What Traits Make a Successful Real Estate Developer?

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.

The Path to Becoming a Commercial Real Estate Developer

Business owner Michael Snedeker is a resident of Boston, Massachusetts and heavily involved with commercial real estate development. 

Commercial real estate developers are involved in the buying, selling, and renovation of commercial properties. They manage the acquisition of land and the subsequent construction of commercial properties. They also sometimes provide investors with guidance on how to make commercial assets more profitable, considering factors such as property values, regional demographics, location, and local market trends. 

Becoming a real estate developer is a multi-part process. The first step is to acquire an undergraduate degree that will teach you the business and accounting skills required to manage commercial developments. Elective units that focus on real estate will provide additional insight into the field. After graduation, you can take your expertise further by completing a real estate certificate program.

Next, you should earn a real estate license from your home state and look for relevant work experience. Many commercial real estate developers start out as property managers and real estate brokers before making the move to development. After accumulating several years of experience in the industry, you should seek professional certification from an organization such as the Institute of Real Estate Management. Finally, to find success as a commercial real estate developer, you will need to hone skills such as relationship-building, risk tolerance, creativity, and problem-solving.