If you want to become the next Donald Trump and get into real estate development, then now is the time to strike it rich. The market may be in a downturn, and the economy not as strong as what it could be, there is a real golden opportunity waiting for you. You need to make sure that your dream does not become a pipedream but that it instead turns into reality. According to Shaun Benderson, this means you need to prepare yourself so that you stand out from the crowd of people who also want to get their foot in the door.
Shaun Benderson Describes the Key Necessities for a Real Estate Developer
If you plan to get into this field using your own credit, money, and funding, and you want to come out the other side as a real winner, then you need to develop the following skills:
- The ability to properly read the market and to understand there are differences in geography. Just because there is an increase in demand for retail spaces in Sarasota does not mean that demand also exists in Houston, or even in Tampa Bay, which is relatively close. You also have to understand market differences between land and building. For instance, if you see a plot of land that could be developed into a commercial space and the price is right, you should strike while the iron is hot. But you may then have to hold on to that plot of land for some time before you can start on the construction project.
- You must be a strong negotiator. You have to get the prices of everything that you purchase as low as possible, while selling at a price that is as high as possible. To do this, you also have to know when you need to walk away.
- You must be able to get money together. Very few people are independently wealthy enough to really get involved in these types of projects. Instead, you have to have good connections with the financial industry, while also having very good financial skills.
- You must be able to follow through. Last but not least, as a real estate developer, you have to understand that your work isn’t done once you purchase a plot of land. If anything, this is when the real work starts. You have to create a good plan, make sure that it receives the relevant construction approvals, get the money in place, speak to news agencies to give them the scoop on what you’re doing, find an architect and construction team, and more.
You cannot become a top real estate developer through luck alone. While it is certainly true that a healthy dose of luck is beneficial in this field, you should be able to make it without that as well. Hence, work on your skills, read the newspapers, and start to network with other professionals.