Real Estate Development
Real estate development is a dynamic and multilayered business with a wide range of disciplines and activities. Real estate development does not just mean building or construction projects. Developing real estate starts with concepts and calculations that lead to purchasing and entitling raw land. The land project can then continue to improving land and developing lots. Developers are often heavily involved in financing land deals, whether the financing is for their own projects or other’s projects.
Real estate development calls on several different disciplines and needs competent professionals in each. Engineers are important to study drainages and erosion issues, and determine if the land can handle the development project planned for it. Architects work up plans for buildings, often long before improvements are made to raw land. Marketing consultants determine how fast lots or finished buildings will sell or lease given the market and other factors.
Real estate development companies range in size and complexity. Some have all of the above mentioned disciplines and professionals in-house. This makes it possible to turn large over large deals quickly and is cost effective for large scale projects. One the other end of the spectrum, some development companies are just one or two principals with a small support staff. They coordinate the various professionals and services needed to complete their projects.