With James Navybox
The success of a development project relies on various factors, including sourcing the right property at the right price. We chat with Cohen Handler Buyer’s Agent James Navybox as he shares his expertise; these will serve as a guiding light for developers. Using a Buyer’s Agent will enable a developer to navigate the intricacies of property acquisition and make strategic choices that maximise chances of success.
When choosing the suburb for a development project, the guidance of a buyer’s agent can be invaluable. James Navybox emphasises that a buyer’s agent can assist in the decision-making process by considering the overall economics of the area. This includes analysing the supply and demand for new properties. While focusing on suburbs with a proven track record of high finished product prices may be tempting, balancing this with the potential risks of entering an area that might soon be inundated with new developments is crucial. A buyer’s agent can provide valuable insights, helping developers navigate this delicate balance and make a more informed decision about the right suburb for their project. By leveraging a buyer’s agent’s expertise, developers can tap into their in-depth knowledge of local market dynamics and trends, enabling them to make more strategic choices and maximise the potential for a successful and profitable development project.
Andrew Gray, Head of Site Acquisition at property developer, Graya, shares his experience working with Cohen Handler: “In the property development world, one of our biggest hurdles is securing top-tier development sites. These sites aren’t easy to come by, and the acquisition process can be lengthy and complicated. We’ve found that these challenges can be effectively tackled by partnering with a skilled buyer’s agent who manages the process from start to finish. Trusting someone to identify the sites and negotiate with the sellers free’s us to focus on our other projects. We’ve worked with Cohen Handler on several transactions and couldn’t be more pleased with their services.”
Developers must also consider several key aspects when selecting a property for development. James Navybox highlights the importance of assessing whether the home can be demolished, understanding zoning regulations, and conducting a high-level cost analysis. It’s also essential to evaluate the potential returns on investment by examining the values of the end product.
Using a buyer’s agent offers numerous benefits to developers, where expertise on local areas, property values, and construction costs can be provided, all of which can eliminate uncertainties from the purchase process. Moreover, working in a non-competitive environment allows a buyer’s agent to present developers with a broader selection of off-market opportunities, often at prices below market value. This advantage enables developers to secure desirable sites while optimising their investment.
James underlines the importance of patience and advises against rushing into a site to kickstart a project. Developers should remember that other development sites and better purchasing opportunities will always arise. By remaining patient and diligent, developers can make more informed decisions, ultimately acquiring more profitable projects.
The importance of sourcing the right property, choosing the right suburb, considering key aspects of property selection, utilising the expertise of a buyer’s agent, and exercising patience are all critical factors for developers looking to embark on successful and profitable development projects. By following these guidelines, developers can navigate the complexities of the real estate market and increase their chances of achieving their desired outcomes with a buyer’s agent on their side.
Dan Murray from Happy Haus explains: “As a builder and developer, the team [at Cohen Handler] is second to none. Their attention to detail, knowledge, and communication are so beneficial to someone that has a million things happening. The information they provide on prospective property purchases is what really makes the difference, it is what can make a project or break the project.”