69 – Pursuing the build to rent property development model

Property Developer Podcast

The build to rent model is getting a lot of attention across Australia as the cost of buying property keeps escalating. It seems to offer a lot of benefits but how does it work and what challenges does it present? Let's find out... Hello and welcome to episode 69 of the show, I've been enjoying a bit more social freedom as we slowly ease up the covid lockdown across Australia. I've also been very busy for the past few weeks, with lots going on with my projects. We've started demolition on one of them which is exciting, I posted a short video on the show's Insta and Facebook pages if you want to check out how it's going. After years of battling away it has been nice to see some action on site and start seeing the dream become a reality. Still a bit of work to do to get the builder on site for the initial site works so I've been busy sorting out some loose ends to ensure we don't have any delays. It will be interesting to see what happens with the property market over the next 6 to 12 months with lots of speculation around large stimulus measures for the industry, will be exciting if some of the initiatives get off the ground. Property Developer Training If you are keen to get started today in learning about the property development process and what you need to do at each step, then jump into the Property Developer Training course (www.propertydevelopertraining.com). This is the program that Justin has put together to help you get quickly started in property developing. Complete the course at your own pace and in your own time, and learn the tips, trips and techniques that Justin has used in all his projects. Find out more at www.propertydevelopertraining.com Property Developer Quiz Keen to find out how ready you might be to become a developer? Then take the Property Developer Quiz (www.propertydevelopertraining.com/quiz) and get a sense of where you are at… Build to rent model My guest on the show is Kris Daff. Kris is pursuing a large scale build to rent/sell model and he has an interesting story to share about how is going about it. There has been a lot of talk about build to rent in Australia, so I was very interested to hear how Kris was approaching the challenge. During this conversation we cover how Kris started out as an engineer and then morphed into a property developer. How he was looking for a different outcome with his projects and turned to helping people buy their homes through an alternative approach. We also talk about the different challenges that these types of projects present. Keep an ear out for how the financial feasibility and funding differs from a more traditional build to sell project. Lessons for real estate developers What an interesting journey Kris is on. I admire how Kris is trying to do something different and offering people an alternative path into home ownership. I like it. Here are a couple of other things I took out of my chat with Kris... 1. Don't be afraid to pursue a different property developing path I enjoyed how Kris wasn't feeling fulfilled by the standard developing model and wanted to find a deeper connection with his projects and buyers, so he changed course and pursued a different option. So, are you feeling fulfilled with the model you are implementing, could you find a different developing challenge to excite you? 2. As a property developer, how can you make life better for your future buyers? Further to Kris' efforts to generate a deeper engagement with buyers, he has explored ways of helping people attain home ownership, looked at how to create communities within projects and make life a little better for the people who live in the buildings. Perhaps there are some additional ways you could improve your projects to make life a little better for the final residents... 3. Can you develop a property developing business model that can scale? Kris is trying to create a model that will scale,