Real estate development is an intricate business procedure encompassing numerous activities ranging from the renovation of existing structures to acquiring new property and the eventual sale of such property to third parties. In this context, it can be said that real estate development covers the complete lifecycle of a real estate project, from planning to construction to maintenance and repair.
The ultimate objective of any real estate development project is to make the best use of the available resources to generate income and minimize the negative environmental impacts associated with the projects. This is the primary function of the real estate development consultant.
The primary responsibility of the real estate development process is to plan the overall layout of the property in terms of size, location, lot area, number of rooms and facilities, etc. This planning includes deciding the location of the building (including the exact positioning of the building on the land), its structure design, size, and the materials to be used. Apart from these decisions, the architects involved in the process are preparing a master plan that includes the site plan, elevations, detailed drawings of the structure, and floor plans, all following the local building codes. The architects involved in the real estate development process have to negotiate the final contract between the developer and the customer, including the price quote for the construction work, the tender for the project, and any other formalities. In the event of a decline in the offer, or in case the developer decides not to go ahead with the project, the architects will have to find alternative buyers and close the deal with the new owners.
Getting started in real estate development involves some steps, which include learning about the legal system in different jurisdictions. This way, the investors learn how to file for legal forms, hire attorneys, and get building permits from local authorities. In getting started in the real estate developer path, the first step is to find out what kind of real estate projects are available in the area. Then, the individual can look for the properties that fit their criteria.
Urban planners can also find employment with real estate development companies or developers. The majority of today’s developers have a bachelor’s degree in environmental planning. Those individuals who choose to work as a planner will be responsible for making sure that the urban planning, growth, zoning, and planning for communities are followed effectively. Planning experts who choose to become Urban planners must have a strong interest in all aspects of the planning and development process. Graduates of the planning bachelor’s degree program should be prepared to analyze data and make decisions regarding development projects.