I'm back! I figured my "sabbatical" from the blogospheres had lasted long enough and I should sit down and write a new post. In my preparation leading up to this post, I decided I should use this page to share a little bit about the direction of my new career path. A lot of people have asked me questions recently about the program I'm in and more importantly, what will I do after I finish. Over the next two years, I will update this site with content that will (hopefully) provide insight into what a developer is and does. As for the latter question, only God knows that answer.
So what is a Developer and what does he/she do? The quick, textbook answer is: a person who coordinates the activities related to a development project and converts the ideas on paper into reality. However, it's what happens in between the vision and the final reality where I hope to enlighten you all (or should I say y'a'll).
For the most part, Developers create, imagine, fund, control and orchestrate the process of development from beginning to end. They take the greatest risks in creation or renovation of real estate, but also have the potential to receive the greatest rewards, if the project is successful of course. Real estate development is a long, and often strenuous process that takes a clear vision and strong leadership. Developers must be able to communicate clearly and effectively and have the ability to work with a wide variety of people because they are ultimately responsible for every omission and mistake.
In a typical development, there are often 8 stages that a Developer will go through:
1) Inception of an idea.
2) Refinement of an idea and site selection.
3) Feasibility (due diligence) and market analysis.
4) Contract negotiation and design.
5) Formal commitment including loan commitment.
6) Construction.
7) Completion and formal opening (marketing) and
8) Property management.
Throughout the next two years, I will be learning the steps to these processes and be given the opportunity to learn first hand how each of these work and how they are all interconnected. The one thing that I have learned so far is that real estate development is an organic process that takes time, but most importantly capital ($$$).
I'm very excited about the opportunity at hand and the possibilities that might stem from this.
Stay tuned!
