Let Us Introduce You to a Successful Real Estate Developer
We want to introduce you to yourself. Yes, yourself. You, reading this blog, are already on the path to becoming a successful real estate developer. We are sure you’re wondering what makes us say that. The fact that you are searching for the best ways to succeed as a real estate developer on the best real estate website, Mashvisor, is already a start. Other than that, you are going the extra mile to see what you can do to improve and that is the push the mind needs to succeed.
You are going out as a Curious George in the real estate business. Although you may just be starting on the path to making money in real estate, aiming to be the best at it should be the goal from the get-go. Here, we provide you with words of advice to help you on your path to real estate development.
First Thing’s First: What is a Real Estate Developer?
The process of real estate development involves creating value by making improvements to a real estate property. These improvements can range anywhere from renovating existing buildings to new construction as a whole. Conceptualizing, designing, and constructing are all parts of being a real estate developer.
Real estate development involves a number of different professions. Architects, engineers, planners, bankers, and lawyers are only some of the many individual talents that contribute to real estate development. This plethora of disciples is all put together by one special individual of their own talent: you, the real estate developer.
Real Estate Developer Significance
Think of real estate development as a big game of soccer. Each member of the team has his/her role during the game, but the coach directs and guides members the whole way through. That is how your role goes as a real estate developer.
Oversee the whole process and coordinate the information generated by each project participant. This integration allows things to flow smoothly and efficiently, bringing you not just one, or two, or even three, but 100 steps closer to success.
Real estate properties can be a handful to handle on your own, and that is why you have your team. You do the coaching, so make sure they execute as you please. As Winston Churchill famously said, “We shape our buildings and afterwards our buildings shape us.” Your new building will be a representation of you, playing a huge factor in making money in real estate.
The Necessities of a Successful Real Estate Developer
There are some things that need to be a part of a real estate developer to work them up to success. No, these are not magical concepts that will make you wake up the next day with a million dollars in your pocket and a fully developed property. Although that would be pretty convenient, that is not how the real estate business works.
Plus, there is no fun involved when you’re given everything on a silver platter. Instead, these factors will allow you to grow into the successful real estate developer you aspire to be. Some hard work and elbow grease is the way to go in the real estate business. It all starts with you, so we will concentrate on what your personal necessities are.
1. Relationships
You need a strong real estate investment network. Reputable “team players” are not impossible to find, but they can be hard to if you have no relationships with them. Members you need on your team are those such as:
- Bankers
- Attorneys
- Tenants
- Equity Sources
- General Contractors
- Civil engineers
- Architects
- Brokers
- Appraisers
Be smart when you choose who you want as a part of your team. These relationships are an absolute must and do take time to develop. Establish a trust and mutual respect, as they are the ones handling your property.
Slap on the “Fragile” and “Handle With Care” stickers onto your property! A real estate developer stands weak without their team. Find the right real estate experts and start making money in real estate.
Related: How to Build and Maintain a Real Estate Investment Network
2. Tolerate Risks
Some may find it difficult to take risks. That ‘some’ does not and can not include you! Prudent developers take calculated risks. With due diligence involved, real estate developers like you will be able to take measured risks with a handle of how things could go. Control. Take it. If you don’t, things will quickly fall apart right between your hands.
Real estate education 101 teaches you to always look for ways to mitigate risks. So mitigate! With time, you’ll begin to do this naturally. The more experienced you become, the more you’ll realize that the game is all about mitigating the risk that you have to take on.
3. Problem Solving
It is not surprising that being able to develop a successful project takes a good amount of skill to navigate through all the speed bumps and obstacles along your path. Becoming a real estate developer means knowing how to solve problems. Not only do you solve the problem, but you come up with more than one solution.
Site planning, zoning issues, or adjacent landowners can all bring a number of problems to the table. On time and under budget solutions is the mantra of a real estate developer. Live by it.
Related: What Are the Main Obstacles of Investing in Real Estate Properties and How to Overcome Them?
4. Creativity
A project starts with an idea. This idea either arises for a particular use or just an on-site vision. Successful real estate developers have creative minds and always seem to be ahead. Think of what demand might exist in the future. Push your site to success by coming up with exciting designs, new building materials, or intriguing construction methods. Never been done before techniques are the ones that blow up your property.
We know that “blowing up” and “property” are not usually put in the same sentence and give a positive outcome. However, this is a good case of a property blowing up, because you are providing something that rarely or doesn’t even exist in residential real estate. You bring new food to the table and everyone will want a taste.
5. Mashvisor
Yes, we are naming ourselves as a necessity to real estate developers because we are! Why would you leave behind one of your strongest weapons when you go into real estate developer training? We are able to provide you with different analytics that let you know that your hard real estate developing work has paid off.
Mashvisor provides you with analytics such as cash on cash return, capitalization rates, rental income, and occupancy rates. We even throw in important tools like the investment property calculator. We give you a look at the bigger picture when it comes to how much money is flowing into your pocket.
Now let’s be honest with each other, money is on your mind. You need to make sure the money you put into developing your property will come back multiplied! That is why Mashvisor is a necessity.
Related: How Should You Use Real Estate Analytics in Your Investment Decisions?
Success Here We Come
This is the end of your Mashvisor real estate developer training for now. We’ve given you the proper training to go combat the real estate developing world, but there is much more real estate education to learn. Learning how to become one of the most successful real estate developers is at the tips of your fingers and within your real estate investment network.
Real estate property developers are a lot like movie producers. An idea grows and actors are needed to make the movie. Before the movie is made, financing, construction, and marketing all need to be worked on for a successful end product. Mashvisor is here to be your camera, so take the lead and direct. The movie theaters are waiting for you.
To start looking for and analyzing the best investment properties in your city and neighborhood of choice, click here.