How to Stay Positive and Proactive In the Waiting
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‍Property development is a really up-and-down industry to be in. Periods with less activity, such as not securing the next deal, can feel quite disheartening and can cause you to question your approach.

But remember, even the most seasoned developers go through 'dry' spells. It's during these times when considering new strategies and maintaining a positive outlook can make all the difference.

Below are some of the proactive steps we use to attract our next project, and keep up momentum whilst waiting for things to get moving again. ↓

1. Re-evaluate Your Market Research

The real estate market is continuously evolving. Conventional methods may not bring the desired results all the time. Perhaps the current market trends have shifted since your last deal?

Begin by conducting a fresh, thorough market research. Identify new areas with growth potential, analyse recent sold prices, rental yields, demographics, and any proposed improvements or initiatives in transport and infrastructure. Insights discovered from this research can illuminate new opportunities and help fine-tune your property search.

2. Consider Diversifying Your Portfolio

Are you predominantly investing in residential properties? Perhaps it could be beneficial to consider diversification. Other types of real estate such as commercial, industrial, or retail properties could offer rewarding opportunities. Each field comes with different challenges and benefits which could reboot your property development goals.

Additionally, consider extending your geographic focus (with backed up research of course). Expanding your preferred investment area might reveal more prospects and broaden your overall exposure.

3. Networking and Relationship-Building

Good relationships are critical in the property development industry. A robust network can provide access to off-market deals, financial backing, new partnerships, and invaluable advice from players familiar with the game.

Attend industry events, seminars, and engage in online discussions to make new connections. Whilst these things may seem good for socialising, they actually do a lot to strengthen your professional relationships too; as a word from a trusted colleague may introduce you to your next big opportunity.

4. Think Creatively

Consider creative investment strategies, like property conversions or mixed-use developments. These projects can undoubtedly be more complex and riskier, but they can also potentially offer high returns.

For example, you could convert a commercial property into a residential one, or vice versa. These types of projects can often present more opportunities since they are initially overlooked because of the complexity or intense regulatory scrutiny involved.

5. Utilise Direct Tools to Identify and Secure the Next Deal

While waiting for the next deal, proactive actions, and calculated strategies can position you for quick action when an opportunity arises.

By taking some of the measures mentioned below, you will hopefully be able to cover more ground, have a diverse list of potential deals, and eventually land a suitable project.

Direct-to-Vendor Marketing (D2V)
One highly effective approach to finding a deal directly is Direct-to-Vendor marketing. This strategy involves making direct contact with property owners who may be considering selling, bypassing estate agents and the open market.

Using D2V you can communicate with property owners through door knocking, hand-written letters, or targeted online advertisements. This proactive strategy places some control back in your hands. It requires effort and patience, but being direct could help you jump the queue when a property owner decides to sell.

You can check out our full guide to D2V campaigns in this blog post here.

Technology
Harness the power of technology to connect with potential deals. Property investment platforms, online auctions, digital land registries, and even social media channels can be gold mines for sourcing deals. So get online and start searching, saving, and enquiring.

Leverage the Power of Virtual Assistants
Virtual Assistants (VAs) can be instrumental in your hunt for the next property deal. Virtual Assistants can perform a variety of tasks like administrative assistance, lead generation, managing inbound and outbound calls, following up with leads, appointment scheduling, and more. They give you an extra set of hands at a relatively low cost, leaving you to focus more on the higher value aspects of your business.

Build a Property Sourcer Network
Building relationships with property wrappers or sourcers can be a great proactive move. Property sourcers are experts in finding below-market-value properties, negotiating deals, and selling those deals onto developers. In, essence, they do a considerable part of the groundwork, allowing you to focus more on development than on sourcing.

Reach out to a number of sourcers and get on their investor lists. When they have a deal that matches your criteria, they will get in touch with you.

6. Maintain a Positive Attitude

Lastly, a positive attitude is vital. Of course, this is much easier said than done, especially when deals are not coming through. However, staying optimistic and persevering through the tougher times is essential. Remember, this period is not a reflection of your abilities as a property developer but a part of the process.

Meditate, exercise, read, and spend time on activities that you enjoy. These activities will not only keep stress at bay but can also provide fresh perspectives and energy for your work.

You could even use the time to be proactive on the other parts of your property business, that might have been neglected since your last project. Have you been meaning to get your systems and processes organised and updated? Wanted to rebrand, but needed to block out the time to commit to it? Been meaning to update your website to attract potential investors? Now is the time to do it all, before that deal comes in and you're required to be present on a building site for the next 6 months!

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In conclusion, being proactive, adaptable, and maintaining a positive attitude is essential to drive forward your development journey. There are always new avenues to explore, strategies to consider, and networks to build. There's always another opportunity around the corner — you have to be curious and patient enough to uncover it.

Happy Hunting!