Become a Real Estate Development Professional

Real estate developers can start out in many different fields. Some start as real estate agents who, after buying and improving properties, succeed in selling them for a profit. After a period of time, they may raise the capital necessary to work with an urban or regional planner, architect and builder to develop, build and market a project, such as a new condominium development.

Others begin their careers in construction, contracting to build homes or commercial property in existing developments and eventually taking on partners such as architects and financial asset managers who can assist them in developing their own projects.

Developers may also reconstruct historic properties and redevelop existing areas that have been previously overlooked or undervalued. Older factories and warehouses in urban markets are being redeveloped into residential and commercial spaces, contributing to the improvement of their communities while preserving historic buildings at the same time.

Although some may go into real estate development as entrepreneurs, such as in the examples above, most will end up working for real estate development companies that focus on specific types of real estate, such as retail or resort development. There is also the option of working for a development consultancy that gets hired to help clients develop their own projects.

Every development professional needs to be well rounded, as real estate development is extremely complex and requires analytical, financial, marketing, interpersonal and organizational skills. This is especially true with financial skills—developers need these in order to make the right choices when purchasing, financing, developing, and then selling or leasing properties.

Some developers actually get their start in finance, working as analysts for lending institutions or as accountants for companies with clients who work in real estate. The work they do on development projects from the financial side may eventually lead them to an interest in working for a real estate developer or becoming developers themselves. These financial professionals usually have a degree in finance or business and may choose to do additional course work in real estate.

Since those in real estate development come from a variety of backgrounds and disciplines—such as real estate agents and brokers, construction professionals, lenders, architects and lawyers—it's safe to say there is no methodical, set course for entering the real estate development industry. Fields like architecture, planning and law each have their own degree programs but other potential development professionals may pursue a graduate degree in real estate to break into the field, such as a Master of Science in Real Estate, a Master of Real Estate Development or an MBA with a real estate concentration.