Real estate developer Michael Snedeker serves as a consultant at Shellback Industries. Based in Boston, Michael Snedeker has been involved in many commercial real estate projects.
Here are four traits of a successful real estate developer:
-Good communicator. Real estate development is a complex pursuit that requires interaction with various professionals, including architects, engineers, construction workers, and investors. A good developer must be able to communicate with each of these groups clearly from the start of the project to the end.
-Problem-solver. Many things can go wrong while developing real estate. A good developer prepares for the unexpected and is quick to find solutions.
-High risk-tolerance. Real estate development is a risky endeavor. There is no assurance that a commercial development will attract good tenants. A good developer knows that risk-taking is part of the business and that high risks can come with high rewards.
