Different entrepreneurs have different motivations for being in the property business: from the love of playing the big game to seeing their dreams transformed into reality, from the desire to leave a legacy of some of the finest buildings in the country to visions of contributing to the regeneration of particular communities.
Whatever the motivations are for your current projects, it’s good to pause every now and again to reflect on what you’ve been doing and maybe pick a new focus for the next phase of your business strategy. For some developers, specialisation in a niche area may be the way to go; for others, going towards bigger and more ambitious projects may be the preferred strategy. Here are four methods you can use to leverage your strengths in the renovation business.
Specialising in unusual conversions
In a previous blog article, we discussed how unusual old buildings such as castles, windmills and lighthouses can make for great renovation projects. We also looked at examples of restoring buildings with unique histories – such as churches and even a water tank at the top of a building! If you have a passion for such renovations, you could make that the focus of your business and proceed from one project to the next, bringing old and unusual properties back to life. After many successes, you could become renowned as an expert for renovating old and unusual properties, so business partners with these kinds of properties will seek you out as the go-to person to do business with.
Leveraging your network
If you’ve been in this business for some time, you have probably established a network of contacts in different trades. These may include architects, surveyors, builders, building merchants and specialists in various fields. So when a project comes up, you almost automatically can begin to visualise the team you need to put together to take it forward. The same strategy can be adopted by those who haven’t been in the business for very long if they consciously begin to build a network that enables them to develop their strengths in a particular niche.
Leveraging new technology and green solutions
With society putting a greater focus on green solutions than ever before, environmentally friendly buildings and structures which make more efficient use of energy are becoming increasingly valued. Choosing to leverage new technologies, building materials and green solutions could become an area of strength, and you could generate a reputation for working on projects at the leading edge of this movement. There are many possibilities to explore here: from new blocks of flats that are powered by solar energy to office blocks which use thermally-efficient cladding and LED lighting.
Leveraging your ability to read trends
Having an ability to read both business and economic trends is a strength that can be leveraged. Even in times of economic downturns, there are pockets of flourishing business activity. People will always need houses to live in, and decisions to invest in modern shopping centres or office blocks may arise ahead of conventional recovery cycles. So having a sense of which pockets of the economy or areas of the country will experience the next leap forward can be turned to your advantage. There were savvy investors who foresaw the building boom in the Docklands of London at various stages over the past decade or two and benefited from their ability to read trends. Similarly, those who foresaw the development of Sandbanks, Poole, are among those who are making it happen – and from all indications, some are already reaping the rewards.