Only by getting your metrics correct can you be competitive in property growth!
What exactly does this imply? If you want to be a land developer or are searching for a development site, you must first understand why you are looking for it. Hearndon Construction is an excellent resource for this.
This means that you must first determine if there is a market for a particular property product; once you have determined that there is, you can begin searching for a suitable place to build to meet that demand. This is referred to as analysis.
It’s pointless to build a property that no one wants, whether it’s because it’s in the wrong place or because it’s the wrong type of product for the region.
Since the vast majority of people are familiar with residential land, I’ll use it as an example. If you want to build homes, you’ll need to figure out where there’s a market for them. Don’t just say, “I want to build apartments in my suburb,” because that could get you in a lot of trouble.
If your market research indicates that there is a need for apartments in your suburb, move on to the next stage of the planning process, but not before determining market demand. You haven’t started searching for a construction site yet, have you?
Assuming you’ve established a market of demand, you’ll need to know whether there’s any supply coming into the market to meet that demand. Drive around the neighbourhood and count how many apartment buildings are being built.
Consult with local real estate agents on what’s on the market and what new projects are planned; agents are well-versed in their field. The agents will also tell you which places you should avoid and which you should concentrate on.
The majority of local governments make public records of what planning/development applications have been filed or accepted. You may want to go to the Local Council to inquire about the number of apartment applications that have been determined or are currently in the system.