Real Estate Developers | A real estate developer is a real estate professional who specializes in creating new developments or renovating existing ones, marketing them successfully, and selling them. These developers often work with partners to share the risk and the workload, and they may work for big companies which conduct real estate development on a large scale or use real estate development as one investment tool in a diverse portfolio.
Experience in the real estate industry is critical, as a developer must know the market well to know whether or not a project will be successful. Developers also need connections with local governments which will help them accomplish projects, ranging from friendly people in the planning office who may provide recommendations to help push a project through to allies on planning commissions and city councils who will promote their projects.
A good real estate developer is also part of a much larger team. He or she needs to work with architects, contractors, landscapers, politicians, real estate agents, and numerous other professionals to see a project through from start to finish. Developers have to select good teams, organize them well, and manage them effectively, meeting the needs of the project and the team members while staying in control of the overall development.
Real Estate Types
Real estate consists of the following types.
a) Retail: These are projects suitable for shopping purposes with modern outfitting, appropriate access and visibility and sufficient parking space. The occupiers will be tenants. Investors and, more exceptionally occupiers, will be purchasers.
b) Residential: This concerns the development of buildings suitable for family living on a long-term basis. The ultimate occupier will be a “resident”; however the ultimate investor can vary from owner-occupier to institutional investor.
c) Offices: Buildings that could be used for market standard office buildings. The buildings should normally be fitted for occupancy by multiple tenants.
d) Industrial/logistics: Industrial real estate building for multi or single-tenant purpose. The investors are the ultimate purchasers.
e) Mixed-use: This concerns projects being a combination of two or more of the above types.
f) Area development: This concerns complex long-term mixed-use developments, which are often undertaken in joint effort with public bodies.