If you have designs of becoming the world’s next top real estate developer, you perhaps couldn’t have picked a better time to consider this field. Even with the market’s downturn and shaky economic times afoot, this field still holds a golden opportunity for potential. To take the dream and make it reality, you will need to equip yourself with several things and you will need to have some skills highly sharpened.If it’s your plan to go it alone with your own funding and credit, becoming a wining real estate developer will also require these skills:
Ability to read markets – The job of the real estate developer is to purchase property and then develop it to turn a profit down the road. This can be a tedious undertaking that involves a great deal of time. In some areas, developers buy land and hold it for quite some time, waiting for the market to be just right to build. Market research skills and an ability to read into trends within a target community are a must here.
Ability to negotiate deals – For a real estate developer to really succeed, he or she needs to be able to buy land at a low price and develop it for a high return. This takes serious negotiating skills and the know how to gauge when it’s time to walk away.
Ability to garner financing – Even for the independently wealthy, having the backing of investors or banking institutions is a must for real estate development to be successful. To this end, a good real estate developer also needs to have a firm handle on financial management, business management and economics. This is why many colleges have founded programs geared specifically to real estate development.
Ability to follow through – Real estate development doesn’t stop when a land purchase is made. The work, at this point, is only starting. To carry through, a developer needs to create a plan for the site, gain proper approvals for construction, obtain financing and then see the construction process through to the end. The job of a top real estate developer is not completed over night.