Last week my senior project manager used an interesting story to illustrate an important lesson in patience when developing property.
Rich is a country lad brought up on a farm in rural NZ...no it wasn’t a sheep station. Lucky for me, he decided to ‘cross the ditch’ and settle in Australia to make his fortune in developing property in the Hunter Region of NSW. He was working with one of my builders when I discovered his expertise. It was some time later that we ended up working together.
Rich’s story message was simple – “Pushing too hard at the wrong time can cause problems rather than solutions.”
The message came about whilst discussing how we could fast track lodgement of a particular Development Application. As project managers I knew we were doing all we could. I also knew that the other people involved; our builder and engineering consultants, were too. We wanted to illustrate this to our client. And then Rich sat down with a steaming cuppa in his hand and spun me a yarn.
I thought I’d share his tale with you because it really made sense, even to a city gal like me. Hope you enjoy it as much as I did...
Rich: On the farm we never had a dog to chase the cows into the milking shed. But our neighbours did and they were always in a hurry to get the milking done for the day. One day I asked Dad; “Why don’t we have a dog to chase the cows like our neighbours?”
He responded by saying, “Son, when a dog chases cows, by the time they arrive at the milking shed, they’re all nervous and tense because that dog has been snapping at their heels, barking and generally causing them grief. Because of this, those cows never milk for long and as a consequence, they don’t produce much milk.”
Rich explained that what those stressed out cows did was to produce a lot of crap. The cow manure mounted up quickly and ended up covering the shed while they stood waiting to be milked.
The neighbours with dogs always finished milking earlier than us, but spent more time cleaning up their milking shed at the end. They produced very little milk.
When it was all washed up and done, we always finished around the same time as the neighbours. Although our cows milked longer, we had less to clean up and we always produced a lot more milk.
Going back to our property development situation, the bottom line is if we do things properly and not rush the procurement stage of the process, the delivery and close out will move along smoothly and end up producing a better, more profitable ‘on time’ result.
My take out of Rich’s yarn: There are times for snappy dogs, but use them sparingly and intelligently.
Property Bloom understands the need for speed, as do our builders. At the end of the day we all want to complete the project quickly. But what we really want to ensure is a development that is delivered efficiently, on budget - and hopefully with very little crap to clean up at the end!
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“I was bitten by the property bug, there was no turning back.”
Jo Chivers proves that women can indeed have it all- a career that you are passionate about and a family. While all of this sounds great, it does require hard work, dedication, perseverance and a bit of risk-taking.
Jo’s love of property development inspired her to leave her corporate career and pursue her true passion. After educating herself in property investing, she started building up her own property portfolio. After purchasing a few blue chip properties in Sydney, she soon realised how negatively geared they were and began researching outside of Sydney. She discovered a more affordable, large region of NSW where she completed her first property development. Soon her friends were asking her to find them sites and manage their developments.
She realised there was a need for an all encompassing project management service and her business Property Bloom™ was born. Ten years down the track, she has developed over 60 properties for clients, creating literally hundreds of thousands of dollars in equity and high end yields.