In all careers in Real Estate, there is a fundamental set of skills that an individual must possess to succeed in this industry. Real Estate Development Some of the wealthiest individuals in the US and worldwide are developers. Developers are generally responsible for managing a real estate project from inception to completion. This process includes buying the land, getting the requisite permits for a project, securing financing, finding a tenant, hiring architects and engineers, overseeing the design process, finding a contractor, overseeing the construction process, and cutting the ribbon when the project is complete. The design and construction of these facilities are also typically managed by developers.
Developers are truly entrepreneurial.
Time is a valued commodity in this business and developers often put in lots of time when approaching project deadlines or milestones Weekly hours can approach 80 to 100 during intense periods. More typical hours are 50 to 60 hours. Financing and relationships are two critical components to a developer's success. How a deal is structured and for whom the project is to be built generally determine success or failure in a given development project. As always, increased return generally means increased risk.