Ep 236 - The Top 5 Mistakes Developers Make

It's a new year and a new opportunity to build your property development future, but are you already making the critical mistakes that could cost you thousands? In this episode of the Property Mastermind Podcast, Hilary Sacks and Bob Anderson reveal the "Top 5 Mistakes Developers Make" (and how to avoid them in 2026). From the dangerous "DIY mentality" to the subtle errors in feasibility studies that can turn a profitable deal into a loss, they unpack the pitfalls that catch out even experienced investors. Bob shares a real-life horror story of a developer who nearly bought a site based on a plumber's casual build estimate, and why taking advice from the wrong people—including well-meaning friends on Facebook—can be the fastest way to lose your money. If you want to ensure your next project is a success, this episode is your essential checklist. Links Attend the 3 Day Workshop on the Gold Coast: https://bit.ly/3UmDhjo  Chat to Hilary about the current investment opportunity we have: https://link.propertymastermind.com.au/book-a-call Join the Ultra-Urban Database for upcoming investment opportunities: https://bit.ly/45sqO2F Head on over to our website to find out more about our workshop and education options: Our Website Connect with handovers.com: https://handovers.com/   Episode Highlight:01:54 – Bob’s Tip of the Week: Not all sunscreens are created equal! A painful lesson in choosing the right protection (much like choosing the right consultants). 04:38 – Mistake #1: Lack of Knowledge: Why you wouldn't fix a steam engine without knowing how it works, yet people jump into property development "on the hop." 08:11 – Bob’s Early Mistake: Thinking the market never changes. How Bob's first boom-time success led to overconfidence and a harsh lesson when the Gold Coast market turned. 12:14 – Mistake #2: Overconfidence & DIY: The danger of "luck" masquerading as a business plan, especially post-COVID, and why doing it all yourself is a trap. 14:11 – Mistake #3: Feasibility Errors: The "Big Three" numbers you must get right (Sale Price, Land Cost, Build Cost). 17:21 – The GFA Trap: How one developer's misunderstanding of "Gross Floor Area" (measuring from inside walls vs outside) and forgetting garages led to a massive budget blowout. 21:08 – Mistake #4: Lack of Results (Insanity): Doing the same thing over and over and expecting a different result. If you can't find a site, something needs to change. 24:12 – Mistake #5: Taking Wrong Advice: The story of a workshop attendee who was days away from buying a site based on his plumber mate's "guestimate" build cost (which was 20% too low). 27:29 – Facebook "Deals": Why you should never trust a deal pitched on social media without doing your own rigorous due diligence.See omnystudio.com/listener for privacy information.