You can enter this business working for another developer, moving up to construction manager, or you can strike out on your own, starting with some smaller transactions. Good developers are results-oriented and know how to get work on time which involves managing labor, establishing time estimates, getting appropriate equipment operators and construction crews. You must have knowledge of every area in real estate from site selection and construction to financing and marketing. Mangement skills are extremely important for structures such as REITs which retain ownership of projects after completion. Many developers hire out construction or other areas where their expertise does not warrant full control of the project, but they are still ultimately responsible for holding the project together.
Many developers also engage in managing some of the properties that they develop.
The developer must be able to analyze future markets and predict growth, income, and population trends in a given area. He or she must also stay abreast of future highway projects as well as other private developments that could impact his or her project. Developers must constantly work with city and government officials regarding zoning regulations and cost sharing for new roads, utilities, etc., that are needed for a new development. Many larger developers have created REITs over the years in order to receive equity financing for their projects. Still others may be financed by pools of investors who form partnerships to build a given project.