new to property development

i have just bought land in the Perth suburbs. I have plans (i own the copyright) and council approval to build 4 units on this block.
This is my first go at property development. Any tips, do's and dont's to help me on my journey would be appreciated.

Also i am now looking for builders and have heard of 'building brokers'. has anyone had experience with this??

Thankyou :-)

I'd suggest going straight to tender to some selected medium density builders (you may wish to engage a project manager or QS to undertake the tender, quality inspections etc).

I am opinionated. Take me at face value, read between the lines.

http://www.reao.com.au/forum/entry.php?80-How-bright-is-your-agent

thanks ... now i'm even more confused lol.

so should i let them do the specifications or should I do it before i put out to tender???

what is a QS???

P.S. like ya last 2 lines haha

Couple of key people to have on your team:
1-Lawyer experienced in property development, including structures under which to do them
2-Accountant, same experience as lawyer with the specific skill set of being able to financially model the project including cashflows etc.
3-Town Planner/Architect/Designer - to ensure you get highest and best use of the property and the best yield.
4-Builder who's done developments before and knows the process.
5-Marketer/Agent whos had some experience with selling off the plan/project marketing
6-Good finance broker/banker etc who's experienced in development funding. BIG plus having that experience on board.

Key things to do (opinion only):
a) have a contingency plan in place financially (to cater for the inevitable cost blowouts/time blowouts etc)
b) be an 'active' developer, keep involved and learn as much as you can
c) Keep an open mind, as the process develops, things may change, and you need to be flexible enough to respond.
d) (Big personal opinion) do business ethically with everyone you come into contact with. Get a good reputation and people will want to do more business with you more often.
e) Do Your Research! Very important in all aspects. Don't believe it just because someone tells you. Go find out for yourself.

QS is quantity surveyor. They're invaluable and you'll need them involved at all steps to ensure your costings are accurate.

Builders - experience in development is (in my mind) essential when going out for quotes or tenders. Depending on the size of the job, you want to see demonstrated experience in doing similar size jobs and costs/values, coming in on time and at or less than budget. References are also important.

I'm sure there's lots more but they're my 2 cents worth :)

Hi Vonny,

I have some friends who used a national building brokers company called Better Building Prices recently to build their house. They said it was the best thing they had ever done because they saved 65k. And the guy who initially put them onto this company did a 3 or 4 unit development with them in Morley and saved about 15k per unit.

So take it for what it's worth, the website address is http://www.betterbuildingprices.com.au