The Three Main Stages of Real Estate Development

 

Real estate development requires skills in project management, land prospecting, land and housing law, sales, marketing, finance, communication and, of course, construction. Real estate development has many stages depending on how each agent in the sector wants to handle them, and here, real estate professional Jack Bistricer, lists the three main stages.

Land Search

Since the main objective of a real estate developer is to sell his project, the location of the land is a key factor that should not be overlooked. Land research here refers to the construction of primary, secondary, or tertiary residential, office, or commercial buildings.

In this first step, the real estate developer uses all his knowledge about urbanism. He will also use his ability to negotiate well to get the best price on the land he wants.

In addition to the location, the intrinsic quality of the land must also be taken into account when determining the success or not of a real estate development project. To evaluate this intrinsic quality, the real estate developer must carry out a market study on the area where the land is located.

Land Prospecting

As Jack Bistricer, the CEO of the Talisker Corporation has specified previously, the real estate developer will have to take care of the prospecting of the land himself. In fact, the land is the raw material of it.

Naturally, the profitability of real estate development will often be conditioned by the quality of the land to be built. Thus, during its prospecting, land must be acquired at a reasonable price that allows for profit. The land should not have large or many flaws, such as pollution.

There are many ways to find quality land. You can opt for direct consultation, either by negotiating directly with people, attending auctions or publishing calls for tenders.

You can also go through real estate agencies. In fact, this type of land broker can have interesting businesses and has a lot of information about land sellers.

Regarding the quality of the land, some basic criteria must be taken into account, among which are the location, the equipment, the access, the tranquility, the immediate neighbors or even the charm and notoriety.

Market Research

The market study complements the diverse information gathered during land prospecting. In addition, it will have a great impact on the success of the real estate project.

Therefore, real estate executive Jack Bistricer explains, this study will focus on the demand assessment. This will involve obtaining information on the population, socio-professional categories, housing stock, land occupation status, as well as the mobility of the population in terms of housing.