As a property developer, you can help shape the future of a community. You can provide much-needed housing and jobs and play a role in revitalizing neighborhoods.
What’s more, being a property developer is a very lucrative business. According to recent studies, the average income for property developers in the United States is over $100,000 yearly. And that number is only increasing; the industry is growing at a rate of about 5 percent per year.
So if you’re looking for an exciting and profitable career, consider becoming a property developer. You’ll be able to make a real difference in your community while earning a great living. However, it will never be a one-person business. You will need to build a strong team of experts to help you with the various aspects of your projects. Here are some key positions you’ll need to fill as a property developer.
Real Estate Agents
Real estate agents are essential for property developers. They help developers find suitable properties to develop, and they help negotiate prices and contracts. In addition, real estate agents can help developers find the right contractors and subcontractors to work on their projects. By working with an excellent real estate agent, a developer can save a lot of time and money.
Your team’s excellent real estate agent will cost about $50,000 to $100,000 a year. You can find one in your local area or contact your state’s real estate commission.
You will need at least one architect on your team, although you may need more depending on the size and scope of your projects. Architects help design the buildings you will construct, and they produce the drawings and specifications that contractors will use to build those buildings. In addition, architects can help with the permitting process, which can be complex and time-consuming.
As with real estate agents, you can find good architects in your local area or online. The average salary for an architect is about $75,000 per year. However, it might be better to partner with an experienced architecture firm over freelancers to avoid mistakes.
Once you have the permits and the plans, you will need to find a construction manager to oversee the construction of your project. Construction managers are responsible for hiring and supervising contractors, ensuring that the work is completed on time and within budget. They also handle any problems that arise during construction.
Most construction firms have managers, including an architect, on top of their packages, so be sure to ask. The average salary for a construction manager is about $85,000 per year.
A property developer’s purpose is to improve a community’s appearance and function. To do that, you will need the help of civil engineers. Civil engineers are responsible for designing and supervising infrastructure projects, such as roads, bridges, and sewers. They also ensure that these projects comply with all local, state, and federal regulations.
As with architects and construction managers, you can find sound civil engineers in your area or online. The average salary for a civil engineer is about $90,000 per year. You can also partner with civil engineering recruitment firms to find qualified candidates.
If you’re planning on developing properties in environmentally sensitive areas, you will need to hire an environmental consultant. Environmental consultants help developers assess the potential impact of their projects on the environment. They also develop plans to mitigate any adverse effects. Real estate development and environmental health will always go hand-in-hand, making it necessary to prepare for it.
Commercial properties often irk environmentalists, so it is best to have an environmental consultant on your team. The average salary for an environmental consultant is about $95,000 per year.
You will need at least one lawyer on your team. Lawyers help with various legal issues that property developers face, such as zoning regulations, contracts, and permits. In addition, lawyers can help resolve disputes that arise during the development process.
You can find good lawyers in your area or online. The average salary for a lawyer is about $120,000 per year. However, you might be able to get by with a less experienced lawyer if you’re on a tight budget.
However, partnering with a law firm has more perks than with an in-house lawyer. For one, you will have access to a team of lawyers with different specialties. This can be helpful if you run into a legal issue requiring expertise outside your lawyer’s area of practice.
Second, partnering with a law firm can save you money in the long run. When you partner with a law firm, you are only responsible for paying the firm’s hourly rate. If you hire a lawyer as an employee, you will also have to pay for the lawyer’s benefits, vacation days, and other overhead costs.
The Bottom Line
These are just some of the professionals you will need on your team if you’re planning to become a property developer. Of course, you will also need to find reliable contractors, bookkeepers, and marketing professionals. The most important thing is to put together a team of qualified individuals who can help you turn your vision into a reality.