We're diving into the secret world of development today with a man who's passionate about the industry and knows his market inside out. In this episode, Rebeka chats with Nat Ajro from Ajro Property Group, a family business specialising in property development within the inner northern suburbs of Melbourne.
Taking a personalised approach to developing, Nat discusses how a good developer will research the market beyond the dollar value to really understand the audience they're pitching to. Much like our own projects, Nat focuses on good design, quality finishes and goes by the rule that the end result begins at the start.
Growing up in Northcote and now specialising in the area, Nat talks about some of the changes he has seen in the market over the last 20 years. He also talks about why he engages local industry professionals on his projects and how by doing this, he builds trust and a deeper understanding of his market.
Nat shares his top tips for those on the development train including the importance of always doing a reverse feasibility and building up a local team. We talk about making a profit but also how completing a beautiful project is just as valuable at the end of the day.
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SOME TOPICS THAT WE COVER:
[1:30]: How property development has changed a lot over the last 20 years
[2:30]: Nat is a third-generation developer and now working with his brother to run the family business in the inner north market in Melbourne
[4:15]: The changes in the market that Arjo has noticed since the early 2000s:
Extension and renovation projects on old Victorian terraces
The boom of townhouse developments and how that is now phasing out
The shift toward luxury homes and single dwellings
[6:20]: How they look at the market do analyse what other people are doing to do a reverse feasibility
[7:30]: An example of good development by Nat's colleague, Ben, who understood his market, went expensive where he needed to and gave a good quality finish to highlight the build.
[8:30]: Portfolio structure and build structure. The end result begins at the start. By engaging local industry professionals who specialise in the area they have a better understanding of the local market.
[11:30]: How the project builds trust by keeping things local and they are also pushing the boundaries to think about how people want to live in their home.
[12:30]: Top tips
#1: Always reverse engineer. Pull apart what people are doing and take the best of it.
#2: Build a local team and understanding. Become a specialist in a particular area
[13:20]: Building and designing are like creating a piece of artwork. You have to identify who you're selling to and find out what they want. Look at other properties that have sold and ask questions about who bought them and why.
[15:20]: Designing the side by side project with different colour schemes opens the market to different types of people, which creates competition.
[17:30]: Creating the end result is more important to Nat than the money. Understand what he's building and the pride of doing good work.
[19:00]: Give the audience a good project, you'll have success. Having passion will drive the rest.
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