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The Greater Toronto Area is an ever-expanding market that is constantly becoming the home to new real estate developments. As a result, many business savvy investors in the region have turned their eye away from trying to buy the perfect properties in favour of trying to build them instead.
Real estate development is not a job to be taken lightly. After all, the plans and execution of these real estate developments are incredibly expensive endeavours that take a tremendous amount of time and money to complete. So, if these plans are poorly made, or end up going differently than planned, the financial ramifications can be severe.
However, for the developers who are adequately prepared and ready to accept the risk, real estate development can be an incredibly lucrative career opportunity. So, if you are interested in pursuing a career in real estate development, here are some of the key thing you need to know.
What Is The Job of a Real Estate Developer?
Real estate developers are individual professionals or real estate companies who oversee the development of new properties on undeveloped land, or the redevelopment of previously developed land.
Their job begins with a planning period where they determine what type of property they believe should be developed, where the development should go, and which contractors should be hired to get the job. These plans are often based on the demands of the community as well as incentives offered by the government to assist in building certain forms of real estate – frequently housing projects.
Afterwards, the developer will oversee the financing and development of the property. During this time, the plan may be restructured due to a change in circumstances such as rising labour and material costs or unexpected problems encountered during the development cycle.
What Type of Education Should Real Estate Developers Have in Canada?
There is no specific type of education you need to obtain in order to become a real estate developer. However, there certain academic fields that can help you establish yourself as a developer much easier by obtain key transferrable skills. These fields are:
Business – Real Estate
This one is fairly self explanatory, by getting a strong educational foundation in real estate, you are capable of expanding your horizons as a developer and achieving long-term success much easier.
Business – Management
Through studying business management, you have the potential to learn how you can develop and expand your knowledge of modern business practices and learn key professional structures you may want to use when structuring your real estate development team.
Urban planning and real estate development go hand in hand. After all, it is often with the assistance of an urban planner that developers will begin to build their plans and strategies. So, by learning the role and skills used by urban planners, you can more easily adapt your plans.
By studying civil engineering, you are able to gain key insight into the construction process. This will give you an important perspective on how you should plan your property developments and how they will work out in a practical context.
Master’s Degree – Real Estate Development
There are many schools in Canada which offer master’s courses on real estate development as well as real estate and infrastructure. These programs will offer some of the most in-depth explanations into what it takes to succeed as a real estate developer, but they are not required.
Discover How To Develop Real Estate With This Step By Step Guide
Traits of a Skilled Developer
A skilled real estate developer needs to be three things, organized, analytical and observant. Developing properties is a complicated business so you need to be able to stay organized and keep an eye out for anything that may impede your strategy. As well, you need to be capable of forming complicated plans and knowing when you need to adjust them in order to achieve the desired outcome.
Key Factors to Planning a Successful GTA Real Estate Development
Toronto and the GTA is a complicated market with a 25 municipalities that you may choose to develop in. So, it is important to take the time to decide what you want to develop, what the public is asking for, and where you are going to put it. So, let’s take a look at each of these factors and how they can impact your plans.
Type of Real Estate
One of the first things you will need to decide is what types of properties you would like to develop. Some developers specialize in certain types of properties such as hotels, single-family homes, or apartment complexes. Of course, you are free to diversify your real estate developments as much as you can manage.
Then you need to gauge what types of properties the public is asking to see introduced into the market. Lately, residential properties have been a hot ticket for developers in the GTA due to the current supply shortage facing Canadian residents. However, as populations grow, the demand for new commercial properties such as restaurants and shopping centres will grow as well.
Finally, one of the most important things to consider is where you are going to build your developments. Not only do you need to consider where people will want these properties to be, but you also need to take into account where there is land available for you to start building.
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Until Next Time,
You can also book a free strategy call to discuss financing options for your GTA real estate developments at the link below.