Real estate development is a multi-step process that can be risky, lengthy and complicated. Developers buy land, persuade zoning officials to grant permits, and manage the labor that builds a commercial or residential project, all while overseeing the budget and sales teams. It can take years to bring a project from the initial planning stage through construction to final completion stage. But at the same time, real estate development projects also can be highly lucrative. Richard Josephberg, founder of Almorli Advisors, a NYC real estate development company, has been in the real estate business for almost three decades. In his experience, although there are plenty of obstacles that can pop up along the way, real estate development is a long-term, entrepreneurial undertaking that is usually well worth the risk. So, whether you are just deciding on your career, or are a seasoned veteran looking to make a move, in this article Richard Josephberg will provide value in your efforts to build a career in the development business.
Real estate and development offer a huge range of career options, whatever your personal area of interest and experience. There are many ways to enter this field. If you have some capital, you can start your own firm by buying distressed properties and renovating them for sale. If you don't have a college degree, you can start with a small developer and work your way up. In addition to that, there are plenty of career choices in development, starting with choosing between the commercial or residential side of the business. The residential end tends to attract people focused on building homes and creating individual living environments, says Richard Josephberg, managing director of Almorli Advisors. The commercial end it's bigger and usually more attractive. Retail on the other hand attracts people who are sales-oriented and interested in commerce, the movement of goods and the space in which to do that effectively.
According to Richard Josephberg, member of OSF, the safest road to success is to pursue one of the many undergraduate degrees in real estate. While you're working on your degree, you can also gain practical experience through paid or unpaid internships. The real estate development industry sector allows you to work closely with a number of industry professionals with a wide range of skills and from a variety of backgrounds. Your goal here is to meet as many people as you can, and gently let them know you are seeking a position with a real estate development company, and ask if they might know of anyone.
There is plenty of scope for development, career progression and promotion, and hard work is often recognized and rewarded. Transferrable skills also provide opportunities to move into other fields and roles, while internationally recognized skills and qualifications provide opportunities to travel and work abroad.