Leaving the nine-to-five and building a property development business is a dream for many women, fuelled by television programmes such as Grand Designs and high-profile developers like Sarah Beeny. While still underrepresented at the top of the industry, more women than ever are turning that dream into a reality.
Today’s working culture is prompting many of us to reassess our priorities. Do we want to spend hours commuting? Should we keep working long hours to grow someone else’s business? Or would we rather build something of our own, choose our projects and create a career that fits around our lives?
The numbers suggest that increasing numbers of women are choosing the latter. Women-led businesses now account for roughly one in five UK enterprises, and their growth continues to outpace businesses led by men. In property specifically, women now represent almost half of all UK landlords. If you are tempted to join this growing cohort of women property entrepreneurs, the following tips will help you make your first development project a success.
Do Your Research
Before you spend a penny or sign a contract, research your new business idea thoroughly. Do you have the essential skills of a successful property developer? If not, are they skills you can learn quickly, or will you need to bring in expertise from the start?
Once you are confident that property development is the right fit, research your local market in detail. What types of properties are available? Which styles sell or let fastest? Is there a strong buy-to-let market, or would you be better off renovating and selling on — often called “flipping” — run-down properties? This research will shape your budget and your strategy. Do not rely on online data alone; get out into your target area and walk the neighbourhoods. An up-and-coming street or overlooked pocket can make the difference between an average return and a strong profit.
Get Some Professional Business Advice
Successful developments are built on a robust business plan. If you are new to property or have never run a business before, investing in professional advice at the planning stage will pay off later. It may feel like an unnecessary expense before you have earned anything, but without a clear plan covering your goals, timelines, budget and finance, your project could falter before it really begins.
There are free resources online to help you draft your first business plan. Once you have a working draft, take it to an experienced adviser who can challenge your assumptions, fill gaps and spot risks you may have missed. A good adviser can also introduce you to funding options, tax considerations and requirements such as structural warranties or building regulations approval.
Do Not Be Scared to Outsource Key Services
Whether you are a complete novice or have some experience, outsourcing key services is essential for meeting milestones, maintaining quality and avoiding burnout. You cannot be an expert in everything: plumbing, electrics, decorating, marketing, public relations and legal compliance all require specialist knowledge. Your role as the developer is to identify opportunities, negotiate, plan, manage the budget and keep the project on track.
When you are starting out, your budget for staff may be tight and you may be reluctant to hand over control. However, partnering with reliable experts is one of the best investments you can make. Communication, networking and negotiation are essential skills for property developers, so start building a trusted network from day one. That network will support not just your first project, but your entire career.
Begin by listing every skill needed to complete your project on time and on budget. Identify the gaps in your own expertise and find professionals to fill them. Remember, development is not only about building or renovating homes — you also need to sell or let them. Services such as part-exchange schemes, professional photography and targeted marketing can help you attract buyers quickly and move on to your next project.
Invest in Marketing Your Properties
The property development market is competitive. Creating a beautiful home is only half the battle; you also need to make it stand out. Whether you are selling or letting, one unit or twenty, a well-planned marketing strategy will deliver a better return.
Your approach should match the scale of your development. Large new-build schemes are often sold off-plan, so you will need to give buyers confidence in a home that does not yet exist. This might mean building a show home, commissioning professional floor plans, or using virtual tours and high-quality computer-generated imagery to help buyers visualise the finished property. If your first project is smaller — for example, renovating a single house to sell — you will still need a professional online presence that builds trust in your brand.
Social media, property portals, email campaigns and local networking can all play a part. Make sure your listings include clear, accurate descriptions, professional photographs and realistic pricing. Respond promptly to enquiries and be transparent about timescales. A strong reputation from your first project will make the next one easier to finance, manage and sell.
Property development can be an exciting and lucrative career if you lay strong foundations through research, planning and networking. The industry needs more women developers — and with the right preparation, there is no reason why you cannot be one of them.
