What Real Estate Developers should Learn?

Unlike during the dot-com era, starting a new business

venture requires you to have a solid vision; commitment

and funding to even get your idea off the ground. Without

these, there is little chance that your business will succeed.

When it comes to

implementing these business

essentials, you can learn

something from developers

of commercial real estate.

When a real estate developer is looking to start a

project, they take the time to explore every possible

outcome before committing any funds to it. This initial

study of the project looks at all the legal, economic,

technological, and financial factors. Armed with this

information, the real estate developer can decide

whether they should move forward with the project. As

an entrepreneur, if you don’t analyze your risks and

look at the market forces, you’re setting yourself up for

failure.

For the project to succeed, the real estate

developer knows that they must have a proper

plan in place. Developers can juggle multiple

projects through realistic business and project

planning. Even if they only create an informal

outline, they can keep the project rooted in

budgets, timelines, and goals.

Developing a strong reputation is something that real estate

developers have mastered. They are experts at converting personal

relationships into investment opportunities. As an entrepreneur, you

need to follow their example and make sure you back up your pitch to

investors with past performance.

Make sure you keep your investors informed,

engaged, and motivated to be a part of your success.

Joe Armato is the owner of Nationwide Consulting and Contracting, a successful real estate development company in New York.

For the last 27 years, Joe has been developing high-

end and affordable housing developments

throughout the New York City area.