How to become a commercial real estate developer is not hard if you have interests in real estate. If you have some background in residential real estate development, learning commercial real estate and becoming a commercial real estate property developer will be much more easier.
Fortunately, there is no requirement and anyone can become a commercial real estate developer. However, it is important to get some property development training inorder to become a commercial real estate developer.
The following will be a discussions of the steps to become a commercial real estate property developer.
Step 1: Real Estate Developer Training
At the moment, there are not a lot of school that provide commercial real estate property development courses or training. However, rather you find in-person classes, online classes or self-study, learn as much as you can of the basics of commercial real estate development. Finding a mentor is another method getting the training and experiences. Most importantly, your training should consist of hands-on, practical real estate development with real world practice projects and training.
To become a commercial real estate developer, you need to ensure your education include hands-on practical training inorder to understand how property developments are practiced in the real world
During your training, your study should include subjects such as pre-planning, business planning, land-use, real estate and property assessment, project management, real estate design and development, construction process, costing, management and coordination of consultants, legal matters, managing Government officials and stakeholders, feasibility study, risk management, project budgeting and control, construction administration, biding and negotiations, contractor management and construction documentations. It is important to learn as much as you can on these subjects.
Remember one important thing being a commercial real estate developer, a developer should be able to oversee and understand all areas and phases of an real estate development and be hands-on. Do not rely on consultants or your employees. Real estate development is very different then other skills or industry and many first time developers failed and cost overrun projects as they over rely on others.
If you are unable to find any commercial real estate development courses, start with residential real estate development training first.
Step 2: Defining Your Role in the Real Estate Development Industry
Once you have completed your training to learn how to become a commercial real estate developer, you need to define your role in how you wish to play/serve within a commercial real estate development as a developer.
