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Become A Real Estate Developer

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Working As A Real Estate Developer

  • Making Decisions and Solving Problems
  • Interacting With Computers
  • Communicating with Supervisors, Peers, or Subordinates
  • Resolving Conflicts and Negotiating with Others
  • Organizing, Planning, and Prioritizing Work
  • Unpleasant/Angry People

  • Mostly Sitting

  • $77,980

    Average Salary

What Does A Real Estate Developer Do

Property, real estate, and community association managers take care of the many aspects of residential, commercial, or industrial properties. They make sure the property is well maintained, has a nice appearance, operates smoothly, and preserves its resale value.

Duties

Property, real estate, and community association managers typically do the following:

  • Meet with prospective renters and show them properties
  • Discuss the lease and explain the terms of occupancy or ownership
  • Collect monthly fees from tenants or individual owners
  • Inspect all building facilities, including the grounds and equipment
  • Arrange for new equipment or repairs as needed
  • Pay bills or delegate bill payment for such expenditures as taxes, insurance, payroll, and maintenance
  • Contract for trash removal, maintenance, landscaping, security, and other services
  • Investigate and settle complaints, disturbances, and violations
  • Keep records of rental activity and owner requests
  • Prepare budgets and financial reports
  • Comply with anti-discrimination laws when renting or advertising, such as the Americans with Disabilities Act, the Federal Fair Housing Amendment Act, and local fair housing laws

When owners of homes, apartments, office buildings, or retail or industrial properties lack the time or expertise needed for the day-to-day management of their real estate properties, they often hire a property or real estate manager or a community association manager. Managers are employed either directly by the owner or indirectly through a contract with a property management firm.

The following are examples of types of property, real estate, and community association managers:

Property and real estate managers oversee the operation of income-producing commercial or residential properties and ensure that real estate investments achieve their expected revenues. They handle the financial operations of the property, making certain that rent is collected and that mortgages, taxes, insurance premiums, payroll, and maintenance bills are paid on time. They may oversee financial statements, and periodically report to the owners on the status of the property, occupancy rates, expiration dates of leases, and other matters. When vacancies occur, property managers may advertise the property or hire a leasing agent to find a tenant. They may also suggest to the owners what rent to charge.

Community association managers work on behalf of homeowner or community associations to manage the communal property and services of condominiums, cooperatives, and planned communities. Usually hired by a volunteer board of directors of the association, they manage the daily affairs and supervise the maintenance of property and facilities that the homeowners use jointly through the association. Like property managers, community association managers collect monthly fees, prepare financial statements and budgets, negotiate with contractors, and help to resolve complaints. Community association managers also help homeowners and non-owner residents comply with association rules and regulations.

Onsite property managers are responsible for the day-to-day operation of a single property, such as an apartment complex, an office building, or a shopping center. To ensure that the property is well maintained, onsite managers routinely inspect the grounds, facilities, and equipment to determine whether maintenance or repairs are needed. They meet with current tenants to handle requests for repairs or to resolve complaints. They also meet with prospective tenants to show vacant apartments or office space. In addition, onsite managers enforce the terms of rental or lease contracts along with an association’s governing rules. They make sure that tenants pay their rent on time, follow restrictions on parking or pets, and follow the correct procedures when the lease is up. Other important duties of onsite managers include keeping accurate, up-to-date records of income and expenditures from property operations and submitting regular expense reports to the senior-level property manager or the owner(s).

Real estate asset managers plan and direct the purchase, sale, and development of real estate properties on behalf of businesses and investors. They focus on long-term strategic financial planning, rather than on the day-to-day operations of the property. In deciding to acquire property, real estate asset managers consider several factors, such as property values, taxes, zoning, population growth, transportation, and traffic volume and patterns. Once a site is selected, they negotiate contracts to buy or lease the property on the most favorable terms. Real estate asset managers review their company’s real estate holdings periodically and identify properties that are no longer financially profitable. They then negotiate the sale of the properties or arrange for the end of leases.

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How To Become A Real Estate Developer

Although many employers prefer to hire college graduates, a high school diploma or equivalent is enough for some jobs. Some managers receive vocational training. Other managers must have a real estate license.

Education

Many employers prefer to hire college graduates for property management positions, particularly for offsite positions dealing with a property’s finances or contract management. Employers also prefer to hire college graduates to manage residential and commercial properties. A bachelor’s or master’s degree in business administration, accounting, finance, real estate, or public administration is preferred for commercial management positions. Managers of commercial properties and those dealing with a property’s finances and contract management increasingly are finding that they need a bachelor’s or master’s degree in business administration, accounting, finance, or real estate management, especially if they do not have much practical experience.

