If you're looking for a career change, then becoming a real estate developer maybe just the thing you you.
Everything from quaint little neighborhoods in sleepy little towns to the tallest skyscrapers in the biggest cities in the world requires the help of real estate development professionals to exist.
People are responsible for deciding how a building or an entire group of buildings is laid out in a way that not only makes practical sense but is aesthetically pleasing as well. If you are looking for a rewarding career and consider yourself a self-starting people person, becoming a real estate developer may be the right move for you.
What a Real Estate Developer Does
Real estate developers like Angelo Ingrassia are responsible for overseeing the building or renovating of homes, businesses, and industrial sites. In some cases, they turn former businesses into homes or homes into businesses as well.
Typically, this includes finding vacant land or neglected buildings, creating plans for the property, finding contractors, and overseeing the project from start to finish. Developers have expertise in many different fields, including land acquisition, permits, building development, and project financing.
Requirements for Becoming a Real Estate Developer
Many people become real estate agents before becoming a real estate developer. Typically, becoming a developer requires the right education, certification, experience, and skills. Becoming a real estate developer usually does require having an undergraduate degree in finance or real estate as well as an MBA in finance.
They also have special certifications from organizations such as the CCIM Institute or the Society of Industrial and Office Realtors. Developers often undergo an internship in a real estate program and spend at least two years in the industry before moving up.
Good real estate developers must have the necessary skills as well, including networking, communication, and legal understanding.
Average Salary of a Real Estate Developer
Salaries for real estate developers vary widely and depend greatly on which type of real estate is being dealt with, how much experience the developer has, and where they are buying and selling properties.
If you're considering becoming a real estate developer, keep in mind that most developers work on commission and only make money when they close deals. On average, someone in real estate makes $77,000 each year. However, salaries can range from a mere $17,000 per year to $179,000 or even much more.
Different Career Paths for Real Estate Developers
Real estate developers have a wide variety of knowledge and experience that allows them to go into a variety of career paths.
If you don't want to simply buy and renovate properties, you can go into architectural design, investment analysis, asset management specialization, or a range of other fields.
Of course, if you prefer not to take a niche path, becoming a real estate developer still allows you to use all of your skills as well.
Getting Started in Real Estate Development
After you have the proper education and licenses, you'll still need to break into the world of real estate development. First, decide on your specialty if you're going to have one, keeping in mind that you can always change it later if you decide you like another aspect of the career more.
Then, set goals for yourself. Make sure they're easy to manage, such as going to two networking events per month. You can set new goals as you achieve the ones you already have. Then, begin marketing your project.
You'll do this via social networking, going to networking events with other industry professionals, and meeting with potential clients as you begin creating a place on the map for yourself.
Real estate development is a wide-ranging career path that leaves you with many options. Whether you want to create those highly sought-after neighborhoods or you hope to build the next world's tallest skyscraper, becoming a real estate developer will be rewarding and exciting.
