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There are two key factors that affect the profitability of a property business; buying for the right price and completing any works on time and within budget. Buying at the right price is down to the entrepreneur and any finders he uses. A project manager takes over a development on behalf of an investor or developer and works to ensure that the work is properly scheduled and budgeted and that the development proceeds as planned.
To become a project manager you can either seek formal qualifications related to the field, for example becoming a chartered surveyor or architect or you can learn from experience. Obviously professional qualifications will make it easier to gain customers when you don’t have any experience.
Typically most project managers will charge a percentage (around 10%) of the budget as their fee. Many investors and developers believe that this is inappropriate however as it means that the project managers fees increase if they do a bad job and allow the project to go over budget.
This post is part of my property business opportunities series.
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This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
Hi John,
I know a guy who does exactly this for a living and probably sold half the property on the Sunshine Coast over the last 30 years. People who are good at this are highly sought after. He gets a commission (as you say) but in some cases he gets a retainer as well. If you are a natural in sales I would say go for it. I worked next to him for a few years… it’s hard work but if you are like that it’s a real challenge and can be quite rewarding.
I’m jealous I’d rather be doing it on the Sunshine Coast than in the cold wet and windy UK!