Real estate development is a challenging but fulfilling career that takes years of experience and hard work to succeed in. That said, anyone can become a real estate developer with the right guidance.
The first question many aspiring developers ask is, “what should I study to get into this career?”
The answer? There are no academic qualifications necessary for this line of work. Even without a formal background in real estate, there are different paths to achieving a successful career regardless of your current profession.
Having experience is far more important when it comes to real estate development. Even if you’re not already a real estate agent or real estate broker, real estate development has no rulebook; you can gain experience on the job. However, it is up to your determination to succeed.
What does a real estate developer do?
To understand why real estate development centers around experience more than academic prowess, you need to know the role of a developer in any given real estate project.
Some of the responsibilities of the job include:
- Scouting land for new projects.
- Negotiating purchase deals and contracts.
- Arranging funding for projects.
- Obtaining permits and coordinating with the local government for projects that require public approval.
- Renovating rundown projects.
- Handling construction details.
- Overseeing projects.
- Coming up with new development opportunities.
Developers aren’t typically chained to a desk because it’s a career that demands a lot of flexibility.
What do I need to become a real estate developer?
A real estate license
A bachelor’s degree in real estate, business, or finance is an added advantage, but the only qualification you need to develop real estate is a license.
If you’re thinking of branching into real estate development, getting a real estate license should be first on your to-do list. You can get one from any online real estate school in Utah.
While you don’t need a college degree to become a real estate developer, you do need a specific skill set to succeed in this line of work:
- Planning and organizational skills are crucial for managing projects.
- General knowledge of real estate is necessary to understand the nuances of the industry.
- An entrepreneurial mindset is needed to create opportunities in real estate.
- An ability to handle contingencies and solve emergencies on the move, and meet deadlines under pressure.
If you already have a bachelor’s degree in business, urban planning, finance, or real estate, you can leverage your knowledge and skills to grow as a real estate developer.
You can earn experience by working as an agent or broker and registering to an online real estate school in Utah.
Hands-on experience is very valuable, but there’s a lot that can be learned by studying accomplished real estate developers.
It is true that real estate development needs significant capital, but you don’t need to have that money yourself.
Developers usually fund their projects with bank loans or money from investors. They also use their funds, but more value to a real estate developer is a good credit score. A decent entrepreneurial track record can’t hurt either.
What experience is needed to become a real estate developer?
Any profession that’s related to real estate development may provide adequate experience in real estate. That’s why it’s not uncommon to see construction engineers, architects, lawyers, and financial experts delving into real estate development.
With adequate knowledge and preparation, plus a real estate license—even one from an online real estate school in Utah—anyone can become a real estate developer.
What it takes to be a real estate developer
Getting your license from an online real estate school in Utah is one thing. Keeping up with the hectic day-to-day of a real estate developer, on the other hand, takes more than licenses and qualifications.
You have to be prepared to take charge of all kinds of situations. There is often chaos involved when projects run into unexpected roadblocks. There are people to talk to, properties to inspect, and investors to meet. This career can be a fruitful one for you if you possess the following attributes:
- Good social skills
You will be meeting investors, engineers, contractors, and workers nearly every day. Moreover, you may be invited to address press conferences and local organizations.
Therefore, having decent social skills is very useful in this line of work. Knowing how to carry yourself professionally is key to earning respect in the industry.
- Crisis management
More often than not, most of your work will consist of troubleshooting. You’ll be checking whether properties are up to code, whether projects are meeting deadlines, and whether funding is sufficient, and in many cases, it won’t be smooth sailing.
Having the ability to act rationally in a crisis can improve your chances of success in real estate development.
As a real estate developer, you will have to schedule many appointments with other professionals whenever a project is underway.
Your time is very valuable, and so is theirs, so punctuality is everything. There’s nothing wrong with having a reputation for always being on time.
- Business sense
Real estate development is a business like any other, and just like doctors need the education to treat people, you need business sense to become a real estate developer.
You will be required to balance books, create project schedules, and manage ongoing projects, all the while seeking new properties to develop. It requires an entrepreneurial mind, one that approaches each project like any businessman would a fresh opportunity.
Real estate development can be a fulfilling and financially rewarding career. It’s a demanding job, nonetheless, and it takes years of experience to succeed in this industry. Ultimately, it pays off hugely.
You don’t need to study anything specific to be a real estate developer, although having a bachelor’s degree in construction, real estate, or finance is quite useful. With hard work and the proper preparation, you can achieve success regardless of your professional status.