4 Tips for Real Estate Development Success

The world of real estate development is full of challenges and opportunities, but with patience and diligence, you can thrive as a real estate developer. From developing your own properties to working with partners, the key to success lies in knowing your strengths and weaknesses as well as identifying the best ways to nurture that potential.

Here, real estate developer Abraham Leser will share some tips on how to succeed as a real estate developer.

 

Be prepared for the unexpected

Abraham Leser points out that real estate development is a business that requires a thorough knowledge of laws and regulations, as well as a wealth of contacts throughout the industry. While it’s important to be aware of the sometimes-complex regulations, you must also be prepared to handle the unexpected. Development projects take many forms. For example, while a developer may focus on a commercial property, environmental or other regulations may apply which could have an unexpected impact. It’s important to be prepared for these kinds of events.

 

Networking is key

Real estate development is essentially about building relationships. Whether you’re looking for financing, seeking advice on a particular project, or looking for a new property to lease, you’ll need to develop strong connections. Start by developing relationships with people who can help you succeed as a real estate developer. For example, the people you choose to work with on your business and personal finances, as well as your legal team. Invest in your network and choose partners who can provide value to you as a developer. Find ways to build relationships with those who can help you become successful. For example, you might join a community organization or make time to attend industry events. “Networking will not only provide you with opportunities to meet potential partners, but it’ll also help you become more familiar with the industry,” indicates Abraham Leser, owner of The Leser Group.

 

Make yourself visible

“As a real estate developer, it’s important to make yourself visible,” points out Abraham Leser.

Whether this means attending community events, serving on a board, or otherwise participating in the community, you’ll be able to meet potential partners, clients, and stakeholders. As a real estate developer, you may find that your company’s brand needs to grow. As your company grows, so too will its image. Over time, this image will come to represent your company as a whole. That image is your brand. Developing and improving your brand is essential. The best way to do this is to engage with your community in meaningful ways. For example, you might sponsor an event or organize a fundraiser. In addition, you might start a blog or social media account aimed at engaging your community.

 

Plan for the future

Building a real estate portfolio is the key to success as a developer. It might seem like a simple thing to do, but many new developers often find themselves in debt when they attempt to build a portfolio from scratch. If you have limited funds, you can achieve success as a real estate developer by building a portfolio from the ground up.

When starting from scratch, Abraham Leser shares that it’s important to have a short-term and a long-term strategy. Be realistic about your financial goals and realistic about the time it will take to achieve those goals. For example, you may have a goal of acquiring five properties in five years. However, if those properties are each valued at $500,000, you’ll need to purchase five properties valued at $2,000,000. Whether you decide to build a portfolio from scratch or acquire one or more properties, be aware of the time it will take. You’ll need to keep track of your progress and make adjustments as necessary.

 

Conclusion

Real estate development is a challenging and rewarding profession. It involves long hours, extensive research, and lots of hard work. Success as a real estate developer requires a combination of skills, knowledge, and luck. While it might be tempting to dive headfirst into the world of real estate development, you should instead take your time to get to know the field and the people in it. Networking is key to career success, so find opportunities to make connections with potential partners and colleagues. Develop a strong brand for your company and nurture your network to help you stand out in a competitive industry. Finally, be prepared for unexpected events and be ready to make yourself visible.