Work Experience in a Related Occupation

Experience in real estate sales is a good background for onsite managers because real estate salespeople also show commercial properties to prospective tenants or buyers.

Licenses, Certifications, and Registrations

Real estate managers who buy or sell property must have a real estate license in the state in which they practice. In a few states, property and community association managers must also have a real estate license. Managers of public housing subsidized by the federal government must hold certifications.

Property, real estate, and community association managers working in Alaska, Colorado, California, Connecticut, Florida, Georgia, Illinois, Nevada, Virginia, and the District of Columbia are required to obtain professional credentials or licensure. Requirements vary by state, but many managers working in states without requirements still obtain designations to show competence and professionalism. BOMI International, the Community Associations Institute, the Institute of Real Estate Management, the National Association of Residential Property Managers, and the Community Association Managers International Certification Board all offer various designations, certifications, and professional development courses. Most states require recertification every 2 years.

In addition, employers may require managers to attend formal training programs from various professional and trade real estate associations. Employers send managers to these programs to develop their management skills and expand their knowledge of specialized fields, such as how to operate and maintain mechanical systems in buildings, how to improve property values, insurance and risk management, personnel management, business and real estate law, community association risks and liabilities, tenant relations, communications, accounting and financial concepts, and reserve funding. Managers also participate in these programs to prepare themselves for positions of greater responsibility in property management. With related job experience, completing these programs and receiving a satisfactory score on a written exam can lead to certification or the formal award of a professional designation by the sponsoring association. 

Advancement

Many people begin property management careers as assistant managers, working closely with a property manager. In time, many assistants advance to property manager positions.

Some people start as onsite managers of apartment buildings, office complexes, or community associations. As they gain experience, they may advance to positions of greater responsibility. Those who excel as onsite managers often transfer to assistant offsite property manager positions, in which they gain experience handling a broad range of property management responsibilities.

The responsibilities and pay of property, real estate, and community association managers increase as these workers manage more and larger properties. Property managers are often responsible for several properties at a time. Some experienced managers open their own property management firms.

Important Qualities

Customer-service skills. Property, real estate, and community association managers must provide excellent customer service to keep existing clients and expand their business with new ones.

Interpersonal skills. Because property, real estate, and community association managers interact with people every day, they must have excellent interpersonal skills.

Listening skills. Property, real estate, and community association managers must listen to and understand residents and property owners in order to meet their needs.

Organizational skills. Property, real estate, and community association managers must be able to plan, coordinate, and direct multiple contractors at the same time, often for multiple properties.

Problem-solving skills. Property, real estate, and community association managers must be able to mediate disputes or legal issues between residents, homeowners, or board members.

Speaking skills. Property, real estate, and community association managers must understand leasing or rental contracts and must be able to clearly explain the materials and answer questions raised by a resident or group of board members.

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Real Estate Developer jobs

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Real Estate Developer Career Paths

Real Estate Developer
Real Estate Broker Real Estate Manager General Manager
Account Manager
5 Yearsyrs
Account Executive Sales Manager Branch Manager
Assistant Vice President
7 Yearsyrs
Real Estate Consultant Real Estate Broker Project Manager
Construction Manager
10 Yearsyrs
Chief Executive Officer Adjunct Professor Senior Project Manager
Director Of Construction
13 Yearsyrs
Account Executive Office Manager Property Manager
Director Of Property Management
9 Yearsyrs
Broker Account Executive Recruiter
Director Of Talent Acquisition
12 Yearsyrs
Real Estate Manager General Manager
District Manager
7 Yearsyrs
Accounting Manager Controller
Finance Controller
9 Yearsyrs
Real Estate Manager Asset Manager Project Manager
General Manager
7 Yearsyrs
Senior Project Manager Senior Product Manager
Marketing Director
7 Yearsyrs
Development Director Business Developer Marketing/Business Development
Marketing Manager
6 Yearsyrs
Real Estate Consultant Real Estate Manager General Manager
Operations Director
9 Yearsyrs
Accounting Manager Finance Manager Sales Manager
Operations Manager
7 Yearsyrs
Senior Project Manager Program Director Operations Director
President Of Operations
11 Yearsyrs
Real Estate Broker Project Manager
Program Manager
8 Yearsyrs
Broker Underwriter Quality Control
Project Superintendent
10 Yearsyrs
Development Director Chief Executive Officer Specialist
Property Manager
6 Yearsyrs
Managing Director Chief Executive Officer Property Manager
Real Estate Manager
8 Yearsyrs
Managing Director Senior Director Vice President
Vice President And Manager
10 Yearsyrs
Chief Executive Officer President/Chief Executive Officer Business Developer
Vice President, Business Development
13 Yearsyrs
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Real Estate Developer Demographics

