By Katie Conroy | kconroy@advicemine.com
It helps to come into commercial real estate development with some sort of real estate experience. But there are no hard rules for who can forge a successful CRE career, and you can take one of many different paths.
In other words, don’t let the lack of a formal real estate background keep you from pursuing your dreams. If you have experience, take advantage of your knowledge and skills as you navigate the challenges ahead. Below, Reasonable Realtor shares some practical advice for anyone considering becoming a CRE developer!
Know the Career Requirements
CRE developers come from many different backgrounds and with varying levels of expertise. There isn’t a single path to getting your foot in the door, but there are specific professions that transition into real estate development than others, including:
- Residential real estate
- Architecture
- Construction
- Urban planning
- Finance
- Law
Obtaining your real estate license should help you get a step ahead regardless of whether you have real-world experience in the industry.
Think About the Responsibilities
Before getting too deep into the process, it’s essential to understand precisely what a real estate developer does. For example, you will be responsible for evaluating land and properties for potential projects, including new construction and renovations.
You’ll also need to successfully negotiate deals, obtain permits, and fund projects. Perhaps the most demanding (and exciting) duties of a CRE developer are brainstorming and delivering real estate projects while overseeing them each step of the way.
Use Lighting to Keep Everyone Safe
Every time you assess a property for a project, consider the different types of lighting to install. Visibility is crucial for pedestrians and drivers, especially in canopies and tunnels. If there are plans to put in a parking garage, research various canopy lights and choose ones that will help people see where they’re going while deterring crime.
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Create a Brand for Marketing
As in any career, you must develop a unique and relevant visual identity for promoting your services and building brand awareness. And you’ll need an effective marketing strategy for every development you pursue.
Start by designing an attractive logo that makes a strong first impression and distinguishes you from other CRE developers. Instead of hiring a professional designer, use an online logo maker to create your own. This tool allows you to customize premade templates with your desired design elements.
Choose a Niche
A major aspect of becoming a successful CRE developer is conducting research on your desired area and determining the niche you wish to serve. Are there any particular opportunities for investors at the moment? Do you want to partner with other developers in various markets? Choosing a niche and strategy for pursuing your deals is essential.
Gather Your Team
CRE developers work with many different professionals. You’ll be hiring, partnering with, and relying on contractors, subcontractors, architects, engineers, and many other experts. Always check references and clearly communicate any expectations you have for their roles.
Establish a Timeline
Real estate projects failing to meet deadlines is stereotypical because it’s often true. The reality is that CRE projects are complex and require significant resources.
There are many boxes to check for a project to come to completion, and there are a lot of things that can go wrong. It’s essential to hold each team member accountable to their deadline while allowing a bit of grace for unexpected issues.
Wrapping Up
You can begin forging your CRE development career today. Research the career requirements and responsibilities, and always prioritize lighting and other safety measures for your projects. Also, work hard to create a robust brand, select the right niche, and surround yourself with a dedicated team. You’ll be on your way to long-term success and fulfillment in no time.
Visit Reasonable Realtor for courses, tips, and pointers on how you can get the most out of your real estate transactions and care for your home.
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