Is Real Estate Development a Good Fit For You?

Are you a real estate agent who is considering becoming a real estate developer? This article will help you determine the daily responsibilities and rewards of pursuing a career in development.

Many real estate agents decide to pursue the real estate development path for various reasons. Whether they are looking for something more financially rewarding, or simply looking to make a career shift, real estate development could be a good option. 

Becoming a real estate developer requires years of experience and can be very financially rewarding, even if you don’t have a formal background in real estate. 

What Does a Real Estate Developer Do?

Before deciding if this path might be right for you, let’s take a look at some of the responsibilities of the job.

• Scout land for projects

• Renovate existing buildings

• Manage construction details

• Negotiate deals

• Find projects

• Obtain permits

• Attend public hearings to get public approvals

• Oversee projects from start to finish

• Create and execute real estate projects

Daily Life of a Developer

If a desk job isn’t for you and if you would like to face new situations and challenges on a daily basis, real estate development might be for you! Some responsibilities include:

• Researching new projects

• Visiting land plots and properties

• Balancing the books

• Scheduling and time management

• Meeting with workers, contractors and investors

• Troubleshooting 

• Responding to press outlets and local organizations

• Ensuring that buildings and properties are up to code

Earning Potential as a Real Estate Developer

As mentioned, real estate developers typically have a much higher earning potential. This is because the jobs are usually of a higher risk and require more expertise. 

Pay for real estate developers is ultimately influenced by the size and scope of the job, location, residential vs. commercial projects and the current state of real estate and land markets. Depending on the success of the project, real estate developers can make millions on a single project.

Another thing to note is that while developing does require some capital to get started, financing is available through private lenders, investors, or bank loans. If you’re new to real estate development, it will benefit you to create a business plan that you can present to investors or lenders. 

Is Real Estate Development a Good Fit?

Now that you have learned a little about what real estate developers do and the benefits they can receive, it’s time to discover if this is a good fit for you! 

Before jumping in, it’s important to do your research in any field and talk to members of the industry to get their feedback. There are many different paths one can take within real estate development, and you might be better suited for some rather than others. 

If you are a real estate agent looking to shift your career towards a real estate developer path, remember there are no limits who can become a real estate developer and no one single path to achieving a successful career investing in real estate. 

HomesUSA Realty is a division of HomesUSA.com.

Stay tuned in to our blog to learn more about real estate development and the tools it takes to build a successful career in real estate.