Introduction

Real estate developers who can create residential and commercial developments with the maximum value and returns while assuming the fewest risks are critical to a sustainable global economy.

Similar Job Titles

• Property Developer
• Land Developer
• Housing Developer
• Commercial Developer
• Residential Developer

Typical Job Responsibilities

What do Real Estate Developers do?

A Real Estate Developer would typically need to:

• Planned, funded, and carry out real estate development and redevelopment projects.
• Construct housing developments, industrial complexes, shopping malls, and other commercial structures.
• Purchase dilapidated properties and renovate them into chic apartment complexes or business areas.
• Conduct market research to locate and identify potential construction or remodeling sites.
• Locate suitable land and arrange purchase agreements with the property’s owners.
• To acquire or sell home rehab projects, use MLS (multiple listing services) and foreclosure listings.
• Monitor market conditions and trends; conduct feasibility studies to determine the project’s financial sustainability.
• Use appropriate appraisal formulae to reduce costs and maximize ROI (return on investment); identify potential problems during the design or engineering phases.
• Obtain property valuations; seek bank finance, investors or lenders, or a company loan to fund the project.
• Contracts and appropriate terms should be negotiated with viable vendors, contractors, subcontractors, and suppliers.
• Employ architects, engineers, contractors, and other experts to design and construct residential and commercial properties.
• Ensure the designs architects and engineers create comply with local zoning regulations and building rules; secure all necessary permissions.
• Use automation technologies to reform and combine unproductive work processes; perform regular asset valuations and pro-forma analysis with efficient tools.
• Ensure that funding and payment requests for accounting paperwork and approval are reviewed and audited in accordance with established standards.
• Show possible purchasers’ residential and commercial properties, recommend appropriateness and value, and create relevant documentation.
• Negotiate agreements with prospective tenants who want to rent space in new buildings.
• If profit is not a goal, supervise the construction and future maintenance of the new/renovated property.
• Ensure that GAAP (generally accepted accounting standards), statutory, management, and other financial reports are accurate and timely.

Standard Work Environment

Real estate developers may have offices. They must, however, be prepared to spend a significant portion of their frenetic workday meeting with bank, insurance, and government officials, researching suitable properties, supervising construction, and cooperating with investors, architects, builders, engineers, and others interested in the project.

A good marketing and public relations plan include diplomatic interaction with the general public and the media, especially when the initiative is well-known and extraordinary.

Work Schedule

Real Estate Developers must be flexible and willing to change their work schedule to fit the various demands of the project, whether they are full-time employees, freelancers, or entrepreneurs running a firm. Hours may be extended, with evenings, weekends, and public holidays included.

Employers

Finding a new job may appear challenging. Real estate developers can improve their job search by soliciting referrals from their network, contacting employers directly, using job search platforms, attending job fairs, leveraging social media, and contacting staffing agencies. Partnerships, consultancies, freelancing, and business prospects are all possible options. You could work on commercial and residential projects in the government and private sectors, catering to all segments of society.

Real Estate Developers are generally employed by:

• Real Estate Development Firms
• Governmental Agencies for Property Development
• NGOs and Non-Profit Organizations
• Private Companies

Unions / Professional Organizations

Professional groups and organizations, such as The International Real Estate Federation (FIABCI), are essential for Real Estate Developers who want to further their professional growth or interact with other professionals in their industry or trade. Membership in one or more of these organizations adds value to your CV while strengthening your credentials and qualifications.

Workplace Challenges

• Regular travel to attend meetings, scout potential properties and supervise projects
• Effective attention to multiple projects, so they meet all deadlines may lead to stress and burnout
• Frequent switching of gears to communicate effectively with individuals ranging from investors and bankers to architects and engineers to plumbers and electricians
• Lack of work-life balance due to prolonged and unpredictable work schedules, including evenings, weekends, and public holidays
• The need for innovative thinking to handle unforeseen situations and make regular and sustainable profits in a fickle and highly competitive market
• Ability to take rejection and failure and significant financial risks in one’s stride

Suggested Work Experience

On-the-ground experience is essential for one of the most difficult real estate occupations, especially when gained under the tutelage of a mentor eager to show you the ropes.

