The job of a real estate developer is multi-skilled role incorporating many aspects of property development. Whilst people sometimes confuse the difference between being a developer and a constructor, generally speaking, a real estate developer has much greater responsibilities and has to orchestrate the entire process involving more than just the construction side of things. They will have to purchase the land, secure the finances, manage the entire process and take on most of the risks throughout the procedure from start to finish and beyond. It can be a highly lucrative business to be involved in but how do you go about getting a foot in the door in this world?
It is absolutely necessary to acquire relevant qualifications if you want to work in this field. Degree level needs to be the minimum target. If you can aim for a masters or equivalent then this will put you in good stead. Research what the recommendations are in the region(s) you are looking to work in as these can vary considerably. Secure yourself a real estate licence in addition to the other qualifications and you will have created a platform from which you can move forwards.
You will need to secure some relevant experience within real estate, especially if you can work around purchasing, selling or development. Doing so will allow you to extend your knowledge within the aspects of your future job which you will be dealing with the most. This time is when you can ask as many questions and learn as much as possible from the colleagues who have worked in real estate for a longer period of time.
Secure Liability Protection
The real estate market is incredibly fluid and serious downturns can leave you in a very serious situation if you do not have protection. Due to these high financial risks, establish your business as a corporation or limited liability company to obtain the security to move forwards with reassurances of future sustainability.
Build up Your Network
As a you will need to build up a series of constructors and lenders who you can turn to and rely on to produce the work you need and the necessary funding in a timely and efficient manner. If you are not able to depend on your constructors and lenders you could be putting yourself in dangerous situations which will tarnish your reputation and put you at risk so make sure you take the time to build up these relationships.
Commercial Real Estate
The cash levels will be much higher within commercial real estate so working up into this sphere will allow you to start increasing the levels of profit you will be wanting to work towards.
Take your earnings and reinvest them in yourself. All work with high figures and the large profits involved can make it tempting to spend some of the cash but don’t be tempted. For a high yield you need a high input of finance so be sensible and boost your business by looking towards the long term.