Real estate development, especially redevelopment, is an ever-changing landscape. In addition, every developer goes about it slightly differently, from larger corporations to family-owned businesses like Steven Taylor. How can you stay sharp in this market?
Focus on Location
Do not allow trends to guide your acquisition decisions, because those come and go. What’s most important is location. You can change all else- construction, zoning, permits, and building systems- but you cannot change where the property sits.
Be Well Read
It’s a good idea to stay on top of what’s currently happening in the redevelopment sector. Try to read all of the local trades, as well as larger journals like the Wall Street Journal. Keep tabs on what successful firms like Taylor Equities are doing. When possible, keep in touch with fellow developers and share what works.
It’s easier to evolve a property if you know exactly what you’re working with. Take the time to lay it all out, including the current price per square foot, amenities, maintenance costs, demographics of the area, etc. From there you can work out where you should prioritize your renovation efforts and can adjust pricing based on nearby, comparable property values and average income.
Redevelopment requires flexibility and innovation, but that doesn’t mean there aren’t any fundamentals. Always keep location in mind, don’t fall behind on the latest news and assess before all else. Good luck out there.