Last Updated: November 7, 2022
According to research by IBISWorld, the commercial real estate industry is set to grow as much as 2.8% in a year. This impressive number may explain why so many new professionals are embarking on careers as commercial real estate developers — and if you’re one of them, there are a few characteristics you need to have. Commercial real estate development is about much more than just finding a good piece of land. Andreas Philip Gross Enterprises LLC invites you to find out what other traits you’ll need to succeed in this industry.
1. Industry Knowledge
The most basic qualification for a career in commercial real estate development is an understanding of how the industry works. You can read books, listen to podcasts, or watch tutorials, but nothing can replace the value of real-world experience in this area. Before diving into a commercial real estate developer career, then, you may try out other careers in the field in order to familiarize yourself with the industry.
2. An Eye for Potential
Once you’ve established a baseline of knowledge about commercial real estate, you can transition into a role as a developer. This position demands another unique trait, though — the ability to identify potential and capitalize on it effectively. In other words, you need to know how to pick out the right property.
3. Leadership Skills
The importance of leadership skills should not be overlooked when it comes to commercial real estate development. You’ll need to hire professionals to work under you, including a marketing team, accountants, and sales representatives. In order to ensure that your team works cohesively, you’ll need sharp leadership skills and effective management abilities.
4. Business Savvy
FortuneBuilders notes that commercial real estate development is ultimately about turning a profit. You need to find a way to leverage a property’s potential and develop it into a source of income. There’s a certain level of business savvy that this requires, but this trait — like industry knowledge — often only comes from experience. You can boost your business savvy by working with a team of professionals — for example, a dedicated sales team — who will provide the expertise your business needs.
5. Understanding of Safety
The only thing more important than business savvy is safety savvy. Commercial real estate development can be a treacherous endeavor — especially once construction starts. You need to be sure that everybody on site is working safely and observing safety protocol. To do so, you can oversee construction yourself and act as a safety supervisor, or you can outsource this role to somebody else. Maintain strict guidelines for personal protective equipment on your development site, too.
Think beyond worker safety. For example, one crucial element of safety is lighting if your building has a parking garage. LED lights for canopies, tunnels and garages not only help people see where they’re going, but it can deter criminals as well.
6. A Knack for Marketing
Finally, you need to know how to market your developments to your target demographic. If you don’t have a clear idea of who your clientele is, you’ll likely find that your return on investment is minimal. To avoid this, study the area you’re developing, consider your prospective consumers, and consult with a marketing team if necessary.
And don’t neglect to optimize content marketing in your marketing plan. The Business Journals explains that, for commercial real estate developers, branded content “is an advertising tool through which businesses can improve their brand authority and reputation.” By creating and sharing content online, whether via your website, blog posts, or updates to your social media accounts, interest in your product or service is stimulated and your brand grows. Find out more about this specialized form of business promotion at Cornerstone Content.
Forge Your Career in Commercial Real Estate
Commercial real estate development is a great career for anybody who possesses the aforementioned six traits. If you don’t, though, don’t worry — many of them can be developed through experience and dedication. If you work in commercial real estate and take the time to learn about the industry, you can delve into a job as a developer.
Andreas Philip Gross Enterprises LLC is dedicated to helping and inspiring people to get the best out of life as we work our ways through it. Contact Andreas today to learn more! firstname.lastname@example.org
Guest Post by Dean Burgess of excitepreneur.net
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