Real estate development is often described as the engine that propels growth in the real estate industry. Real estate developers purchase real estate, make improvements to the existing structures or build new ones and sell the property at a profit. That is why all successful real estate developer must be able to recognize opportunities for making money as well as predicting trends. Adam Hochfelder is one of New York’s most admired real estate executives whose reputation is built on the hallmarks his clients and partners have come to rely on. Here Mr. Hochfelder breaks the key steps for starting a career in real estate development.
First of all, if you want to become a real estate developer, you’ll need to determine if this career path is a good fit for your skills and interests. Being a successful real estate developer requires a fully developed set of analytical, financial, organizational and marketing skills, which enable real estate developers to make the right choices when purchasing, financing, developing and then selling or leasing properties.
As Hochfelder points out, in reality, there is no specific path for becoming a real estate developer. In fact, many real estate developers come from a variety of educational and professional backgrounds, and some even begin with no professional experience whatsoever.
There are plenty of career choices in development, but for most beginners, the starting point is choosing between commercial or residential real estate. These two broad categories encompass everything from retail, office and industrial development to single- and multi-family homes. The residential end tends to attract people focused on building homes and creating individual living environments, says Hochfelder.
The options are as endless as your imagination, but your experience and education will help you grow and succeed in this always challenging industry. If you're lucky enough to have some capital, you can start your own firm by buying distressed properties and renovating them for sale. The safest road to success is to pursue an undergraduate degree in real estate, and gain practical experience while you’re studying. Even though there is no set educational path for becoming a real estate developer. There are, however, many academic fields you can pursue if you want to build a solid foundation in real estate development such as Business - Real Estate, Business - Management, Civil Engineering, and Urban Planning.
It takes a special person to work in real estate: someone who is committed to providing exceptional customer service. Once you’re able to make a name for yourself in this business, in order to enjoy a fruitful career as a real estate developer it is best to maintain a positive attitude towards your work.