Seek an internship with a real estate development firm to expand your commercial network and obtain project-based experience that will look fantastic on your CV.

When your tasks outside of the classroom precisely align with your teachings inside, you will get the most out of them. When more experienced workers manage to turn seemingly ordinary occurrences into unique learning experiences, you may be able to hear endless stories from them and gain significant hands-on knowledge.

Fresh out of college, aspirant real estate developers may take on entry-level work as junior development associates or assistants in a development firm. They learn to communicate effectively with clients, create budgets and financial models, meet deadlines, conduct market research, and work as a team.

Prior real estate sales, leasing, general contracting, or brokering expertise is also advantageous. Building construction, legal, finance, architecture, general contracting, and commercial lending are all related industries that allow for the development of skills and the formation of business ties.

In all of the above cases, larger firms with more colleagues to study and learn from performing better. Learn about the industry and interview or job shadow specialists in real estate development to demonstrate your dedication to course providers and possible employers.

Recommended Qualifications

Although no formal degree or qualification is required for Real Estate Development, post-secondary education in real estate, management, accounting, business, finance, engineering, law, architecture, economics, or construction management can help you get started.

Students learn the fundamentals of real estate and financial management at local real estate boards, community colleges, technical schools, and universities. Real estate law, finance, environmental remediation, public policy, urban planning, and architecture would be suitable courses.

While not required for success as a Real Estate Developer, some people choose to extend their education with an MBA or a master’s degree in real estate development, marketing, urban planning, or public policy.

In high school, concentrate on art history, psychology, economics, political science, business, finance, mathematics, speech communications, drafting, and shop.

Certifications, Licenses, and Registration

Certifications can demonstrate a Real Estate Developer’s skill set competence, often through job experience, training, and passing an examination. Requirements vary by area and can be obtained from local governing organizations. By including a Code of Ethics, successful certification programs defend the public welfare.

Certification from an objective and reputable organization in residential real estate, luxury home marketing, commercial investment, estate brokerage, land consultancy, real estate negotiation, and green designation can help you stand out in a competitive job market and become an independent Real Estate Developer.

Some states require a real estate license to act as a developer and to resell real estate properties. An application, processing fees, an examination, and applicable education and experience are often required for licensure. Check with local or national real estate organizations to see if you need to be licensed.

Interested parties may also be required to go through an employment background check, which includes, but is not limited to, a person’s work history, schooling, credit history, motor vehicle records (MVRs), criminal record, medical history, usage of social media, and drug testing.

Projected Career Map

Performance, experience, and professional qualification acquisition promote ideal career growth, which can take years to attain its full potential.

Growth in the real estate development industry boils down to obtaining larger, more prestigious projects and, as a result, a higher and more consistent income. It may also imply a focus on specific forms of real estate development, such as industrial complexes or complete towns.

Successful real estate developers who can weather unsuccessful projects and accumulate sufficient funds may be able to launch their own development and construction enterprises or real estate organizations.

Job Prospects

Candidates with a connected bachelor’s degree and the necessary certificates and licenses (depending on your country of residency), as well as good communication and negotiation abilities, have the best career prospects.

Beneficial Professional Development

CPD will assist an active Real Estate Developer in developing personal skills and competency through work-based learning, a professional activity, formal education, or self-directed learning. CPD also allows for the consistent renewal of coveted certificates and licenses.

Attend workshops, networking events, and professional courses on a regular basis to sharpen your technical knowledge and soft skills. To gain an advantage over your peers, enroll in specialty short courses in law, marketing, globalization, finance, and architecture. Improve your communication and negotiation skills to build your market reputation.

Conclusion

If you want a job that will teach you about people, community issues, life, and politics while also allowing you to make a nice profit if you play your cards well, you should consider becoming a Real Estate Developer.

Advice from the Wise

“Real estate cannot be lost, stolen, or carried away.” It is about the safest investment in the world when purchased with common sense, paid in whole, and managed with reasonable care.”