How to Get Started in a Career of Commercial Real Estate Development: by Hoorman Nissani
The role of a commercial real estate developer is one in which you are responsible for property investments that are aimed at providing financial growth. This includes negotiating the purchase, development and sale of property and land for financial profit, and creating long-term strategies designed to increase the profitability of commercial land and property.
As a commercial real estate developer, you will be making decisions concerning the value, available purchase price, development potential and both rental and disposal prices of commercial properties and land. You will need to become an expert at analyzing commercial real estate opportunities, evaluating the value of property and land based on location, demographics, taxes and even logistics such as transport links and traffic flow. You will need to work with business partners, clients and the relative authorities.
Educational requirements needed to get started
To be able to get started in a career of commercial real estate, you will typically need to have obtained a bachelor’s degree at the bare minimum. Suitable degree fields include real estate, business administration, construction management or an equivalent discipline. You will need to obtain a license in order for you to be legally qualified to buy and sell property and land. You may also need (in some states) a license to be able to legally manage property. It will also enhance your career prospects if you obtain certification from a recognized body, although this is not mandatory.
As well as formal educational qualifications, you will also need skills in the principles of economics. You will need to be good at math, have clerical skills and be familiar with office procedures and administration. As you will be holding countless face-to-face meetings and appointments, excellent people skills are a requirement if you wish to be successful.
Gaining real estate experience
If you are interested in becoming a commercial real estate developer then it may be better for you to gain experience in a related, less-pressurized role first. Suitable ‘cross-over’ vocations include real estate brokering and property management. It may be that you already have suitable experience in either of these roles or in another, related field and feel you are ready to become a commercial real estate developer.
If you have no experience in any kind of real estate or property management sector then it is likely that you will find it extremely difficult to secure employment as a commercial real estate developer. It is better that you forge a career as a successful real estate broker or property manager first, before you consider commercial real estate development. If you wish to create your own commercial real estate development company or become an independent commercial broker, then experience in any kind of real estate environment will be invaluable to your success.
Gaining commercial real estate experience
Once you are starting out as a commercial real estate developer then you will need to become familiar with zoning laws within the area(s) you are concentrating upon. Visit the city or county zoning department, or work with brokers and agents who have experience in the geographic areas that you have chosen. Make sure that you understand the differences between commercial real estate and residential real estate. If you choose to become an independent commercial real estate broker, then you will need to learn how to use the tools that are at your disposal in order to build your brand, including making sure your website appears high in search engine results, and effectively managing social media campaigns.
If you would like to learn more about a potential career in commercial real estate development, then you can contact our team here at Nissan Brothers Enterprises. Contact can be made via the online contact form that’s available on our website.
Connect with Hooman
Interested in discussing Hooman’s various business ventures? Submit your questions and contact information today and he’ll be in touch shortly.