1 - Building Relationships
The relationships of a real estate developer are crucial,
and it takes time to build them. There must be some of rapport with the likes
of attorneys, general contractors, bank managers, civil engineers, brokers,
equity sources, appraisers, tenants, architects, and many others. It's been
said that a good developer is much like a film producer in their ability to
amass a strong group of people who can all come together to craft the perfect
project. It takes strong relationships to facilitate the work at hand.
2 - Learning to Take Risks
Naturally, some people will struggle to take risks. If
you're interested in development however, it's important to consider how much
peace of mind you'd have with prospects that might end up risking your entire
net worth. You may find yourself in that situation with several projects in the
future. It's important to take the most measured risks possible of course;
recklessness has been the downfall of many. That said, real estate development
can't always be accomplished without some degree of financial adventurousness.
3 - Hone Your Problem-Solving Skills
Successful projects often hinge on your ability to solve
sudden problems that pop up along the way. The most successful developers can
even conjure up a multitude of different solutions and adapt on the fly.
Murphy's Law is no stranger to real estate development. Problems such as zoning
issues or stubborn land owners will hit at some point or another. You must be
as fluid as possible to help navigate whatever speed bumps might turn up.
4 - Get Creative
Finally, it's also important to be as creative as possible
even from the earliest stages of the project. No successful development project
has ever begun without a clear vision. It's imperative to have the most
exciting designs and construction plans in mind as soon as you begin. Without
an intense degree of forward thinking, more than half of the amazing buildings
our world now operates in would have never been made at all. With that in mind,
what will you be able to dream up?
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