In this episode we wrap up the conversation with seasoned developer Don O’Rorke. Don is the executive chairman of Consolidated Properties Group. Consolidated is one of Australia’s leading development companies with a current work book of more than $2 billion. It is a privately owned company that has delivered more than 200 projects over the last 35 years.



If you missed the first part of the discussion go back to episode 52 and catch up, as Don shared a lot of gold with us about how he got started in the business, the key projects they did along the way and lots of tips on succeeding at developing.



In part 2, we continue talking about the lessons learned along the way including the importance of identifying and mitigating risks, adapting to the current credit market, and some of the projects that didn’t go according to plan. Don will also share a tale of a $200,000 cheque and why it is an important reminder to avoid legal litigation.
Property Developer Training
If you are keen to get started today in learning about the property development process and what you need to do at each step, then jump into the Property Developer Training course (www.propertydevelopertraining.com). This is the program that Justin has put together to help you get quickly started in property developing.
Complete the course at your own pace and in your own time, and learn the tips, trips and techniques that Justin has used in all his projects. Find out more at www.propertydevelopertraining.com
 
Property Developer Quiz
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Lessons for real estate developers



I hope you enjoyed that conversation with Don, as I certainly did. It goes to show what you can achieve with some ambition and determination. I got a lot out of my chat with Don, but here’s three things that really stood out:



1. Clearly identify your property development risks & mitigate them



Don was pretty clear around the importance of managing risk through the development cycle. He said that each stage has risks and mitigation measures. Here’s some examples that Don suggested:



1. planning risk - mitigate that by getting a permit 



2. delivery risk - mitigate that by appointing a good builder on a fixed price contract



3. take out risk - get some pre sales or pre leases in place, and make sure they stack up with professional valuations and



4. capital risk - put in place measures to ensure you have debt & equity pieces in place.



By identifying your risks and figuring out some measures to off-set them, you can go into a project with confidence that you have thought strategically about what you are doing.



2. When times are good property developers can get sloppy