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Finding success in the property market is a slow process unless you have plenty of money behind you, which is why starting small is best. However, if you want to make it among the property giants – think Jason Harris First Urban’s Director, or the likes of property presenter Sarah Beeny – then there are a few things you can do to ensure your property development portfolio develops successfully and without any hiccups.

Don’t bite off more than you can chew
Perhaps you’ve discovered a hot piece of land and can get it at a very reasonable price, but what do you do then? Do you have the means to turn this into a profitable property development or will you run out of money? The same principle applies if you find a beaten down property at auction - can you get it back to its original state without going over budget? Ensure you don’t bite off more than you can chew - always do your research and scope the place out first.

Set achievable deadlines
You’ve probably seen them on property development TV shows, people who believe they can build a house in two weeks or a couple who think that juggling a 9-5 job and a complete house renovation will cost £3,000 and take a couple of months. Don’t underestimate when it comes to time, always allow some wiggle room for ad hoc jobs that might arise and ensure you’re prepared for the deadline to shift if needed.

Find contractors you trust
Jason Harris confirmed the importance of being careful who you choose to work with on a development. Everyone from the plumber to the roof tiler must be carefully chosen, to ensure the end result is of a high standard that should improve your reputation within the industry.

He said: “Building relationships with professional partners you can trust is very important. Remember, the type of people you assign to a job says a lot about you as a developer. If you are looking to renovate a property on a large scale, then it’s important you have reliable partners that consistently complete projects to a high standard.”

Once you have found the right people ensure you treat them well and build up a relationship that lasts for future developments.

Think about the area
Just because the property is cheap, doesn’t mean it’s the right one. Choose where you develop carefully to ensure that once your renovation is complete it gathers interest – a property located within driving distance of the city centre by 10 minutes, has good transport links, is within easy access of major roads and shopping areas and is located in a spot with low crime rates is a good choice.

Don’t be cheap
We all have budgets to stick to, but ensure you choose wisely when it comes to where you should opt for low quality and when you should be purchasing the higher end goods. A low quality kitchen isn’t going to do you any favours, but you could get away with cheaper tiles or less expensive paint for the ceilings.