If you’re new then welcome! This is our monthly newsletter where we create something value-packed that you look forward to opening each month; share what went on last month, and reveal what we have planned for you in the coming months. We are incredibly grateful to be helping and supporting you all.
You’re in the right place to learn about growing wealth through property. Please read on!
Lorna Willis and The WOW Team
1. Motivation Mondays – Our Weekly Inspiration
Lorna shared some great insights with her weekly Motivation Monday posts. Here’s a sample of last month’s FB posts where we hear about:
Finish What You Start! Typically as Entrepreneurs, we have ‘shiny object’ syndrome. Meaning that we are very quick to come up with a great idea and start it – but before completing the task, we often lose interest or see something that excites us more.
This quick message is a timely reminder – that we can’t ‘Own Our Wins’ – unless we actually
complete/finish the job/task/project. So let’s start finishing!
Be Deliberate. Cutting through the drama, guilt and naysayers comes about if you are intentionally
deliberate about your priorities. Hold your vision to build wealth; or your intention to take a break and be with family; or to have time out for self-care. You are the Visionary so be Deliberate about Life.
2. Tuesday Tips Practical Insights from our Coach and Members doing ‘Real Deals’
Mary, our Coach and Membership Coordinator shared some great tips on a range of topics. Check out her posts every Tuesday on our Facebook Group. Here’s a snapshot of last month’s tips:
Property development is as an end to end process. It’s important to bring together people who
contribute to the supply chain – these can be members of your A-Team to help you make decisions and better understand the market. Get out there and connect.
Is fear getting in your way? Two common fears are:
- It’s too complicated and
- What if I make a mistake? Mary shares some tips on how to conquer these fears.
3. Wisdom Wednesday from Our Sponsors every Wednesday
It’s CRITICAL that you engage with the Town Planner early – WHY?
In this MUST LISTEN short interview, Lorna drills down on the questions with Danya Cook about how a Town Planner can add value to your property project and help you avoid some costly mistakes.
Joanna Cozens from Evadare Smoke Alarms – was reinforcing the new compliance requirements in Queensland for smoke alarms, coming into force by 1 st Jan 2022. Members had some specific questions about hardwiring of alarms that Joanna helped clarify.
4. Meet Up for Learning
How to Grab an Opportunity – even in a market with rising building costs
Another awesome event was held on 22 July on the topic of the current turmoil in the property market, including shortages of building materials, escalating costs, delayed build start dates, undersupply of stock on market, skyrocketing house process and falling housing affordability. The session was presented by our experienced Property Experts –Lorna Willis, Mal Cayley and Ollie Hooper and was full of insightful and even more empowering were the future forecasts. This is GOLD!! The replay can be found in the Elevate members’ resources on our website.
Book into our August Meet Up Event
>>> Book Here <<<
Lorna will be presenting – Joint Ventures Vs NEXT LEVEL Syndications.
- Why Syndications have become a SAFER option – especially for women.
- How the power of LEVERAGE is multiplying returns.
- Why the EARN while you LEARN Model is outstripping other models.
5. Social Calendar
OUR SOCIAL CALENDAR Let’s Have Some Fun
Elevate Members joined together for a Cocktail party on July 15 in the home of our friend Alison, on the Mooloolaba River.
Every month our Sunshine Coast, Elevate Women have a chance to celebrate some wins, have fun and connect. We hope to bring social events to other states as our Elevate memberships grow. This is one of the benefits of joining the Elevate Program, you can experience entertainment opportunities in your City and support the local hospitality industry.
AUGUST FUN FRIENDS – Save the Date & Book!
Elevate Members, join us on Thursday 12th August for an evening of fabulous company, yummy food, and friendly competition. It’s going to be an awesome night!
We’re kicking off our August Social Event at 5:30pm with dinner & drinks at Junk Asian Fusion Restaurant, then we are taking to the bowling alley at STRIKE Bowling, in The Big Top!
Our wonderful women have contributed to a Thong Drive by giving thongs and other goods and money for Campsite Rescue which helps our homeless community with some necessities of life. Many thanks to our generous members. The drive will continue throughout August. Reply in the Facebook Group if you would like to make a donation.
6. Hot Property Development Tips
6 P’s of Property Developing
# 1 Product
Always have the end in mind – what is the product you are delivering to the market. While you might be able to build to be minimum lot size and frontage that the zoning allows, you should check if this is going to be feasible from a project cost perspective and interest from the market. If there’s lots of 3 Bed, 2 Bath, 1 Car properties and you offer a slightly better 3 Bed, 2 Bath, 2 Car, the chances are your property will sell quicker. It’s best to test your assumptions about what the market wants by checking Days on Market data, Vendor Discounting information and speaking to agents about what’s in demand.
# 2 Potential Market
Before you build anything you should consider who is your target market. Getting to know the demographics of the area is a must along with their transport preferences, housing affordability and life stage. The needs of downsizers is different to first home buyers and it’s worth investigating details of population shifts in the area.
The 4 key cost variables in property development– purchase price, building costs, holding costs and sales price. These costs are key to your feasibility. Crunching the numbers, testing different scenarios is vital to evaluate if a project is a profit-making machine or a dead duck. Start with a rough feaso to determine at a high level if there’s any profit potential then work on a more detailed feaso.
# 4 Position
The location of a property is important as it impacts on price and appeal for your target audience. Walkability scores and access to shops, schools and good transport are essential. Check if the property is located next to some kind of detraction e.g. next door to a power station, industrial businesses, traffic lights, bus stops, T junctions and flight paths.
# 5 Presentation
People buy with their senses and emotions so presenting an appealing property from the outside and inside is a must. Often people can’t imagine your finished product so renders or artist impressions are worthwhile to bring your property to life when it’s a just an empty site. Help the buyer experience the property with 3D images.
# 6 Promotion
Attracting potential buyers is key to getting your property sold and turning a profit. There will be decisions to make about whether to use an agent, which type of agent is best, whether to sell yourself, to do pre-sales, off the plan, house and land packages or sell on completion. There is also some important negotiations to take place on commissions and fees plus the market strategy. Don’t leave decisions on the promotion until the end of the project as it could cost you time and money. Do this at the feasibility stage.
Let’s welcome August and enjoying winter warmers (open fires, hot soups and rain filling our dams) plus more opportunities to connect and own our wins.
The WOW Team
PS. When you’re ready here are some ways we can work together:
Join our Facebook Group – HERE
Gain Momentum through our Elevate Membership
Join our Elevate Membership by clicking this link https://www.wowpropertywomen.com.au/join/
Our Elevate Membership offers so many incredible resources for anyone wanting to scale their property development skills.