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SEASON 2

Episode 14

The secret formula

we all want to know right?

S2 E14_Banner_R&K

What do Coke, McDonalds, KFC, Dr Pepper (and many others) all have in common? Besides calories, they all have a secret, well-protected formula behind their biggest selling items. A closely-guarded recipe to success. Well on today’s episode, Kentucky Fried Kribashini and Dr Rebeka open their vault and reveal their 11 secret herbs and spices on designing, renovating and building for profit:

Buy, renovate, sell at a profit… Mind blown!

But of course, there is more to it than that. The BuildHers talk through the ingredients to their most financially delectable projects to help you replicate their success at home. Renovating for profit is a widely held career dream as well as a retirement aspiration for many due to the universal love of selecting, sprucing, and selling. However, there are many facets to this revenue stream that must be taken into account by any aspiring renovator wanting to turn some real profits.

Rebeka and Kribashini talk through their plan to success in renovating for profit and if you think it is void of hard work, you are sadly mistaken. Uniqueness, homework, open-mindedness, adaptability, community - all these form important pillars to succeeding at renovating for profit. Admittedly, applying these as a one-size-fits-all solution is impossible as there are tremendous fluctuations in market demand, renovator preference, and personal branding which is why the BuildHer Collective offers a free 20-minute consult where your specific scenario can be set into BuildHer’s secret framework to success.

Micro-suburbs, points of differentiation, market research, money buckets, brand commerce - all the secrets are revealed on this episode so tune in to create your very own property special sauce.

If you have a topic or question you’d like us to cover, contact us here.

SOME TOPICS THAT WE COVER:

  • [2:30] - Is there actually a secret sauce formula to building for profit?

  • [3:50] - Sometimes luck is involved, or you’re in a rising market

  • [5:15] - Acknowledging the capital growth a property has had

  • [6:20] - Understanding your specific plan: renovating for profit vs dabbling on the side vs creating your forever home vs increasing its value. All are valid, just know your plan.

  • [8:17] - How do you know your numbers properly if you don’t understand what your overarching strategy is for doing what you’re doing

  • [9:20] - What is your brand and how it impacts on your renovation

  • [10:20] - When the industry is telling you to conform, uniqueness is key (but also scary)

  • [11:48] - Creating your unique branding for your building projects

  • [12:45] - What is your value proposition?

  • [13:00] - Knowing your market - don’t provide what your market doesn’t want

  • [13:50] - A suburb is not a suburb - there are micro-suburbs within

  • [14:36] - Know your feasibility numbers: introducing money buckets

  • [15:08] - It’s okay to start out with assumptions of how much things are likely to cost

  • [16:37] - Having open-mindedness and creativity

  • [16:45] - There’s a lot of complacency in the market sometimes

  • [18:05] - Succumbing to a builder’s preference or copying a similar renovation: what are the risks and benefits?

  • [19:06] - Learning how to adapt to a changing market

  • [19:40] - Where your competitive advantage comes from

  • [21:20] - Always striving to do better and employing your creativity to excel

  • [22:20] - Being excited about the opportunities created when others build and renovate in a creative way in your area.

  • [22:40] - Creating your vision, getting excited about it and being structured with your deliverables

LINKS MENTIONED IN THIS EPISODE:

We have several Facebook Groups at BuildHer Collective.

MEMBER ONLY FACEBOOK GROUPS

BHC DevelopHers Circle and BuildHer Collective Members Only - these are closed groups for women who are doing our Build Like a BuildHer course or who have joined our DevelopHers Inner Circle.

FREE FACEBOOK GROUP - Join Us!

Anyone is more than welcome to join our Women who Design, Decorate, Renovate & Build group. You will note that it's a closed group but ask to join and if you're into building and renovating, this is such an amazing and supportive FREE community, so come on and join in the building goodness!