What Does a Property Developer Do?
The main responsibility of a property developer is to make improvements on properties, such as buildings, land and warehouses, with the intention of increasing their value. Since the real estate industry is so wide, the property developer is expected to specialize in a specific niche, such as retail, commercial offices, raw land, residential for single family, residential for multi-family or industrial.
A property developer, also known as a real estate developer, has a wide scope of roles which can be divided into phases.
- First, this professional is expected to do research and determine the best idea that can bring in money in their area of specialization.
- They then identify a particular site where they wish to build and proceed with the feasibility study.
- A pro forma, outlining the project, is then outlined by the developer. Sometimes, this pro forma is known as the back of the envelope because it is a draft on a paper.
- After acquiring the property, the property developer begins their formal designs and the pro forma is written in details. The pro forma is bound to change in the course of the project.
- Various entitlements, permissions and permits are acquired before commencement of the construction; the se may require visits to municipal offices and town hall.
- When the construction begins, the developer is expected to generally oversee the project and hire subcontractors and contractors.