Property development is expected to continue to grow in 2023. Notably, the nonresidential development market is projected to deliver mixed results with strong performance anticipated in the industrial sector for logistics and data centers due to e-commerce growth and artificial intelligence (AI) investments. If you’re planning to become a property developer, here’s how to get started in this field.
The Role
As a property developer, you will coordinate all activities envisaged in developing real estate. You will buy land, fund real estate projects, build or contract a builder to execute projects, and oversee the entire process from the start to the end. A complete overview of your project will allow you to have control over every aspect. Needless to say, whether you’re going to develop properties for sale or rental, the structures you build must be of good quality so that they are easy to maintain and manage. Pest management, for instance, is an issue that affects every structure. Soil treatment for termites, waste disposal, sewage, landscaping, and tight building design are some features that you can include during the design and construction phase to deter pest attacks.
Your role also involves working closely with different multidisciplinary teams from architects and designers to contractors and construction workers. As such, you are expected to be an excellent communicator. Patience is another virtue that will help your career as a property developer. From planning to completion, the property development is a long process that will require you to be steadfast when working or managing a team.
The Requirements
To become a property developer, you must have a comprehensive knowledge of the local real estate you’re going to work on. Thus, if you’re thinking of a career in the property sector, it’s a good idea to research what area of property and construction interests you. Volunteering in a company can also broaden your understanding of the industry. The ability to crunch numbers quickly and accurately is vital. Being great at math is an asset to make sound financial decisions and control expenses.
There are professional qualifications to become a property developer and usually, you can earn a degree in property development which will equip you with the managerial, commercial, and technical skills in executing real estate projects. University degrees can be completed between 3-4 years, depending on where you study. However, practical experience is vital to succeed in the real estate sector, so it is important to gain knowledge of the ins and outs of the industry. You can work or intern for companies to accumulate practical skills before striking on your own. If working solo on your first project, you will need starting capital which you can get from banks and commercial lenders to finance the venture which will include land purchase, conversion or renovation of existing buildings, and construction of new ones. In addition to planning permission, marketing is a critical process of the success of a project where you yield the greatest profit through the sale or lease of a completed building.
Building a career in property development can become a lucrative and highly satisfying endeavor. Flexibility, good communication and math skills, capital, and real estate experience are some of the ingredients that can help you succeed as a property developer.
