Having worked on a myriad of property development projects, both big and small, Bashar Ibrahim is a true industry veteran that oozes with confident expertise.
He’s always keen to share his advice and is excited to see new blood enter the industry, but he notes that there are a few essential traits that novices should make sure they have before jumping into this lucrative, but equally demanding line of work.
1. Sincere passion
Bashar Ibrahim is adamant that you won’t get far as a property developer unless you have a sincere passion for the field. “You need to think about what attracts you to property development, trying to make a lot of money isn’t a reason that’s going to carry you through – you need to have something you actually like about the industry, whether it be the planning process, working with others, seeing projects completed, something beyond just the dollar signs”.
2. Ability to build and work with teams
Property development is not a solitary profession, Bashar Ibrahim points out. “You are going to have to work with other professionals like architects, builders, and conveyancers to be able to create a finished product that actually sells and brings you a return on investment, he says, adding: “you need be a team player, and you need to have a knack for headhunting the right people to create a successful team”.
Bashar Ibrahim also insists that those interested in property development need to place value in talented people, explaining that: “As with everything else, you get what you pay for when it comes to hiring architects and builders – if you cheap-out at every turn your project will almost certainly suffer.”
3. Have vision and creativity
As a property developer, you can’t just think with a totally utilitarian mindset, and Bashar Ibrahim explains you need to have a vision for the way physical spaces enhance and enable the best in the human experience. “You need to have a real vision for the project you are working on, no matter how straightforward or complex it appears from the outside, and this vision is going to help you market your product to different stakeholders and prospective interests.”
Bashar Ibrahim goes to reinforce this point, stating that you need to show insight into what you are doing to be taken seriously. “If you seem like you are phoning it in, people are going to see right through you and will assume that you don’t care and can’t be relied on if and when something goes awry,” he says.
4. Have emotional maturity and fortitude
While you might not think it at first, Bashar Ibrahim assures that property development can be an emotional rollercoaster, especially if you are very attached to a project that all your hopes are pinned on. “There are a lot of fantastic highs and depressing lows in property development, especially when you are just starting out, and unless you have emotional maturity and fortitude you run the risk of compromising your professionalism,” he explains.
5. Be proactive
This is a simple trait that all professionals benefit from, but Bashar Ibrahim says that being proactive is vitally important in property development. “If you are leading a project, people are looking to you to take the initiative and be proactive, rather than reactive, as someone who is reactive is going to fall behind and ultimately fail at getting the desired result, whatever that may be.”
As you can see, property development is not something that just anyone can jump into and expect to succeed. If you are thinking about entering this industry, seriously consider if you exemplify the traits listed above.