The real estate market continues to be hot, and professional real estate development, especially when building multi-housing units, is a great industry. But, there’s lots of work to do and many things to consider before you move up and change careers. In this article we highlight some of the things to consider before becoming a real estate developer.
According to Indeed, real estate developers do much more than simply develop a piece of land. You must be ready to take the vast majority of risks and also to jump through many hoops, even after you’ve already purchased your piece of land.
As a real estate developer, there is really no limit on how much you can make. But, the average income is $77,310. You may also want to have a college degree, and you will have to hold a real estate license in the state/states in which you plan to work.
Even though your first bill seems far in the future, one thing that you must keep in mind from the very beginning is the safety of the properties you develop. Of the utmost importance is lighting. This is especially true if you have a parking garage, as proper lighting reduces criminal activity in stairwells and other hidden areas. It also makes it safer for drivers and pedestrians to safely co-navigate the parking garage. These LED lights for parking areas and structures are a great example of the types of lighting safety features you’ll need to invest in.
Contracts are the backbone of any real estate development endeavor. You will need to sign PDF documents every day, and this can involve a lot of paperwork. Using the same attorney for your contract matters helps you have an experienced legal professional that knows and understands your business and understands the impact of every contract created or signed by your organization.
You'll also need standardized contracts which you'll use numerous times. For your clients, you can use a tool that lets you and your clients e-sign and share real estate contracts quickly and securely. Rocket Lawyer is a great resource for contract examples.
Although you will likely have an assistant, building superintendent, and other key support staff, you will still have many hands-on responsibilities. Fortune Builders explains that this includes analyzing plots of land, meeting with investors and contractors, researching and scheduling new products, communicating with local codes and regulations organizations, and general troubleshooting when problems arise.
Perhaps the most important thing you can do as a real estate developer is put people first. While you obviously have to earn a profit, this profit cannot come at the expense of the people you’re trying to attract to your new development. In addition to safety, make sure that your buildings are always up to code and that its residents/tenants always have a point of contact to reach out to in case of a problem. You also want to maintain ethical pricing practices and avoid implementing price increases that would hurt your existing clients.
Becoming a real estate developer is a great way to earn a respectable salary. However, it’s a career that has many moving parts. As a real estate developer, you’ll sign lots of contracts and will have to keep tabs on everything from pricing to garage safety and lighting to the types of land you might develop next. It’s a big commitment, but it’s one that may just be the best decision you’ll ever make.
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