Being a good real estate developer is not something that comes without experience. It takes hard work and a keen sense of the market. A good developer is a successful one and thus needs to be able to predict the market trends and make the right decisions accordingly. There is a lot of risk involved in real estate development so it’s best to know what you are doing. If it were easy, everyone would be doing it!
1. Know What You Are Doing in a Lot of Different Areas
Working to become the best developer starts with learning about the job, studying the trends and becoming qualified in what you do. Getting an education formally or through an apprenticeship is necessary for success when there are so many aspects of the business to consider like finance, administration, construction management and urban development.
2. Learn by Doing
Working in the industry is the best way to learn and to put any formal education to the test. Working under another real estate developer also means eliminating some of the initial risk involved and getting the advice of someone with experience.
3. Make Connections Everywhere
The more relationships you make, the more you can rely on those connections. For example, if you continually work with the same construction professionals then they will want to keep your business and produce the highest quality and meet all deadlines. Connecting with lenders is also great when you are starting out since they will not give you funds unless they fully trust you.
4. Observe and Research
The best way to learn about current trends in the industry is to always be up to date on the real estate that is available. The Internet can also provide useful tools for determining when is and isn’t a good time to invest.
5. Reinvest!
Most property developers make the mistake of spending early gains. You should only be thinking about reinvestment for early explosive business growth.
Great tips here. I’m almost done with school, and have been working with a builder here locally for the past couple of years. I have some pretty good prospects for when I’m done and move. The experiences you get are varied and as stated, it is an on-going learning experience. Eventually I want to start my own company, but that’s a few more years down the road.
well, good luck to you in your new venture! Arie