments of virtual reality, people can also view their projects’ end stages before they even get started. Doing so allows them to customize their plans and minimize the margin of error. As a consequence, higher efficiency and better construction are almost guaranteed.
Since younger people tend to be the ones skillful enough to navigate this technology, they hold the key to innovative software. Thus, it is up to them to introduce the world of property development to artificial intelligence, virtual reality, and more. Moreover, the previously mentioned tools facilitate faster project completion which increases returns. Therefore, younger people may find it easier to build lucrative careers than older generations who were more reliant on manual labor and physical input.
Sometimes, a real estate developer may need to obtain financing prior to beginning their project. Before crowd-funding became popular, this was generally done through financial institutions like banks. Now, however, online interactions and mobile applications are bridging the gap between developers and investors.
Consider, for example, how mobile apps made for real estate investing are helping developers jump-start their projects. In these situations, developers simply promote their concept in search of potential investors. If the investors like the blueprint, they will donate money towards the cause and hope to receive a hefty return on investment.
Although there is some uncertainty, which is understandable given the nature of investing, the developer will have the necessary funds in hand. Consequently, the barriers related to financial difficulties are much easier to overcome.
Resilience and Versatility
According to an experienced property developer from Sheffield, the United Kingdom, Harnek Kang, younger people are much more resilient. They are usually the same individuals that grew up in a time where they experienced multiple downturns in the economy. Due to that, they understand how important it is to be patient and learn from failures. In fact, younger developers tend to be extremely dedicated and nearly impossible to beat when it comes to longevity.
Additionally, Harnek Kang recognizes them as very versatile. Since almost all of the new generations grew in the age of social media, they know a lot about contemporary marketing. Not to mention how familiar they are with online research and resource management.
Older developers are seldom going to possess these skills absent proper training or reliance on outside parties. This is simply because they were brought up in a different era. Younger individuals hold an advantage as they already possess the knowledge of the modern market.
Young property developers have significant advantages in today’s market – thanks to the Internet. For them, finding customers may seem effortless as they rely on the internet to handle most of the low-level duties. One could even say that their biggest power lies in their unique approach to property developments characterized by fast-paced decisions.
What all of those mean? Only good things, obviously. And expect the trends continue upward in the coming years. The big question is, are you ready to embrace it?