Property developers are the multifaceted business people whom encompass activities that range from the renovation and re-leasing of existing buildings to the purchase of raw land and the sale of improved land or parcels to others. They are the coordinators of the activities, converting ideas on paper into real property by developing the real estate.
How they work:
Property developers buy land, real estate, finance deals, build or have builders build projects, create, imagine, control and orchestrate the process of development from the beginning to end. Developers usually take the greatest risk in the creation or renovation of real estate and receive the greatest rewards as well.
Property developers purchase a parcel of land or a lot, they determine how to effectively market the property, develop the building program and design, obtain the necessary public approval, permits, and financing, build the structure, lease, manage, and ultimately sell the completed real estate property.
Property developers work with the many different counterparts along each step of this process, including architects, city planners, engineers, surveyors, inspectors, contractors, leasing agents and more.
Developers’ team can put together in one of several ways. At one extreme, a large company might include many services, from architecture to engineering. At the other end of the spectrum, a development company might consist of one principal and a few staff that hire or contract with other companies and professionals for each service as needed.
Assembling a team of professionals to address the environmental, economic, physical and political issues inherent in a complex development project is critical. A developer’s success depends on the ability to coordinate the completion of a series of interrelated activities efficiently and at the appropriate time.
Skills of developers:
The developers require the skills of many professionals: architects, landscape architects, civil engineers and site planners to address project design; market consultants to determine demand and a project’s economics; attorneys to handle agreements and government approvals. General and sub contractors create the visual results of development.
Author bio: Jack is a freelance article writer who writes for many real estate and property websites. He recommends that if you are looking to develop land or real estate in the Boston area that you search out a Boston Real Estate Agency that knows the area and has a good knowledge of the Boston real estate market.