Frequently Asked Questions
What is a Real Estate Developer?
How can I become a Real Estate Developer?
What type of personality and knowledge do I need to be a successful Real Estate Developer?
What is the process for developing a residential lot?
What factors should I consider when contemplating a landscaping project?
Why not save money on landscaping as well as get what you really want?
Why Hire a Landscape Architect to Coordinate Land Development?
What is a Real Estate Developer?
A real estate developer is an entrepreneur who purchases a parcel of land with the intent to build improvements on it or purchases a building to reposition with a different use. The developer will start with a concept and through a combination of due diligence and a market/feasibility study, s/he will assemble a team of players to rezone (if required), design, construct, finance, market and manage to create a property of higher value.
How can I become a Real Estate Developer?
Over the years, many successful real estate developers have started in the construction business and evolved into developers starting with small projects and working their way up to larger deals. Many developers first work for a real estate developer in various capacities (leasing, management or project management) and finally branch out on their own after years of learning the business. Unfortunately, real estate is an entrepreneurial business and most real estate developers do not have the time to teach and train their employees the business, while others do not want to train a future competitor. Since most real estate development firms are small, they do not have a training program to teach the business. This course is designed to walk the student through the total process, to learn the right questions to ask, and how to avoid the pitfalls.
What type of personality and knowledge do I need to be a successful Real Estate Developer?
You should have the following personality traits:
- Type A Personality
- Entrepreneurial spirit
- Self Starter
- Desire to create from a blank sheet of paper
- Calculated Risk Taker
- Well Organized
- Able to Multi Task
- Thinks “Outside of the Box”
- Deal with all issues and people
- Persistent, tenacious, relentless, aggressive with a sense of urgency
- Calm under fire
- Ability to see the big picture as a visionary
- Able to deal with a myriad of details
- Politically savvy
- Skilled negotiator
- Good communicator
- Ability to compromise
- Understand design and finance structures
- Able to deal with stress
What is the process for developing a vacant residential parcel?
The most typical real estate development procedure for developing a vacant residential real estate parcel may be outlined as follows:
- Create the development idea
- Obtain control of the vacant site or undeveloped land
- Complete a preliminary market feasibility study
- Have the preliminary plans and specifications drawn
- Obtain a mortgage financing commitment
- Complete the final market feasibility study
- Complete the final engineering plans and specifications
- Estimate the final total costs – direct and indirect
- Complete a Discounted Cash Flow analysis of inflows and outflows
- Analyze various risks associated with the proposed development
- Begin actual construction of the streets, utilities, and lots
- Marketing and selling
What factors should I consider when contemplating a landscaping project?
Many property owners chose to have a landscape contractor or nursery do a “free” landscape drawing in conjunction with their landscape construction. Just like the expression “there’s no such thing as a free lunch,” in addition to that drawing not being “free,” it may likely limit the final look and cost of the landscaping project. You know the old adage: “Beggars can’t be choosers.”
Therefore, we suggest that by selecting an independent landscape architect to create – and build – your unique landscape, you’ll be money ahead AND have a more imaginative landscape, one which more closely reflects your desires and needs.
Why not save money on landscaping as well as get what you really want?
Generally, there are 3 ways the design for your landscape can come to life:
- D.I.Y. (Do It Yourself) – We can guide you by providing plenty of expert advice regarding how to do it. With my extensive experience and education (with an emphasis on plants and horticulture) in landscape architecture, I can answer your questions from a knowledgeable and practical angle. You can choose to do some or all of the work (see #3).
- Bidding – You can “bid” out the work or get “estimates.” You probably do this all the time, from getting quotes for car repair to doing price comparison shopping on caterers or having your carpet cleaned. You control who does your work and how much it’ll cost you.
- General Contractor – You become the General Contractor. This method involves your choosing certain companies to do certain work. For example your deck and fence or swimming pool might be done by differing companies. You may even wish to consider doing some of the work (e.g., the fence) yourself, while the other work is done by others.
Alternatively, here’s a fourth option: You may need only some overall advice or technical assistance – this is possible as time permits. While this effort may involve some additional costs, depending upon your needs – including technical information, contacts, guided direction on individual direction or direct assistance – this may be all your landscape vision really needs!
Why Hire a Landscape Architect to Coordinate Land Development?
(Under development)
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