Becoming a Commercial Real Estate Developer
For people who are not afraid of risk and like the idea of making money off their savvy and hard work, investment-type fields are attractive. This could be building a business, entrepreneurship, or buying and selling stocks and bonds. These are not easy ways to make a profit, but for those who love a challenge, they can be rewarding.
One of these speculative areas of endeavor is commercial real estate development. There are many individuals who have made fortunes while providing much-needed properties to individuals and businesses. If you are interested in becoming a developer, you need to know how to go about it.
Education and Certification
People who have been successful in the field, like Angelo Ingrassia real estate developer in Rochester, New York, don’t just jump in and start buying properties. There is a ton of knowledge and education that you need to be successful.
Many developers have degrees in related fields such as architecture, engineering, management, or business. These areas of expertise provide developers with the knowledge needed to navigate the ins and outs of this challenging field.
Becoming certified is another important step on the road to becoming a commercial real estate developer. Certifications show the entities you do business with that you are skilled, knowledgeable, and qualified to make profits. There are several organizations that offer certification and you don’t have to have a degree. You will have to obtain the necessary education, perhaps by interning, and demonstrate that knowledge to be certified.
Building a network of professionals who can be helpful as you pursue development projects is essential. There are many online groups for real estate professionals, as well as LinkedIn. Here, you can meet and interact with people who may be interested in working with you or can introduce you to others who may be a good fit. If you attend classes, they are an ideal place to start building your network with your fellow students.
No matter how much education or certification you have, like most fields, successful commercial real estate developers learn the most from hands-on experience. As a newcomer to development, you are not going to jump into engineering multi-million dollar deals. You have to start at the bottom and work your way up.
A foot-in-the-door job may involve getting your hands dirty such as working as a laborer for a contractor that has been hired by a commercial developer. Another possible way in is an administrative position with an established developer.
These may not be your dream jobs but if you do them diligently, ask questions, and keep your ears open, you can learn a lot from the experienced developers you work for. You can also demonstrate your work ethic and the people you work for will become important parts of your network. This will serve you well once you become a developer.
Commercial real estate development is not for the faint of heart. However, it can be a rewarding and profitable career for people with vision who don’t mind taking a chance.