If you’re prepared to put in the time and effort to obtain the necessary education and experience, Realty Biz News points out that a career in real estate development can be both glamorous and financially lucrative. Read on to discover how to become a commercial real estate developer by reading the following tips.
Learn About Education, Experience, and Accreditation Requirements
A bachelor’s degree in a relevant field is a good starting point in becoming a real estate developer. A business management degree can teach you to think critically and analyze modern management techniques. A degree in civil engineering can give you a better understanding of constructing projects.
The next step is to get accredited so that you can stand out and appear more competent and skilled to potential investors and stakeholders. Here are two certifications that are a good place to start:
- Certified Commercial Investment Member (CCIM) Accreditation
- NAIOP Advanced Certificate for Commercial Real Estate Development
You can then start off as a real estate broker to learn the ropes. With exposure to the industry, you’ll gain a sense of how to close deals. Working in the financial, building, architectural, or commercial lending industries can also help you build your network and gain experience.
Build Your Team
Little Fish Property Developments notes that no developer can complete an entire project alone – it takes a team. It’s important to put together a team and know how each individual fits into the overall scope before you start a real estate development project. Here are the nine key players you should consider for your team:
- Legal Team
- Project Manager
- Town Planner
- Land Surveyor
- Sales and Marketing Team
- Real Estate Agent
Pro Tip: Hire a Contractor for Large Projects Like Plumbing
While it may be tempting to handle some projects yourself, others, like electrical and plumbing, are best left to the experts. Once you find a contractor or company that suits your needs and your budget, they also will be part of your team on an “as needed” basis. You can easily find a commercial plumbing company for your needs by going online and searching for a local contractor via service directories. Be sure to first navigate through customer reviews and see how companies have been rated to determine levels of expertise, timeliness, and service.
Find a Site for Your Development
A Certified Site may be the greatest option for you as a new real estate developer. This is because site certification lowers the risks involved with development. Some advantages include accessibility of site information, information quality and depth, and detection of property hazards.
To stimulate the economy, both the public and private sectors are providing grants for new building and land development. Organizations such as Government Grants offer land construction grants for apartment buildings and other commercial real estate development projects.
Understand the Importance of Parking Lot Lighting
A well-lit parking lot increases safety and security while improving the company’s aesthetics. A good parking lot lighting system will help prevent accidents. Walking in low-light conditions can result in accidents and severe injuries. Drivers may be unable to see pedestrians, parking spaces, or other parked cars. It will also contribute to reducing crime, as bright parking lot lights provide an added layer of security that keeps your clients secure and dissuades criminal behavior. Finally, it will create a professional business appearance as quality lighting adds warmth and coziness to your site.
You Have What It Takes
Becoming a real estate developer involves a lot of time, effort, and determination, but the payoff is enormous. Build your team, bring in pros to handle larger projects like plumbing, locate a site, find funding, and focus on lighting.