Joe Armato is a Real Estate Developer who found his dream job and he loves what he does. Prior to his career in real estate development, he graduated from Sobelsohn School of Insurance in New York, became a licensed contractor and founded Nationwide Contracting and Consulting Inc.
Real estate development is also referred to as property development. Real estate developers specialize in creating new developments or renovating existing ones. In addition, they must market their development and sell them or the development would be considered a failure. Developers generally work on a large scale. They look at properties and see the potential for building, remodeling and subsequently selling it.
Real Estate developers come from many different fields and as such you don’t necessarily have to go to school for real estate development unless you know beforehand that this is the career you wish to pursue. Many developers begin as architects, construction, and based on our experience with Armato, we can add licensed public adjuster to the list. As a developer, you may decide to start your own company and branch off on your own, work for a real estate company that focuses on a particular type of real estate such as hotel development, or work for a development consultancy agency that gets hired to help clients develop their own project. To become a real estate developer, you may follow these steps for certain success:
- Obtain a degree relevant to real estate development. A degree in finance or business administration will also be relevant to your goal.
- Get a real estate license in your state.
- Find a job that gives you the opportunity to buy, develop or sell real estate. Absorb as much information as you can while working. This is to ensure, that should you venture off on your own, you have the knowledge necessary to get yourself started. Also, be sure to build your savings while working as starting a business requires large capital even with investors on board.
- The real estate business can present high financial risks so protect yourself with either a corporation or a limited liability company.
- Work with construction firms or professional contractors to construct new buildings or make improvements on your properties. Build relationships for future reliability.
- Research market trends; buy low and sell high.
- Relationships with local and independent lenders will become important as they can give you swift personalized service in the future should the need arise.
- Begin in commercial real estate; this will help build your business and put you on the path to success.
- Reinvest in your business.
With these tips and knowledge, begin your journey to become a real estate developer with confidence. Expect that you will be successful and nothing will stand in your way.