Bernadette Anderson on why taking the time to do it right, questioning everything and refusing to bow to pressure have been paramount with her biggest successes.
When people look at my Property Deal of the Year award, they often see the finished project. They don't see the setbacks, challenging conversations, deals that have fallen over prior and the constant hurdle jumping throughout. Those experiences are what made the project successful.
Before property, I spent 20 years as a Global IT Consultant, leading the training for large-scale projects across the continents. It was a high-pressured, male-dominated industry where every decision carried significant responsibility. I learnt the art of resilience even before that.
I've always been end-user focused, together with my determination to succeed has enabled me to make informed decisions under pressure as I have always been clear on what I needed to deliver – skills that have become invaluable in property.
COVID hit, I already knew I needed change. I successfully completed smaller projects, I learned through experience and transitioned quickly to reinvent myself in the construction industry.
Setbacks are stepping stones
to success
My journey into property was not smooth, commercial deals fell through; one because the vendor withdrew after we'd invested heavily in due diligence, another complex with difficult vendors, the other the numbers did not work, however the learnings were immense. The interest rates also increased dramatically so they were unviable in the end anyway.
Those projects taught me how to navigate the planning system, identify risks earlier and, most importantly, structure future deals differently to safeguard myself. Sometimes the deals that don't happen teach you more than the ones that do.
Research before you commit
Today, I make offers once I've gathered all the information I need. I want to understand every lease, all legal documents and truly analyse the numbers before committing.
Whether it's reviewing legal documentation, understanding the building or identifying future challenges, the more information I have before the better equipped I am to make an informed decision.
That mindset has completely changed the way I approach opportunities today.
Buying time is sometimes the
best investment
I won the bid on the award-winning property in an auction and negotiated an Exchange with Delayed Completion, so I had 12 weeks to complete instead of 4. I could then compare lenders and challenge the terms.
By taking the time to understand the numbers, I saved around £30,000 in finance costs.
One of the biggest lessons I've learned is never to allow yourself to be rushed into making major decisions. Whether it's finance, contractors or purchasing a property, always take the time to make an informed decision.
When the numbers don't go your way
Early on, the property was down-valued. I was forced to accept it and secured another £50,000 at the last minute as the lending terms subsequently changed.
Six months later, through careful planning and a crystal-clear explanation of what I was creating, I successfully achieved a £100,000 uplift in the valuation by exactly the same Valuer. I was also down-valued at the end, however I achieved an uplift from £785,000 to £900,000!
Those experiences reinforced what I already knew: persistence matters. Ensure that you can convey your vision clearly to the people who matter. Keep asking, keep presenting until you get what you need, it's your project!
People can be your biggest risk
Within the first week, my contractor's invoices didn't match the agreed costs where I was being pressured into approving additional charges.
As I had every item of work itemised in a detailed spreadsheet, I could immediately identify where the discrepancies were. I replaced the contractor, even though it delayed the project.
Protect yourself with process
Throughout the project I learned that protecting yourself and your peace is about having a clear vision and not letting anyone derail from that, it's about creating systems that remove uncertainty.