Gender

Male

64.8%

Female

32.1%

Unknown

3.1%
Ethnicity

White

79.8%

Hispanic or Latino

9.8%

Asian

7.7%

Unknown

2.1%

Black or African American

0.6%
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Languages Spoken

Spanish

48.9%

Portuguese

7.6%

French

6.5%

Chinese

5.4%

German

4.3%

Russian

4.3%

Italian

3.3%

Mandarin

2.2%

Japanese

2.2%

Arabic

2.2%

Cantonese

2.2%

Korean

2.2%

Greek

1.1%

Dakota

1.1%

Georgian

1.1%

Cherokee

1.1%

Tagalog

1.1%

Hebrew

1.1%

Polish

1.1%

Shan

1.1%
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Real Estate Developer Education

Schools

New York University

8.0%

University of Pennsylvania

6.6%

University of Southern California

6.6%

Cornell University

6.1%

University of California - Los Angeles

5.7%

University of Phoenix

5.7%

Columbia University

5.7%

Georgia State University

5.2%

University of North Carolina at Chapel Hill

5.2%

American University

4.7%

University of Colorado at Boulder

4.2%

Massachusetts Institute of Technology

4.2%

University of Oregon

4.2%

University of Denver

4.2%

University of Georgia

4.2%

Florida State University

4.2%

Auburn University

3.8%

Georgetown University

3.8%

DePaul University

3.8%

University of Arizona

3.8%
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Majors

Business

30.2%

Accounting

9.5%

Finance

9.4%

Real Estate

8.3%

Law

5.1%

Management

4.2%

Marketing

3.9%

Economics

3.7%

Communication

3.0%

Urban Planning

2.8%

Political Science

2.6%

Real Estate Development

2.5%

Construction Management

2.5%

Project Management

2.2%

Education

1.9%

Architecture

1.9%

Legal Research And Advanced Professional Studies

1.7%

Psychology

1.6%

International Business

1.5%

Civil Engineering

1.5%
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Degrees

Bachelors

40.6%

Masters

26.0%

Other

18.1%

Doctorate

5.4%

Certificate

4.4%

Associate

4.0%

License

0.9%

Diploma

0.6%
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Part Time
Internship
Temporary

Real Real Estate Developer Salaries

Job Title Company Location Start Date Salary
Senior Real Estate Developer for Utility Scale Solar Systems Sunenergy1, LLC Mooresville, NC Jun 15, 2016 $125,000 -
$175,000
Simulink & Real-Time Workshop Developer The Mathworks, Inc. Natick, MA Sep 10, 2010 $102,070
Real Time Protocol Developer The Mathworks, Inc. Natick, MA Sep 08, 2013 $100,000
Commercial Real Estate Developer Piedmont Companies, Inc. Lincolnton, NC Oct 26, 2015 $81,266
International Commercial Real Estate Development M Mart Management, LLC West Palm Beach, FL Sep 14, 2012 $65,000
Real Estate Developer Klosed LLC Great Neck, NY Sep 28, 2010 $60,000

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Top Skills for A Real Estate Developer

RealEstateDevelopmentFinancialStatementsGeneralContractorsPurchaseSaleAgreementsDueDiligenceRealEstatePortfolioPropertyManagementSquareFeetDevelopmentProjectsAssetManagementProjectManagementPayrollSiteSelectionOfficeBuildingOversightDevelopmentProcessBusinessDevelopmentConstructionManagementCounsel

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Top Real Estate Developer Skills

  1. Real Estate Development
  2. Financial Statements
  3. General Contractors
You can check out examples of real life uses of top skills on resumes here:
  • Provided consulting services and project analysis for lending institution real estate developments.
  • Supervised the preparation of quarterly financial statements (P/L and balance sheet) for equity investors.
  • Worked with asset managers, consultants, lawyers, architects, general contractors, subcontractors and inspectors to fulfill closing requirements.
  • Tracked all leases and executed necessary actions to include renewals, terminations, and initiating purchase options.
  • Negotiated and drafted purchase and sale agreements and leases in support of commercial and industrial projects in California and Florida.

Top Real Estate Developer Employers

Real Estate Developer Videos

How easy is it to become a property developer? [VIDEO]

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