Episode 1: Developer Diaries with Ben Wilson & Special Guest Steve Hayes
Nov 21, 2022
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Ben Wilson and special guest Steve Hayes, a serial entrepreneur who built and sold his loans business for £120M in only six years, discuss property development, building relationships with estate agents, building a trustworthy team, Steve's journey from being a double glazing salesman to selling his business for over £100M, early experiences in entrepreneurship, starting and growing a business, efficiency in handling queries, funny stories about toilets and helicopter mishaps, the financial aspects of a business deal, solar panels and collaboration, struggles with cars and property investments, and the guest's desire to find a young property developer.
Acquiring properties at a low price, refurbishing them cost-effectively, and selling for a higher price is the basic goal of property development.
Developing strong relationships with estate agents and building a good team of professionals is crucial for successful property development.
Gaining a deep understanding of the property market and specific markets, building relationships with estate agents, and analyzing pound per square foot values in London properties are essential for property developers.
Having a reliable and skilled building team, seeking personal recommendations, and dressing properties before selling them maximizes property value.
Recognizing potential areas for growth, streamlining operations, emphasizing excellent customer service, and adapting to market changes contribute to the success of a business.
Deep dives
Developing the Podcast Format
The podcast will consist of monthly episodes split into two halves. The first half will focus on a market update and a discussion about a specific aspect of property development. The second half will feature an interview with a respected property professional or entrepreneur. The podcast aims to provide valuable knowledge and insights about the property market to help listeners in their property development journey.
Introduction to Property Development
The first episode of the podcast begins with an introduction to property development. The speaker, Ben Wilson, shares his background in the industry and explains the basic goal of property development: acquiring property at a low price, refurbishing it cost-effectively, and selling it for a higher price. He talks about the importance of finding angles or value-adding opportunities in a property, such as gaining planning permission, optimizing layouts, or refurbishing properties. Wilson emphasizes the significance of developing strong relationships with estate agents and building a good team of professionals, such as lawyers and brokers.
Understanding Property Market and Value
Wilson emphasizes the importance of understanding the property market and the value of properties. He advises focusing on specific markets, becoming an expert, and building relationships with estate agents to gain first-hand market information. Wilson highlights the need to evaluate pound per square foot values in London properties and how it impacts the overall value. He encourages thorough analysis and running accurate numbers to determine if a deal is viable, stressing the importance of realistic expectations and not skewing numbers to fit desired outcomes.
Working with Builders and Dressing Properties
Wilson underscores the significance of having a reliable and skilled building team for property development projects. He recommends seeking personal recommendations and viewing previous work. Wilson stresses the importance of treating builders with respect and valuing their expertise. He also highlights the value of dressing properties before selling them, as it helps potential buyers visualize the space and creates a positive impact. Wilson shares that dressing properties typically yields a higher return on investment, appealing to a wider market and maximizing property value.
Building and Selling a Successful Business
The podcast episode discusses the journey of building and selling a successful business. The speaker shares their own personal experience of starting a company and highlights the importance of hard work, dedication, and training in achieving success. They emphasize the significance of understanding the market, streamlining operations, and focusing on speed and efficiency. The episode explores how effective branding, marketing strategies, and providing excellent customer service contribute to the growth of a business. Eventually, the episode delves into the process of selling the business and the financial aspects involved.
Seizing Opportunities and Making Strategic Decisions
The speaker recounts seizing opportunities and making strategic decisions that propelled the business forward. They highlight the importance of recognizing potential areas for growth, such as acquiring a company with a large customer database and rebranding the business. The speaker emphasizes the visionary aspect of recognizing the value of the internet and acquiring a domain name that perfectly represented the business's services. Additionally, they stress the significance of training employees, fostering a positive work culture, and incentivizing teamwork and productivity.
Navigating Challenges and Maximizing Profit
The episode delves into the challenges faced while running the business, such as the impact of market fluctuations and the changing industry landscape. The speaker highlights the importance of streamlining processes, maximizing speed and efficiency, and adapting to the evolving market to stay ahead of the competition. Furthermore, they discuss the significance of profit optimization and keeping a close eye on expenses. The episode also touches upon the evolution of the business, including strategic partnerships with larger financial institutions and managing the company's growth.
Reflecting on Success and Financial Rewards
The podcast episode concludes with reflections on the financial rewards and personal satisfaction that come with building and selling a successful business. The speaker shares their personal experience of seeing substantial wealth accumulate, but highlights that money is just a token. They emphasize the importance of valuing the journey, recognizing the efforts of the entire team, and maintaining a humble attitude towards success. The episode concludes by underlining the importance of taking calculated risks, seizing opportunities, and consistently adapting to a changing business landscape.
Investment in Land and Solar Panels
Steve shares his successful investment in land, particularly in the High Ash Farm and the subsequent planning permission that led to a profitable sale. He also discusses his plans for installing solar panels on his land, which will not only provide a lucrative opportunity but also contribute to net zero goals. Additionally, Steve highlights the importance of education by proposing the development of an eco education center, focusing on teaching children about sustainability and environmental responsibility.
Seeking a Property Development Partner
Steve expresses his desire to find a young, talented individual with a background in property to join his business and help run the development side. He emphasizes the need for enthusiasm, drive, and ambition in the property development field. With 16 ongoing projects, including the Balsen development, Steve is looking for someone who can contribute to the growth and success of the business, with the opportunity to eventually take ownership and equity in the company.
In this episode Ben looks at 'the basics' of property development: the tips and tricks he has learnt over the years and the specifics he looks for when deciding which properties to buy, where to look and how to create value.
In the second half, Ben is joined by serial entrepreneur Steve Hayes, who not only built and sold his loans business for £120M in only six years, but went on to buy Wasps RFC, Wycombe Wanderers FC and now invests heavily in green technologies and property development, amongst other things. Steve's no nonsense approach and sense of humour make for entertaining listening!
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