Kyle Corkum Discusses What Characteristics Make an Excellent Property Developer
Property development can be a difficult and, at times, a strenuous job. While people with different skill sets can learn how to become a successful property developer, having certain characteristics can provide an advantage throughout a developer’s career. Kyle Corkum, managing partner and co-founder of L-Star, has spent the majority of his career within the property development sphere and recognizes the attributes that set certain developers apart from their peers. Today, Kyle Corkum will review what characteristics make an excellent property developer.
Problem Solving
No matter how well a developer plans a project, problems will arise. Many of these problems will be quick fixes; however, it is not unheard of for a problem to push back a project for months or indefinitely. It takes a motivated problem-solver to be able to push forward with a development project and focus on solutions instead of ways to back out of the project and recover losses. A successful developer is always ready for the unexpected and views problems as a chance to improve the property or mitigate future damage.
Ability to See Potential
Very infrequently does the perfect opportunity appear within property development. A property developer must look for the potential in a space and build their own opportunity from the ground up. A successful property developer will be able to quickly spot a property’s potential and create a rough budget to determine whether or not they should make an offer. In the next stages of development, a developer will be able to step outside of the box and use their creativity to build an exciting and thoughtful property.
A successful property developer will be able to see future potential in a property by determining:
- How to maximize value on a property
- How many units can a property hold
- What restrictions a site has
- If there are any overlays, easements, or convents that may restrict future development potential.
Excellent Communication Skills
Interpersonal skills and communication are a necessity for any property developer. If a developer can effectively communicate with people and build lasting relationships, they will be able to relay information to their team more quickly and interact more effectively with real estate investors, buyers, sellers, builders, architects, consultants, and lenders. A developer cannot finish a property alone and must be able to connect with people of different skill sets and successfully collaborate to finish a project.
