What does a property developer do?
A property developer is responsible for identifying, acquiring, and managing the development of land and properties with development potential. But most importantly they understand the various participants’ roles in the property development process.
Real estate developers are like symphony orchestra conductors who unlock hidden profits in sites (land) through their effort, vision & entrepreneurship… bringing together the individual instrumental parts of real estate development to create a new symphony.
A real estate developer or property developer is an entrepreneur because they combine the skills and resources, i.e. land, finance and labour to create a finished product whose value is greater than the sum of all input costs. .
A property developer will take the risk by getting into the project (business venture) with an expectation to achieve an economic return that adequately rewards them for taking the risk.
So to become a property developer, you must understand the overall picture of what needs to happen as well as when and what you have to be careful of, i.e. have a thorough understanding of the property development process.
You need to understand how everything comes together to profit from your business venture.
What strategies to use and when? When to get a development approval or planning permit and flip & exit, how to control the property without ever owning it and when it is beneficial to go all the way and get your development built and then cash out.
A property developer must then be able to make the right decisions based on all this information, due diligence and financial feasibility.
Being a successful property developer, you will work as a leader & entrepreneur who thoroughly investigates the project’s practical and financial feasibility.
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In short, a real estate developer takes on a project from the early stages of acquiring land, planning and designing the project, arranging finances, and overseeing the construction process, to the final stages of leasing or selling the completed properties.
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What is the role of a property developer?
Some of the major roles and responsibilities of a property developer include the following:
- Identifying and acquiring land or properties to develop.
- Conducting market research to determine the feasibility of a project.
- Planning and designing the project, including working with architects, engineers, and other professionals to create detailed plans and drawings.
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- Organising finance and finding investors to fund the project.
- Conducting feasibility and managing the budget and project schedule.
- Marketing and selling the completed properties.
- Managing tenants and maintaining the properties once they are completed.
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