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If you’re considering a job change, the commercial real estate development world can open up a new chapter in your professional life. But, there are some things to consider before dealing with developments. Today, we share insight on three things to know before you get started.
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It’s mostly paperwork.
While there are many hands-on activities involved in real estate development, it’s mostly paperwork. Put your hard hat away, and start earning a degree in real estate, construction management, or business administration. Once you have this piece of paper in hand, the Best Accredited Colleges blog explains that your next step is getting a certification or license, depending on the state you plan to work in.
Once you are ready to go, you’ll want to keep your pen handy. There are many contracts, including those you’ll sign with your vendors and permits from the state, county, and other entities. You also have sales contracts, which will change many times during each development. In this case, it’s usually easier to work online in Microsoft Word and then convert Doc to PDF files so that all parties can revise, edit, and then save in a PDF, which is easier to share and does not require Word.
You must pay attention to the details, including lighting safety and building material quality.
You’ve heard the phrase, “the devil is in the details.” No industry is this more valid than the real estate development world. Suppose you plan on a large-scale development, such as a residential apartment complex. In that case, you have to pay attention to occupancy, weight-load capacity, and details, such as parking garage lighting, which you’ll need if you rely on canopies or tunnels. Added lighting equals added safety, and your residents will feel better about crime and vehicle/pedestrian accidents when they can see.
As for building material quality, you must meet safety standards and cater to potential buyers/tenants. Suppose you’re building a residential community in a higher-end area. In that case, you may need to forgo traditional wood facia and soffit materials for something that requires no maintenance and will look better and last longer.
Your team will act as your eyes and ears.
No matter how great you are with real estate, development, and sales, part of becoming a profitable real estate developer has a great team. While your team will comprise many different people, a few you can virtually guarantee are needed a great personal assistant and an innovative architect.
According to Staffing At Tiffanie’s, a personal assistant is an invaluable resource at home and work. Your assistant will not only help you around the house, but they can also manage your calendar, make your travel arrangements, and work in phone support if you run your office at home. You might hire a dedicated professional assistant to handle contracts and other essential developer duties. An architect will work with you throughout the entire building development process and will be integral in ensuring that your work goes smoothly and adheres to safety and aesthetic standards.
As a commercial real estate developer, there’s no limit on what you can make, although you can put yourself in a position to create a long-term income stream. However, you must remember that there are many steps to take before you get to the top. Between going to school, sending PDFs back and forth daily, understanding the subtle nuances of lighting, safety, and quality, and assembling the right team, you have your work cut out for you. But, if you don’t mind rolling up your sleeves, you can be an essential part of your community by leading its development.
Sarah Velasquez- Guest blogger
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