Joseph Armato | What is a Real Estate Developer?

What is a Real Estate Developer?

A real estate developer is a person or business that coordinates the work of everyone engaged in constructing or remodeling residences, businesses, retail locations, or industrial sites. These initiatives could transform bare land or abandoned, dilapidated structures into brand-new establishments and residences.

According to Joseph Armato, Property Developers must recognize its potential before gathering the resources needed to make it a reality. They create a strategy that includes locating investors to purchase the property, choosing what will be built or rebuilt there, and locating the contractors to carry out the project. Developers oversee the building process and eventually sell the project after making their financial projections for the new residences or businesses.

Get the Necessary Education

An excellent educational foundation for a career in real estate development is provided by the numerous colleges that offer undergraduate, master’s, and MBA real estate programs within their business schools. Future developers can pick up knowledge in areas like real estate law, finance, environmental cleanup, public policy, urban planning, architecture, and other development-related fields.

Additionally, students may participate in internships that help them establish a network of contacts in the business and gain project-based experience to add to their resumes.

Consider Additional Certification and Courses

To further their careers, a lot of existing and aspiring real estate developers enroll in additional specialized coursework. Numerous real estate development credentials and courses are offered by trade organizations.

The Certified Commercial Investment Member (CCIM) designation and a thorough Development Specialty Track are both available from the CCIM Institute. Advanced credentials in commercial real estate development and real estate financing are available from NAIOP, the Commercial Real Estate Development Association.

Work In Related Real Estate Fields

As per Joseph Armato, Some people decide to become real estate brokers to develop their deal-making skills. For networking and experience, some people work in commercial loans, banking, architecture, or building construction. No matter which area of real estate you select, a larger company can give you access to a wider range of expertise, says Wilson: “If you’re just starting, there is no better location than a bigger firm where you can learn from many people.

The Average Real Estate Developer Salary

Although compensation in the real estate development industry might be significant, they also rely on the job and the candidate’s level of expertise. According to the most recent real estate salary survey conducted by the real estate consulting firm CEL & Associates, the median annual salaries for retail development and construction positions are displayed in the table below.

What does a Real Estate Developer Do?

The management of the duties involved in creating real estate and offering it for sale to customers is the responsibility of a real estate developer. A person in this position might buy land, help finance a real estate deal, collaborate with a constructor to develop a building plan for a piece of property, oversee the construction of the building, and choose how to promote the building or the land to customers.

Because they are the ones who decide to invest in real estate and develop it into something else, such as a commercial building or residential development, real estate developers take on some of the biggest risks during the process.

Real Estate Developer Requirements

Joseph Armato said You must be educated, experienced, and licensed to work as a real estate developer. A bachelor’s degree in a related discipline, such as management, business, or even engineering, is required for real estate developers.

In addition, a lot of real estate developers already hold active real estate licenses in the jurisdictions where they operate. Whether there are any additional criteria, such as certifications or continuing education hours, will depend on the type of job you’re applying for.