Refine the process
Make things happen through method, structure and attention to detail
Can lose the big picture in the detail
Can miss opportunities trying to get ‘all the facts’ prior to commitment
Best fit wealth building strategies: Subdivision
Conductors are people who thrive on seeing an opportunity in something that others have missed, especially when it involves solid planning and work which others have been reluctant to put in.
A conductor looks around the corner allotments and finds an 800 m2 lot with a house up the front end. They see immediately that they can purchase the total for $200,000, subdivide with the house on one lot and sell off the back yard for $180,000 (as discussed in Session 6.5). A lot of surveyors (and even some real estate agents) have done this in the capital cities when they have introduced dual occupancy. There are still lots of opportunities in most of the capital cities to buy up corner lots with a view to carrying out a backyard subdivision or dual occupancy.
Conductors are great at working a structure. They do it thoroughly and carefully – doing their research and feasibility studies, working the maths, factoring in the costs, having the finance in place and generally minimising risk as far as possible prior to commitment.
Downsides? Well, all this homework takes time. Conductors often delay making a decision until all the facts are in. They want to get all the costs itemised up front, before they make a commitment to proceed – and along comes a capitalist, who is ready to make a quick decision on a ‘close enough is good enough’ basis, and seizes the opportunity out from under their noses.
If you’re a conductor, it may be especially important for you to:
• have a streamlined system for identifying your costs, council requirements and so on (such as the feasibility checklist shown in Session 6.5)
• be prepared to sign contracts subject to due diligence. This will ‘buy’ you the time to do your homework without risking losing the deal through the delay
• put the word out among your contacts (real estate agents and others) that potential subdivisions are your ‘thing’ – and go for it!