This week I created a system. My aim was simple; to achieve more in less time.
I had decided to set up a meeting with one of my builders. The builder and I only started working together fairly recently when I introduced this particular type of development earlier this year, and over a short period of time we were now up to our sixth project. I knew we could fine tune our process. He’d had some recent staff changes so it was the perfect time to gently tell him exactly how I wanted my developments to run.
Before the meeting yesterday I’d prepared a draft Procedures document which was based on the way we had been doing things up until then.
But it wasn’t until I started documenting pretty much everything we did that I realised how much was involved in this somewhat basic development strategy. What started in my mind as a one pager has turned into four. It’s funny how we simplify in our minds a process because we’ve done it time and time again. But when you really break it down in writing, you can see all the fine details.
Using a System or Procedure keeps me on track with our projects...I now literally have a written system for everything I do. It gives me something tangible to show to my clients and helps explain exactly what Property Bloom really does when managing their development. It’s also an important tool to use when training new staff as they have a documented procedure to follow.
By the end of the meeting with my builder, we had agreed on a three very important changes that will impact the bottom line of my developments;
- We changed our standard floor plan slightly to make it more cost effective to build, without reducing the size. Now I could offer my clients a cheaper build price that will not impact on the end value or rental return.
- We changed the payment schedule so my clients would pay less in the first half of the build phase, saving them valuable holding costs.
- We minimised choice to save time. By setting up standard inclusions plus a list of ‘optional extras’ it meant that clients would not feel overwhelmed by choice on fittings, fixtures and colour selections and we could manage this process faster moving to the next step and saving time.
I was happy with my new system and excited to put it into action immediately and already we are getting more done, in less time. Because as they say...time is money.
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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.