The Many Hats a Land Developer Wears
Most of the time, the casual observer only sees buildings once they are being constructed or the property has already been completed. Unless you’ve worked in the real estate development industry long enough to know the ins and outs of what happens behind the scenes, you would never know all of the skills required to be a really profitable land developer. Here are some of the many hats a developer wears in order to get land completely developed.
First and foremost, a land developer like Aubrey Ferrao has to understand the nuances of getting a good deal on land that has the opportunity to be profitable. Having an eye for either the renovation and re-lease of existing structures or the purchase of land that’s more raw that needs to be developed is no easy thing to learn. Once the land has been identified, it then has to be financed or purchased in order to start the next phase.
While many developers don’t do the actual building themselves, they do have to at least understand how to work closely with builders (or sell to builders) in order to make the project a success. For instance, in the case of Fiddler’s creek and Aubrey Ferrao, the land was purchased and then the building of the community was overseen and completed.
Rent, Manage and Sell Properties
Once the land has been bought, the construction has been completed, the challenge of either selling, renting or managing the properties still lies in the hands of the developer. Being able to make sure they make money on the entire development process is a risky thing. Land development can take years to complete if the project is big enough. Real estate developers have to be savvy enough to know how to imagine, create and control the entire process from beginning to end in order to reap the rewards.