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What personal qualities, tools, knowledge areas does a real estate developer need to excel at to become successful?

I am exploring career options right now for my eventual separation from the military. Real Estate as an idea has always been a part of my life as my father and mother run a boutique architecture firm in NYC and their chatter and discussions were a normal part of dinner. I never seriously considered that this might be a path I would go down but I have been doing serious thinking and it seems more and more of a possibility. #engineering #finance #architect #real-estate #construction #real-estate-development

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Jim’s Answer

Tony - - I am enamored with real estate. There are so many highly specialized niches (like Architects). A successful developer needs to be able to effectively communicate with each of these niches. The developer must understand the nuances of each niche, why they evolved into a specialty and the value they bring to the developer and his project. These niches must then be properly sequenced and managed to avoid bottlenecks. To be successful, the developer must be an expert on experts. Obviously, this takes time, exposure and collaboration. In addition, the developer must have a vision of what could be and establish appropriate means of testing to gauge if it is viable, identify the risks and how to mitigate those risks.

Developers are the ultimate networkers, always tapping into the evolving trends and tactics. To begin your networking, I recommend discussing the role of developer in the eyes of the architect. Once you get their input, they can refer you to lawyers, brokers, interior designers, contractors, engineers, lenders, accountants, etc . . . each of these niches will have their unique relationship with the developer and have their own sense of what makes a developer effective (and/or ineffective). After considerable networking, you will build your own sense of the role of developer and whether you're suited to pursue that goal or work within one of the many niches that supports the developer.
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Daniela’s Answer

Tony,


Many professionals in this occupation have a bachelor's degree and begin their careers in real estate or in a planning or consulting role.




  1. While earning a bachelor's degree is an important step in becoming a real estate developer, this degree doesn't have to be in a specific subject. Several majors include the courses that can help aspiring real estate developers build the skills necessary for the role. Relevant subjects include civil engineering, business and management. A degree in civil engineering can be valuable since it can help students learn how things are built. Programs in business or management can help students develop logical reasoning skills, critical thinking and analytical abilities, in addition to learning about modern management practices.




  2. Although certification is voluntary, one can explore the Realtors Land Institute's Accredited Land Consultant (ALC) credential. To qualify, individuals must submit several pieces of documentation. Some of the requirements include an active real estate license, Institute membership for at least six months and a minimum of three years of real estate experience in areas like real estate sales, brokerage or development. Additionally, applicants must complete courses through Land University and pass an exam. The ALC designation is valid as long as Institute membership is kept active.




  3. The Commercial Real Estate Development Association (NAIOP) has programs resulting in a Certificate of Advanced Study in Real Estate Development and a Certificate of Advanced Study in Real Estate Finance. To achieve these certifications, one must take a required number of courses. These courses range from advanced development practices, real estate law and land use policy, advanced real estate finance and financial analysis of development projects.




http://study.com/articles/How_to_Become_a_Real_Estate_Developer_Education_and_Career_Roadmap.html


Success in the new career!
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Ivan’s Answer

The short answer is Networking skills. As developer you would want to network and get to know the city inspectors in the town you want to develop. You would want to get to know the general contractors in the area too. A good networking place is meetup.com or biggerpockets.

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Nat’s Answer

Hello and thank you for your question. A Real Estate developer needs and develops many types of skills, but the basics are very strong financial analytical skills, gathering of information skills, processing information skills, people skills, negotiation skills and more. You will need to talk to a lot of folks in the real estate development business and understand their backgrounds more. Some folks start in finance, some start in law, some start in brokerage, before pivoting into real estate development.
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